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BCSC decision provides guidance on use of social media for investor relations communications

10 Mar 2023 4:23 PM | CAN-TECH Law (Administrator)

Investor relations firm failed to disclose requisite information in social media posts

The British Columbia Securities Commission found, in its decision of January 30, 2023, that an investor relations firm hired by five reporting issuers failed to disclosed clearly and conspicuously that materials disseminated via social media and otherwise were issued on behalf of the respective issuers. The obligation arises under s. 52(2) of the Securities Act of  British Columbia.
  • 52(2)   A person engaged in investor relations activities, and an issuer or security holder on whose behalf investor relations activities are undertaken, must ensure that every record disseminated, as part of the investor relations activities, by the person engaged in those activities clearly and conspicuously discloses that the record is issued by or on behalf of the issuer or security holder.

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