The Securities Commission has decided to revoke previously granted exemptive relief from insider reporting requirements for certain insiders of an issuer selling common shares under an automatic securities disposition plan (ASDP). This decision is based on the guidance provided in CSA Staff Notice 55-317, which emphasizes transparency in insider trading and good corporate governance. The Commission determined that maintaining public confidence in the fairness of capital markets is paramount, and thus, revoking the relief aligns with this objective. The decision was made under the authority of the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically sections 107(2) and 144, and National Instrument 55-104 Insider Reporting Requirements and Exemptions, section 3.3. The Autorité des marchés financiers acted as the principal regulator in this coordinated review application across multiple jurisdictions. The revocation is not considered to be prejudicial to the public interest and meets the legislative requirements for such a decision.
