FSA teams up with US agency to monitor firms

THE FINANCIAL Service Authority (FSA) has signed a deal with one of its US counterparts in a bid to more closely supervise the world’s largest securities firms and markets, it said yesterday.

The FSA signed a memorandum of understanding with the US Financial Industry Regulatory Authority (FINRA) on 15 September, agreeing to share information on firms under common supervision and collaborate on some investigations.

The FSA’s managing director of supervision Jon Pain said: “Given the linkages between our markets, it is vital that both regulators cooperate closely with each other; this [agreement] will enhance the supervision of firms and financial markets in both the UK and the US.”

FINRA is the largest private regulator of securities firms operating in the States, and has contracts to oversee several markets including the New York Stock Exchange and NASDAQ.

Chief executive and chairman Richard Ketchum said in a statement yesterday: “To ensure consumer protection and market integrity in today’s global market, regulators must work together with key regulatory partners.”