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ARTICLE · 22 APRIL 2009

IIROC Publishes Proposal To Enhance Transparency And Fair Pricing For Over-The-Counter Traded Securities

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On April 17, 2009, the Investment Industry Regulatory Organization of Canada published for comment rules entitled Over-the-Counter Securities Fair Pricing Rule and Confirmation Disclosure Requirements.

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Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Copyright 2009, Blake, Cassels & Graydon LLP

Originally published in Blakes Bulletin on Securities Regulation, April 2009

On April 17, 2009, the Investment Industry Regulatory Organization of Canada (IIROC) published for comment rules entitled Over-the-Counter Securities Fair Pricing Rule and Confirmation Disclosure Requirements (the Proposed Rules). The Proposed Rules (i) will require reasonable efforts to obtain fair pricing of over-the-counter (OTC) traded securities, (ii) will amend existing trade confirmation requirements by mandating yield disclosure for fixed income securities, and (iii) will require firms to disclose on confirmations sent to retail clients for OTC transactions if the dealer's remuneration has been added to the price in the case of a purchase or deducted in the case of a sale.

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