Amendments To Canadian Insider Reporting Exemptions

Canadian securities regulators have recently revised some of the rules governing insider reporting. National Instrument 55-101, Insider Reporting Exemptions, provides relief from the obligation to file insider reports in certain situations and has been amended, effective September 10, 2007, as follows.

First, a reporting issuer is no longer required to maintain a list of insiders who are relying on the exemptions provided by NI55-101. An issuer may want to continue preparing lists of personnel who have access to confidential material information, as part of its overall compliance processes (for example, when considering who should be covered by trading "blackout" periods). However, maintaining such a list is no longer a precondition for the insider reporting exemptions.