IIROC Request for Comments on Proposed OTC Rules

The IIROC has published its proposed rules for over-the-counter securities, including bonds. Straight from the document, the proposed amendments will:

• Require Dealer Members to fairly and reasonably price securities traded in OTC markets;
• Require Dealer Members to disclose yield to maturity on trade confirmations for fixed-income securities and notations for callable and variable rate securities; and
• Require Dealer Members to include on trade confirmations sent to retail clients in respect of OTC transactions a statement indicating that they have earned remuneration on those transactions unless the amount of any mark-up or mark-down, commissions and other service charges is disclosed on the confirmation.

The full document can be found here. Instructions on how to send your comments in are included in the document. Comments must be received by July 16, 2009.