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ARTICLE · 26 JANUARY 2010

Changes To Insider Reporting: 5 Day Filing, Deemed Beneficial Ownership And Reporting For Derivatives

Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
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On January 22, 2010, the Canadian Securities Administrators (the CSA) published the final version of National Instrument 55-104 "Insider Reporting Requirements and Exemptions" (NI 55-104), together with a Companion Policy and related consequential amendments, which will come into effect on April 30, 2010.

CanadaFinance and Banking

On January 22, 2010, the Canadian Securities Administrators (the CSA) published the final version of National Instrument 55-104 Insider Reporting Requirements and Exemptions (NI 55-104), together with a Companion Policy and related consequential amendments, which will come into effect on April 30, 2010.

The new rule, originally published for comment on December 18, 2008, updates the Canadian insider reporting regime and provides for a number of significant changes, including:

  • accelerating the deadline for filing insider reports from 10 days to 5 days, effective after October 31, 2010;
  • limiting the requirement for insider reports to a narrower class of "reporting insiders";

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