IIROC standards apply only to professional opinions that are prepared either:
pursuant to a requirement of relevant securities laws, or
for the express purpose of publication in a disclosure document to be filed with any Canadian securities regulatory authority or delivered to security holders in connection with their consideration of the subject transaction.
- IIROC standards do not apply to professional opinions that are either:
- rendered in connection with transactions other than the subject transactions, whether or not they are reproduced or summarized in a disclosure document, or
- reproduced or summarized in a disclosure document in compliance with relevant securities laws for the disclosure of prior valuations in respect of an issuer.