The Investment Industry Regulatory Organization of Canada (IIROC) has issued revised guidance on best execution and management or orders, as well as with respect to the use of certain order types. IIROC originally published the guidance for comment in November 2010, and yesterday's notices include a summary of comments received and IIROC responses.

The revised notices provide guidance with respect to the management of order flows in the context of best execution obligations and the use of certain order types in the context of recent developments in Canadian market structure. For more information, see IIROC Notices 11-0112, 11-0113 and 11-0114.