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ARTICLE · 17 JANUARY 2007

Gowlings Professionals Lead Way On Automatic Securities Disposition Plans For Ontario Insiders

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Gowlings professionals Dean Blain's and Paul Fornazzari's work with the Ontario Securities Commission (the "OSC") to establish a US-style automatic securities disposition plan (an "ASDP") on behalf of a client led to the release of OSC Staff Notice 55-701 Automatic Securities Disposition Plans and Automatic Securities Purchase Plans ("Staff Notice 55-701").

CanadaFinance and Banking
Dean Blain
Dean Blain
Paul Fornazzari
Paul Fornazzari
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Gowlings professionals Dean Blain's and Paul Fornazzari's work with the Ontario Securities Commission (the "OSC") to establish a US-style automatic securities disposition plan (an "ASDP") on behalf of a client led to the release of OSC Staff Notice 55-701 Automatic Securities Disposition Plans and Automatic Securities Purchase Plans ("Staff Notice 55-701").

ASDPs are plans established by insiders of public companies with agent brokers to sell shares of the public company while the insider is not under any restrictions regarding the sale of such shares. Once established, the ASDP allows for pre-programmed sales to be conducted at times when the insider would not otherwise be able to trade, for instance, when a trading "blackout" period is in effect. Under an ASDP, trading can be conducted over a longer time frame than would otherwise be possible, minimizing any impact on the market for such shares.

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