New Memorandum of UnderstandingTORONTO, Nov. 2, 2016 /CNW/ - The Canada Deposit Insurance Corporation (CDIC) and the Investment Industry Regulatory Organization of Canada (IIROC) have signed a Memorandum of Understanding (MOU) that will allow them to better protect depositors and investors through enhanced cooperation when a CDIC member institution or a connected IIROC-regulated firm encounters serious financial difficulties. Under the MOU, CDIC and IIROC have agreed to strengthen their consultation, cooperation and exchange of information in connection with the crisis management and resolution of a CDIC member institution or connected investment firm. "Investors across Canada will benefit from the early warning, co-operation and co-ordinated efforts of two organizations working together to plan and oversee the orderly resolution of a financial emergency at an investment firm," said Andrew J. Kriegler, President and CEO of IIROC. "This enhanced co-operation will not only help protect investors' assets and deposits but will also promote confidence and financial stability in Canada." "In order to protect the deposits of Canadians in a rapidly evolving financial sector, we need to have a full picture of the business of our member institutions," said Michèle Bourque, President and CEO of CDIC. "In the unlikely event of a failure, this agreement will ensure that we are able to act quickly and effectively to co-ordinate the orderly resolution of a financial firm." This MoU follows similar arrangements CDIC has established with other leading deposit insurers and financial regulators to improve cooperation, information sharing, and resolution planning. CDIC will continue to work with domestic and international counterparts to strengthen relationships and coordination for deposit protection.