IIROC proposes changes to disclosure requirements for electronic research reports

January 11, 2013

On December 20, the Investment Industry Regulatory Organization of Canada released proposed amendments to its Dealer Member Rules that would result in the repeal of Dealer Member Rule 3400, Requirement 15 in its entirety and replace it with a requirement that would permit Dealer Members to include in paper based research reports covering more than six issuers, directions as to where the Rule 3400 Disclosures may be found.

The amendments would also require Dealer Members delivering research reports by electronic means to either (i) include the Rule 3400 Disclosures in the body of the research report; or (ii) allow readers to access the Rule 3400 Disclosures by electronic means from within the research report, such as through the provision of a hyperlink.

The proposals are open for a 90-day comment period. For more information, see IIROC Rules Notice 12-0385.

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