Effective November 1, 2010, Canadian Securities’ Administrators’ National Instrument 55-104 (“NI-55-104”) requires insider reports to be filed within 5 days of a change in the reporting insider’s
- beneficial ownership of, or control or direction over, whether direct or indirect, securities of the reporting issuer, or
- interest in, or right or obligation associated with, a related financial instrument involving a security of the reporting issuer.
Insider reports had been required within 10 days until October 31, 2010. Initial insider reports may still be filed for incoming insiders within 10 days of their becoming an insider.
In Ontario NI 55-104 does not apply, but the same timelines are required for insider reports under the Ontario Securities Act.
If you have questions about filing of insider reports, please contact any member of Clark Wilson’s Corporate Finance & Securities Group.
