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ARTICLE · 04 JUNE 2020

COVID-19 Impact: Heightened Insider Trading Risks

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The COVID-19 pandemic has created novel challenges for market participants. In this rapidly changing environment, it is imperative that directors and officers of public companies be mindful of their insider trading...

CanadaCorporate/Commercial Law
Jennifer Campbell
Jennifer Campbell
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The COVID-19 pandemic has created novel challenges for market participants. In this rapidly changing environment, it is imperative that directors and officers of public companies be mindful of their insider trading responsibilities and take an overly conservative approach to compliance.

Insider trading regulations have been adopted across Canada in furtherance of the fundamental premise that all persons should have equal access to material information when trading in securities. In particular, Section 76 of the Securities Act (Ontario) provides, amongst other matters, that anyone in a "special relationship" with an issuer is prohibited from trading or "tipping" with respect to securities of an issuer if they have knowledge of a material fact or material change with respect to the issuer that has not been generally disclosed. The definition of "special relationship" is broad, and includes the following:

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