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National Policy 51-201 Disclosure Standards
Part VI Best Disclosure Practices
Section 6.13

Handling Rumours

Adopt a “no comment” policy with respect to market rumours and make sure that the policy is applied consistently. [FN 46] Otherwise, an inconsistent response may be interpreted as “tipping”. You may be required by your exchange to make a clarifying statement where trading in your company’s securities appears to be heavily influenced by rumours. If material information has been leaked and appears to be affecting trading activity in your company’s securities, you should take immediate steps to ensure that a full public announcement is made. This includes contacting your exchange and asking that trading be halted pending the issuance of a news release.[FN 47]

FN 46 A “no comment” policy means that you respond with a statement to the effect that “it is our policy not to comment on market rumours or speculation”.

FN 47 If the rumour relates to a material change in the company’s affairs that has, in fact, occurred, you have a legal obligation to make timely disclosure of the change.