IIROC released guidance yesterday regarding the communication, supervision and retention of advertisements, sales literature and correspondence by dealers. The notice, which replaces previous guidelines issued in 2004, is intended to reflect the emergence of social media as a form of communication (see our February post discussing the draft version of the guidance).
The notice thus provides guidelines with respect to: (i) whether certain online practices constitute advertising or sales literature; (ii) the application of recordkeeping requirements to social media websites; (iii) suitability and recommendations; (iv) supervisory responsibilities; (v) electronic and voicemail orders; (vi) third-party communications and research; and (vii) other various regulatory requirements.
The guidelines are effective immediately.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
