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Rules Relating to the Supervision and Practice of Securities Industry Analysts

March-20-2002

Area Corporate Finance and Securities

Summary


The Investment Dealers Association of Canada (the “IDA”) is in the process of drafting rules (the “IDA Rules”) to address conflicts of interest encountered by investment dealers and the research analysts employed by dealers in the preparation of research reports. We understand the IDA Rules will reflect recommendations and proposals from sources that include the 2001 final report of the Securities Industry Committee on Analyst Standards (the “Committee Report”) prepared for the IDA and the Toronto Stock Exchange and the recent proposed rule change to establish NASD Rule 2711 of the National Association of Securities Dealers, Inc. (the “NASD Proposal”) in the United States. See our Update of April 30, 2001 for a discussion of the Committee Report.

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