The Securities Commission has revoked a previous order that allowed certain insiders of an issuer to report trades conducted under an automatic securities disposition plan (ASDP) on an annual basis, instead of within 5 days of the trade. This revocation aligns with the guidance provided in CSA Staff Notice 55-317, which emphasizes transparency in insider trading and discourages exemptions from insider reporting requirements for ASDP trades. The Commission concluded that maintaining public confidence in the fairness of capital markets necessitated the revocation of the exemptive relief. The decision was made under Section 171 of the Securities Act and Section 3.3 of National Instrument 55-104 Insider Reporting Requirements and Exemptions. The British Columbia Securities Commission acted as the principal regulator, and the decision also reflects the position of the securities regulator in Ontario.
