On July 27, the Investment Industry Regulatory Organization of Canada (IIROC) released proposed guidance respecting the marketplace disclosure language it would deem acceptable for trade confirmations. The guidance follows its April 2010 proposal, expected to be approved by securities regulators on or before October 15, 2012, that would require trade confirmations to disclose the marketplace on which a trade was executed or other marketplace language acceptable to IIROC.

Assuming approval of the proposed amendments, IIROC would deem the following disclosure language acceptable where an order was executed on a single marketplace in Canada, multiple marketplaces in Canada, a foreign organized regulated market (including one in the U.S.), or any combination of one or more marketplace and foreign organized regulated markets:

"Traded on one or more marketplaces or markets, details available upon request."

The guidance would be effective October 15, 2012, which would coincide with the implementation date of UMIR amendments respecting the regulation of short sales, failed trades, dark liquidity. For more information, see IIROC Notice 12-0236.