The Securities Commission has revoked an earlier decision that granted certain insiders of an issuer the ability to report sales of common shares under an automatic securities disposition plan (ASDP) on an annual basis, rather than within the standard 5-day reporting period. This revocation aligns with the principles of transparency and good corporate governance as outlined in CSA Staff Notice 55-317, which discourages insider reporting relief for trades under ASDPs. The Commission determined that maintaining the exemption would be inconsistent with these principles and could impact public confidence in the fairness of capital markets. The revocation is based on the Securities Act, specifically sections 107(2), 171, and 144, and section 3.3 of National Instrument 55-104, which pertain to insider reporting requirements and exemptions. The decision reflects a commitment to upholding the public interest and ensuring the integrity of financial markets.
