The Investment Industry Regulatory Organization of Canada (IIROC) is proposing to revise guidance on trade confirmation disclosure requirements.
IIROC is seeking comment on draft guidance published Wednesday that aims to consolidate its guidance concerning marketplace disclosure and average price trade disclosure on trade confirmations. It would also allow dealers to use the same general disclosure about average prices regardless of whether the transaction price represents an average of multiple trades, or the price of a single trade — so that dealers are not required to produce separate disclosure when a transaction only reflects one execution.
The proposed guidance would adopt existing guidance on marketplace disclosure for trade confirmations, and would clarify acceptable average price disclosure for use on trade confirmations.
The notice indicates that clients will continue to be able to obtain further details of the execution of any order from their dealer at no cost, and that trade confirmations will continue to contain information, such as price and any commission charged.
The draft guidance is out for a 45-day comment period, ending November 8.