The Toronto Stock Exchange released guidance this week, in the latest issue of its Issuer Update publication, intended to clarify the process for disseminating information through news releases. Different procedures exist depending on the time of day the news release is disseminated and whether the release contains material information. For the sake of clarity, we've reproduced the TSX's chart, below:
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Disseminating Information Before 8 a.m. or after 5 p.m. (ET) |
Disseminating Information Between 8 a.m. and 5 p.m. (ET) |
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Material information |
Distribute the news release through approved news wire service and copy IIROC at the time the release is sent to the wire. As a courtesy, call IIROC to advise that a material release has been disseminated. |
Pre-file the news release with IIROC and obtain IIROC's sign off before distributing the news release through an approved news wire service. |
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No material information |
Distribute the news release (approved news wire service not required) and copy IIROC at the time the release is sent to the wire. |
Distribute the news release (approved news wire service not required) and copy IIROC at the time the release is sent to the wire. |
According to the TSX, requirements for TSX Venture Exchange issuers will be addressed in the next issue of Issuer Update.
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