The British Columbia Securities Commission wants newsletters, financial blogs and other communications to disclose compensation and other facts about promotional communications. (The Logic)
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The British Columbia Securities Commission wants newsletters, financial blogs and other communications to disclose compensation and other facts about promotional communications. (The Logic)
Talking point: The BCSC published the proposed changes Wednesday, which it called the “first of their kind in Canada.” There is a 60-day comment period, ending July 26. The change is intended to “enable people to better evaluate the reliability of statements that encourage investment in issuers of securities, often made with the aim of driving up an issuer’s share price.” It would apply to any promotional activity occurring in or with a connection to the province, with some exceptions. The BCSC is able to enact these regulations as a result of amendments to the Securities Act that gave it more power. The proposal comes after a meme-stock frenzy spurred volatile trading in GameStop, AMC, BlackBerry and other stocks.
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