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ARTICLE · 02 FEBRUARY 2010

New Insider Reporting Regime Coming Into Effect On April 30, 2010

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The Canadian Securities Administrators ("CSA") are adopting a new National Instrument 55-104 Insider Reporting Requirements and Exemptions (the "New Instrument") and Companion Policy 55-104CP Insider Reporting Requirements and Exemptions (the "New Policy") (together, the "New Materials").

CanadaFinance and Banking
Kate Lioubar
Kate Lioubar
D'Arcy Doherty
D'Arcy Doherty
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New Insider Reporting Regime Coming Into Effect On April 30, 2010

Summary

The new insider reporting regime coming into effect on April 30, 2010 will:

  • reduce the number of persons required to file insider reports;
  • after October 31, 2010, accelerate the filing requirement from 10 calendar days to five calendar days;
  • simplify and make more consistent the reporting requirements for stock-based compensation arrangements; and
  • facilitate insider reporting of stock-based compensation arrangements by allowing issuers to file an "issuer grant report" in a similar manner to the current "issuer event report".

The New Materials

The Canadian Securities Administrators ("CSA") are adopting a new National Instrument 55-104 Insider Reporting Requirements and Exemptions (the "New Instrument") and Companion Policy 55-104CP Insider Reporting Requirements and Exemptions (the "New Policy") (together, the "New Materials"). The New Instrument sets out the main insider

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