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Securities Litigation

New Insider Reporting Regime In Effect April 30, 2010

Published: 05/11/2010

By Ted Frankel, Jessica Zagar

On April 30, 2010,  National Instrument 55-104 Insider Reporting Requirements and Exemptions (download document) and a related companion policy published by the Canadian Securities Administrators (the "CSA") came into effect. 
 
These documents establish a new national regime on insider reporting obligations and exemptions aimed at harmonizing and streamlining how insiders report their securities transactions to the public. 
 
The changes to the insider reporting regime are particularly significant because the Ontario Securities Commission conducts insider reporting reviews, and the Criminal Code was amended in 2004 to make improper insider trading and tipping criminal offences.

Cassels Brock lawyers, Ted Frankel and Jessica Zagar, also prepared a podcast on this topic which explores how Canadian regulators are dealing with the challenges of insider trading and provides some practical steps for reporting issuers to take to adapt their practices to the new regime and protect against insider trading. 

Visit the Securities Litigation website for more information or to view the podcast.