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ARTICLE · 20 JUNE 2013

Insider Trading - Better Safe Than Sorry

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A series of recent Alberta Securities Commission decisions recently underscored the inherent dangers of buying or selling securities of companies in which one is an insider.

CanadaCorporate/Commercial Law
John Blair, KC
John Blair, KC
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A series of recent Alberta Securities Commission decisions recently underscored the inherent dangers of buying or selling securities of companies in which one is an insider. The risk is that while the insider may legitimately believe they have no undisclosed material information when they trade, a regulator can later take a different view of the same information.

In its April 10, 2013 decision Re Stan, the respondent insiders were acquitted of insider trading or tipping after a 14-day hearing, but incurred defence and expert witness costs reputed to be in seven figures. The allegedly undisclosed material information involved internal sales and production forecasts. ASC staff believed the internal information to be sufficiently material to preclude trading but the respondents (and the Panel) disagreed.

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