Antitrust Law Daily Wrap Up, ANTITRUST NEWS: Canada Competition Bureau, Ontario Securities Commission sign memorandum of understanding, (Dec 1, 2014)

Canada’s Competition Bureau and Ontario Securities Commission have announced their signing of a Memorandum of Understanding (MOU), outlining cooperation between the two agencies. The agencies have a mutual interest in protecting Canadians from fraudulent business practices while working to foster fairness, innovation, and confidence in the marketplace.

Under the terms of the MOU, the agencies agreed to cooperate and coordinate their activities, subject to their discretion and respective confidentiality obligations, through (a) notification of matters that are of mutual interest or concern; (b) assisting in investigations, litigation or other enforcement action; (c) exchanging information and intelligence; and (d) undertaking joint education or advocacy initiatives.

"This arrangement ... allows us to share information and expertise, and provides the opportunity to partner on joint fraud prevention initiatives," stated Howard Wetston, CEO and Chair of the Ontario Securities Commission (OSC). "This understanding ... details a process for increased collaboration that will result in more effective enforcement of our respective laws," stated Commissioner of Competition John Pecman.

The Competition Bureau is an independent law enforcement agency that ensures that Canadian businesses and consumers prosper in a competitive and innovative marketplace. Headed by the Commissioner of Competition, the Bureau is responsible for the administration and enforcement of the Competition Act, the Consumer Packaging and Labelling Act (except for enforcement as it relates to food), the Textile Labelling Act, and the Precious Metals Marking Act.

The OSC is an independent Crown corporation that is responsible for regulating the capital markets in Ontario. The OSC’s statutory mandate is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in capital markets. The OSC’s powers are derived from the Securities Act (Ontario), the Commodity Futures Act (Ontario) and certain provisions of the Business Corporations Act.

News: Antitrust