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Disclosure laws for “traditional” means of communication also apply to “electronic” means. Electronic communication:
- cannot be misleading
- cannot be used to tip or leak material information
- Must comply with securities laws.
NP 11-201 DELIVERY OF DOCUMENTS BY ELECTRONIC MEANS
Issuer Disclosure and Delivery
- Companies must complain with disclosure requirements in all jurisdictions, where they issuers. Companies may also be consideration of the laws of foreign jurisdictions because of access through Internet.
System for Electronic Document Analysis and Retrieval (SEDAR)
- Contains electronic copies of mandatory filings for all public companies. It Facilitate:
o Filing of securities info and payment of filing fees
o Public dissemination of securities information collected through the filing process
o Communication between filers, filing agents and the regulatory authorities
Company Websites
- Disclosure cannot be solely via internet, because some investors might not use internet.
- RR can create their own websites; content must receive prior approval from designated person or department.
Internet Trading and Advising
- Registration and disclosure requirements apply to any one who trade in or advice about securities, even via internet.
- Issuer has to follow the rules of jurisdiction where is client located, unless disclaimers are included stating in what jurisdictions it is available and in what it is not.
- National Policy 47-201 deals with issues of jurisdiction, registration and other requirements in connection via internet. It states that:
o Person offering trades of securities on Internet considered being in jurisdiction where his client is. Exception only if there are disclaimers. \
o Act of posting prospectus document on the Internet is considered act in furtherance of a trade in that jurisdiction, so person must satisfy the registration requirements of that jurisdiction
o Company from BC, Alberta, QC considered to be trading within those jurisdictions even if they are distributing entirely outside.
o Issuer who posts material available for people in foreign jurisdictions must consider the securities laws of those jurisdictions.
o Names who received prospectus must be recorded
o New info on website during distribution may be constructed as advertising and restrictions may apply
o Transmission of a video “road show” over Internet during “waiting period” must comply with securities regulations.
Copies of any communication must be maintained for at least 2 years.
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