Le Lézard
Classified in: Business
Subjects: ECO, CPG

Canadian Securities Regulators announce review of Automatic Securities Disposition Plans

MONTREAL and TORONTO, Oct. 24, 2019 /CNW Telbec/ - The Canadian Securities Administrators (CSA) today announced that it is undertaking a review of Automatic Securities Disposition Plans (ASDPs). ASDPs enable insiders to make preplanned sales of securities of an issuer through an arms-length administrator, according to a predetermined set of instructions.

"The CSA's review aims to ensure that ASDPs remain a legitimate mechanism of trading by corporate insiders and do not undermine the fairness of our capital markets," said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers.

Currently, provincial and territorial securities laws provide an insider trading defence for trades made under automatic plans; however, there is no national framework governing such plans. The CSA's review of ASDPs will consider whether the regulatory framework should be enhanced and harmonized across Canada. Specifically, the review will examine whether these plans provide appropriate constraints on trading activities of insiders and will be informed by relevant international developments in this area.

The CSA's review will also consider whether relief should continue to be granted from insider reporting for trades done under ASDPs and, if so, under what conditions. Such relief, while not requested by all issuers setting up ASDPs, has been granted several times in the last decade.

Until the CSA completes its review and updates the market on its conclusions, CSA staff are unlikely to recommend new insider reporting relief for trades done under ASDPs. Existing insider reporting relief will be unaffected.

The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

For Investor inquiries, please refer to your respective securities regulator. You can contact them here.

For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at media@acvm-csa.ca.

For more information:  


Kristen Rose
Ontario Securities Commission

Hilary McMeekin
Alberta Securities Commission

Brian Kladko
British Columbia Securities Commission

Jean-Maurice Bouchard

Autorité des marchés financiers
514- 395-0337 #2347

Jason (Jay) Booth
Manitoba Securities Commission

Sara Wilson
Financial and Consumer Services
Commission, New Brunswick

Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan

Steve Dowling
Government of
Prince Edward Island,
Superintendent of Securities

David Harrison
Nova Scotia Securities Commission

Jeff Mason

Nunavut Securities Office


Renée Dyer
Office of the Superintendent
of Securities
Newfoundland and Labrador

Tom Hall
Office of the Superintendent
of Securities
Northwest Territories

Rhonda Horte
Office of the Yukon Superintendent
of Securities


SOURCE Canadian Securities Administrators

These press releases may also interest you

at 12:05
www.NotMadeInChina.Directory China is a manufacturing powerhouse and effectively the world's factory for much of what we buy and consume daily. Clothes, electronics, appliances, and home goods are the types of products we all purchase every day ?...

at 12:04
The PenFed Foundation, a national 501(c)3 founded by PenFed Credit Union, today announced a partnership with Army Emergency Relief (AER) to assist approximately 480 US Army Active, Reserve, and National Guard Soldiers through the Foundation's...

at 12:03
On Saturday, Sysco-Sygma Kansas City warehouse workers voted unanimously, 25 to 0, to ratify their first contract, a four-year deal that raises wages, provides full seniority rights and other improvements....

at 12:00
Electronic Transaction Consultants Corporation (ETC), a leading technology solutions provider for the mobility and transportation industries, announced today that it has been acquired by Align Capital Partners (ACP), a growth-oriented private equity...

at 12:00
Employer Direct Healthcare is excited to announce its partnership with Trend Micro, Inc.  Beginning in January 2020, Trend Micro began offering Employer Direct Healthcare's SurgeryPlustm benefit, a supplemental benefit providing surgical concierge...

at 12:00
HomeBound Resources, LLC, announced today the company has completed a $4.4 million acquisition in Texas' Midland Basin?part of the greater Permian Basin. The acquisition spans Martin, Reagan, Lea, Glasscock, and Midland Counties, and includes 55...

News published on 24 october 2019 at 11:00 and distributed by: