IIROC’s Proposed Guidance On Best Practices For Underwriting Due Diligence

The Investment Industry Regulatory Organization of Canada (IIROC) is requesting comments on proposed guidelines outlining certain principles, key points and best practices for underwriting due diligence in connection with public offerings.

IIROC emphasizes in its release that:

• The guidelines are not designed to prescribe a "one size fits all" solution, define minimum (or maximum) standards for due diligence, or create or modify legal obligations.
• Due diligence is, by its nature, a process requiring a bespoke approach depending on the issuer, the industry and other factors.
• The guidelines are designed to promote consistency and enhanced standards and, more generally, to outline the considerations that should inform the approach to due diligence in particular circumstances.