Canadian Securities Administrators

Canadian Securities Administrators

January 22, 2010 11:00 ET

Canadian Securities Regulators Announce New Insider Reporting Regime

VANCOUVER, BRITISH COLUMBIA--(Marketwire – Jan. 22, 2010) - The Canadian Securities Administrators (CSA) published today advance notice of adoption of a new insider reporting regime that aims to streamline how insiders report their securities transactions to the public.

National Instrument 55-104 Insider Reporting Requirements and Exemptions, the companion policy, and related amendments set out the framework and guidelines for a new insider reporting regime that among other things:

  • reduces the number of insiders required to file insider reports to a core group that have the greatest access to material undisclosed information and the greatest influence over the reporting issuer;
  • shortens the reporting deadline for subsequent reports from 10 days to five calendar days after the trade for most transactions, following a six-month transition period;
  • simplifies and brings consistency to stock-based compensation reporting requirements;
  • gives issuers the option to file reports on stock-based compensation for insiders; and
  • establishes a more focused and more timely insider reporting system, which should benefit investors and other market participants who use the system.

"We expect the new insider reporting regime will make it easier for issuers and insiders to understand their obligations, while promoting timely and effective compliance," said Jean St-Gelais, Chair of the CSA and President & Chief Executive Officer of the Autorite des marches financiers (Quebec). "It should also provide more useful and consistent information to investors and others who assess insider activity."

The new regime generally consolidates the main insider reporting requirements and exemptions in a single national instrument, except in Ontario where the main insider reporting requirements will remain in the Ontario Securities Act. Nevertheless, the substance of the requirements for insider reporting will be the same across the CSA jurisdictions. Subject to obtaining all necessary ministerial or governmental approvals, the new insider reporting regime will take effect on April 30, 2010.

The published materials are available on the websites of various CSA members.

The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

Contact Information

  • British Columbia Securities Commission
    Ken Gracey
    604-899-6577
    or
    Autorite des marches financiers
    Sylvain Theberge
    514-940-2176
    or
    Alberta Securities Commission
    Mark Dickey
    403-297-4481
    or
    Ontario Securities Commission
    Theresa Ebden
    416-593-8307
    or
    Manitoba Securities Commission
    Ainsley Cunningham
    204-945-4733
    or
    New Brunswick Securities Commission
    Wendy Connors-Beckett
    506-643-7745
    or
    Nova Scotia Securities Commission
    Natalie MacLellan
    902-424-8586
    or
    Saskatchewan Financial Services Commission
    Barbara Shourounis
    306-787-5842
    or
    PEI Securities Office
    Office of the Attorney General
    Janice Callbeck
    902-368-6288
    or
    Newfoundland and Labrador
    Financial Services Regulation Div.
    Doug Connolly
    709-729-2594
    or
    Yukon Securities Registry
    Fred Pretorius
    867-667-5225
    or
    Nunavut Securities Office
    Louis Arki
    867-975-6587
    or
    Northwest Territories Securities Office
    Donn MacDougall
    867-920-8984
    www.securities-administrators.ca