The Securities Commission has decided to revoke previously granted exemptive relief from insider reporting requirements for certain insiders of an issuer who sell common shares under an automatic securities disposition plan (ASDP). This decision is based on the principles outlined in CSA Staff Notice 55-317, which emphasizes transparency and good corporate governance in the use of ASDPs. The Commission believes that maintaining the relief would be inconsistent with these principles and could impact public confidence in the fairness of capital markets. The revocation aligns with the regulatory framework under the Securities Act and National Instrument 55-104, which govern insider reporting requirements and exemptions. The decision was made in the interest of the public and reflects the consensus of the Decision Makers in multiple jurisdictions, with the Ontario Securities Commission acting as the principal regulator.
