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ARTICLE · 28 JANUARY 2010

Changes To Canada's Insider Reporting Regime

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Canada’s securities regulators have adopted a new regime for insider reporting. New National Instrument 55-104 and its companion policy are expected to come into effect on April 30, 2010.

CanadaFinance and Banking
Glen Johnson
Glen Johnson
Leslie McCallum
Leslie McCallum
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Canada's securities regulators have adopted a new regime for insider reporting. New National Instrument 55-104 and its companion policy are expected to come into effect on April 30, 2010. In Ontario, the new rules will work in conjunction with existing insider reporting provisions in Ontario's Securities Act. The new regime replaces National Instrument 55-101, Insider Reporting Exemptions; Multilateral Instrument 55-103, Insider Reporting of Certain Derivative Transactions; and their respective companion policies.

Like the current rules, the new rules will require reporting by insiders in respect of securities as well as related financial instruments. A related financial instrument is an agreement, arrangement or understanding that has the effect of altering, directly or indirectly, the insider's economic interest in or exposure to the reporting issuer.

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