On April 30,
National Instrument 55-104 Insider Reporting Requirements and
Exemptions came into effect, although the new five-day
filing deadline for subsequent reports only takes effect October
31, 2010. The consolidated reporting requirements aim to harmonize,
simplify and streamline how insiders report their operations to the
public. Our previous
Legal Update discusses several of the changes to the previous
insider reporting requirements.
Two days before NI 55-104 came into effect, the Canadian
Securities Administrators (CSA) published CSA Staff Notice 55-315
Frequently Asked Questions about National Instrument 55-104
Insider Reporting Requirements and Exemptions to assist
reporting insiders, issuers and other market participants with
these changes. It was also published to promote consistency in
electronic filings on the system for electronic disclosure by
CSA Staff Notice 55-315 contains seven questions that the CSA
have received in connection with the transition to the new
requirements. It may be updated by the CSA to reflect additional
questions or concerns as they arise. Important questions addressed
in this version include:
Do existing insiders have to file a new initial report within
10 days of April 30, 2010?
Can a reporting insider rely on the exemption in Part 5 of NI
55-104 (exemption for automatic securities purchase plans) for a
grant of related financial instruments under a compensation
How does one report a grant of related financial instruments
made prior to April 30, 2010?
What information does an issuer need to include in an issuer
If an issuer files an issuer grant report within the normal
filing period, but an insider then files an insider report about
the grant after the normal filing deadline has expired, will there
be a late fee for that filing?
We can expect in the near future the following related
publications from the CSA:
CSA Staff Notice 55-312 Insider Reporting Guidelines for
Certain Derivative Transactions (Monetization) (REVISED)
CSA Staff Notice 55-316 Questions and Answers on Insider
Reporting and the System for Electronic Disclosure by Insiders
Click here to be taken to Staff Notice 55-315 for a
discussion of background and responses to the seven questions.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
In Ontario Securities Commission v. Tiffin, the Ontario Court of Justice clarified the limits of the definition of "securities" under s.1(1) of the Securities Act, as it relates to promissory notes. The defendant in the case was charged with trading in securities without being registered and while prohibited, and without filing a prospectus.
The OSC has issued a press release advising stakeholders that Ontario securities law may apply to any use of distributed ledger technologies, such as blockchain, as part of financial products or service offerings.
The use of electronic signatures is becoming increasingly commonplace in commercial transactions, as individuals and businesses capitalize on the administrative efficiency afforded by today’s digital world.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).