3611. Independent third party research report 

The disclosures required by sections 3608 and 3609 are applicable to research reports prepared by an independent third party that is distributed by a Dealer Member to its clients under the independent third party’s name.

The disclosures in sections 3608 and 3609 are not required in the following circumstances:

1. in the case of independent third party research reports that are issued by members of the Financial Industry Regulatory Authority or persons governed by other regulators approved by IIROC, or

2. when a Dealer Member is only giving clients access to independent third party research report, or supplying an independent third party research report at the request of a client, 

3. and

4. the Dealer Member discloses that the independent third party research report  was not prepared in accordance with Canadian disclosure requirements relating to research reports.