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ARTICLE · 11 NOVEMBER 2011

Securities And Capital Markets Bulletin - November 2011

Borden Ladner Gervais LLP
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Canadian Securities Administrators (CSA) Multilateral Staff Notice 51-336 Issuers Using Mass Advertising (the Notice) provides the views of staff of the securities regulators in Alberta, Ontario, Québec, Nova Scotia, New Brunswick and the Northwest Territories on TV advertisements apparently aimed at promoting interest in an issuer’s securities.

CanadaFinance and Banking
David Surat
David Surat
Bekhzod Abdurazzakov
Bekhzod Abdurazzakov
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Canadian Securities Administrators (CSA) Multilateral Staff Notice 51-336 Issuers Using Mass Advertising (the Notice) provides the views of staff of the securities regulators in Alberta, Ontario, Québec, Nova Scotia, New Brunswick and the Northwest Territories on TV advertisements apparently aimed at promoting interest in an issuer's securities.

Staff have observed the practice of employing short TV advertisements (15-30 seconds) that convey positive images of an issuer's business or prospects. If an issuer is a listed company, its stock symbols are typically shown prominently in the advertisement. If an issuer is an unlisted company, the contact information for investment inquiries is usually provided. Staff take the position that such advertisements appear to be for the purpose of promoting interest in the issuer's securities. Therefore, they might be "contrary to the securities legislation and misleading to investors". In staff's opinion, such advertisements do

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