IIROC Dealer Member Rules amended to reduce quiet periods following prospectus offerings

September 29, 2015

The Ontario Securities Commission approved amendments to Requirement 14 of Dealer Member Rule 3400 of the Investment Industry Regulatory Organization of Canada (IIROC).  The amendments have the effect of reducing quiet periods following prospectus offerings.  The quiet period for an initial public offering is reduced from 40 days to 10 days and the quiet period for secondary offerings is reduced from 10 days to 3 days following the date of the offering to be consistent with similar changes to the FINRA Rules in the U.S.  The Dealer Member Rule amendments came into force on September 25, 2015. 

While under IIROC Notice 15-0216, the amendments to Dealer Member Rule 3400 are effective immediately, IIROC also published Notice 15-0217 which requests comments on these amendments, and potentially broader amendments, to Requirement 14 of Dealer Member Rule 3400.

For further information, please consult IIROC Notice 15-0216 – Amendments to Research Report Quiet Periods and IIROC Notice 15-0217 – Request for Comments – Research Report Quiet Periods.

DISCLAIMER: This publication is intended to convey general information about legal issues and developments as of the indicated date. It does not constitute legal advice and must not be treated or relied on as such. Please read our full disclaimer at www.stikeman.com/legal-notice.

Stay in Touch with Knowledge Hub