*Restricted refers to a Research restriction and applies only to the analyst covering the stock.
iA Capital Markets Research Analysts confirm their independence and objectivity in their research reports, recommendations, and target prices, and by following the policies, procedures and principles detailed below. Our analysts also confirm on an annual basis that they are complying to the CFA Institute Code of Ethics and Standards of Professional Conduct, regardless of if they are a CFA charter holder or not.
iA Capital Markets maintains policies and procedures aligned with IIROC’s Dealer Member Rules and within the framework of Research Objectivity Standards provided by the CFA Institute. These policies and procedures assist us in identifying and avoiding potential conflicts of interest that might otherwise influence or appear to influence the objectivity of our research. In adhering to these rules, we ensure that our analysts display and act with the utmost integrity, dignity and in an ethical manner.
Analyst remuneration is determined by a number of factors but include a significant weighting towards recommendation performance and quality of research, which aligns their own interests with that of our clients. Analyst compensation may not be directly linked to investment banking or other corporate finance activities on which the analyst collaborated (either individually or in the aggregate).
Supervision and approval of research is governed by a formal process that includes duly qualified and registered professionals.
Analysts are permitted to personally own individual securities, including those of companies that they cover. All such positions and trading activity is monitored and must be approved in advance by Compliance, and are disclosed in research reports. No analyst is permitted to trade contrary to a published recommendation.
Overall, iA Capital Markets analysts must act with integrity, competence, dignity, and in an ethical manner, and use reasonable care and exercise independent judgement.