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ARTICLE · 02 MAY 2013

Insider Trading - ASC’s Practical Approach To "Material Fact"

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An insider trading decision of the Alberta Securities Commission (the "Commission") released on April 10, 2013, provides a thoughtful and practical approach by a securities commission to its assessment of what constitutes a "material fact".

CanadaCorporate/Commercial Law
Ellen Bessner
Ellen Bessner
Geoffrey Breen
Geoffrey Breen
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An insider trading decision of the Alberta Securities Commission (the “Commission”) released on April 10, 2013, provides a thoughtful and practical approach by a securities commission to its assessment of what constitutes a “material fact”.

In Re Stan et al., 2013 ABASC 148 (“Re Stan”), the Staff of the Alberta Securities Commission (“Staff”) alleged that five insiders of a publically traded coal mining and production company, Grande Cache, had engaged in illegal insider trading by trading in securities of that company while in possession of material facts that had not been generally disclosed. It was also alleged that one of those insiders, Robert Stan, had provided his wife with this information and encouraged her to trade in Grande Cache’s securities.

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