RE:Retransmission - Beware
Post says BCSC wants disclosure for on-line promoters
2021-05-27 09:29 ET - In the News
The Financial Post reports in its Thursday edition that the B.C. Securities Commission is proposing sweeping new rules that would require anyone promoting stocks on social media or via video to reveal whether they own the security, and to additionally disclose any compensation they are receiving for the promotion. The Post's Barbara Shecter writes that if the rules are adopted following a 60-day comment period, anyone promoting stocks or other securities could face potential enforcement by the regulator for failing to disclose any "facts that would interfere with the objectivity of the person doing the promotion. People should know if someone promoting a stock has a financial or other interest," said Peter Brady, executive director of the BCSC. The rules -- the first of their kind in Canada -- would apply to newsletters, financial blogs, e-mails, oral statements, social media posts, videos or any other communications, "in any platform or medium," the BCSC said late Wednesday. "Abusive stock promotions are a scourge that go hand in hand with abusive trading, and the new rules would give us one more tool to tackle them," Mr. Brady said, who credited amendments to the province's Securities Act for allowing such a crackdown.
Apparently they are naming it the "J&J" rule.