CSA and IIROC ask for feedback on trade transparency

March 2, 2012

The Canadian Securities Administrators and the Investment Industry Regulatory Organization of Canada released a joint notice today requesting feedback from investors and market participants regarding disclosure and transparency measures related to short sales and failed trades. The notice was published in conjunction with the announcement that IIROC will adopt amendments to UMIR as of September 1, 2012 to repeal pricing restrictions on short sales, first proposed last year.

Ultimately, the notice seeks feedback on various approaches to enhance disclosure of short sales and failed trades as part of an ongoing project between IIROC and the CSA to monitor international developments and regulatory approaches. The notice outlines these developments and poses specific questions to stakeholders regarding potential regulatory changes.

Comments are being accepted until May 31. For more information, see CSA/IIROC Joint Notice 23-312 and IIROC Notice 12-0078.

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