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SIPC and Canadian Counterpart to Coordinate on Brokerage Firm Insolvencies in North America.
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PR Newswire
- Article date:
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April 13, 2005
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WASHINGTON, April 13 /PRNewswire/ -- The Securities Investor Protection Corporation (SIPC), which is chartered by the U.S. Congress to maintain a special reserve fund to protect the customers of insolvent brokerage firms, and its Canadian counterpart, the Canadian Investor Protection Fund (CIPF), have signed a memorandum of understanding (MOU) in order to work together more closely in the event of the insolvency of a brokerage firm doing business in both the United States and Canada.
SIPC President Stephen Harbeck said: "SIPC and the CIPF have had an excellent relationship for over 30 years. The new Memorandum of Understanding gives a structure to that relationship and ...