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INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA

AMENDMENTS RESPECTING DISCLOSURE REQUIREMENTS FOR RESEARCH REPORTS

NOTICE OF COMMISSION APPROVAL


The Ontario Securities Commission approved proposed amendments to the Investment Industry Regulatory Organization of Canada's (IIROC) Dealer Member Rules respecting required disclosures in research reports delivered by electronic means (the amendments). In addition, the British Columbia Securities did not object to, and the Alberta Securities Commission, the Autorité des marches financiers, the Saskatchewan Financial Services Commission, the Manitoba Securities Commission, the Nova Scotia Securities Commission, the New Brunswick Securities Commission and the Financial Services Regulation Division of the Department of Government Services of Newfoundland and Labrador have approved the amendments.

The amendments, effective upon issuance of an IIROC Notice of Approval and Implementation, will create a regulatory framework that facilitates the disclosure of required information through the use of technology.

The amendments were published for comment on December 26, 2012. Two comment letters were received and a summary of the comments and IIROC's response, as well as a copy of the approved amendments can be found at www.osc.gov.on.ca.