Regulatory Alerts2026-06-18
Added · Updated
Notice SFA 04-N21 on Business Conduct Requirements for Corporate Finance Advisers
Corporate finance advisers must develop and implement policies, procedures, and controls to manage conflicts of interest, safeguard confidential information, and restrict dealing in capital markets products by relevant personnel. The notice requires advisers to conduct due diligence with reasonable care, skill, and diligence, including verifying material representations, conducting background checks, and inspecting key physical assets for listing applications. Senior management must provide adequate oversight of the business, supervise transaction teams, and review and approve the resolution of reportable matters and material due diligence conclusions. Records necessary to meet these requirements must be retained for at least five years from the date a transaction is completed, terminated, or concluded.
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