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Canadian securities regulators publish guidance on automatic securities disposition plans

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The Canadian Securities Administrators (CSA) today published guidance for issuers and insiders on the establishment, use and disclosure of automatic securities disposition plans (ASDPs). ASDPs enable insiders to make preplanned sales of securities of an issuer through a dealer or an arms-length administrator, according to a predetermined schedule and set of instructions.

“This guidance will help issuers and insiders understand how they can reduce the potential for improper insider trades under automatic securities disposition plans,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “The recommended best practices set out in the guidance are also intended to enhance the transparency of trading by insiders, which assists issuers and insiders in managing market perception of trades made under these plans.”

This guidance was developed further to the CSA’s review of ASDPs announced on October 24, 2019. Recommended best practices set out in the guidance include oversight by the issuer, a waiting period prior to the first transaction made under the plan, and meaningful restrictions for amendments, suspension and termination of an ASDP.

CSA Staff Notice 55-317 Automatic Securities Disposition Plans (CSA Staff Notice) can be found on CSA members’ websites.

In the interest of promoting transparency of trading by insiders, staff of the CSA remain, as announced on October 24, 2019, unlikely to recommend insider reporting relief for trades under ASDPs.

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 more information:

CSA member name Point of contact Phone number
Autorité des marchés financiers Sylvain Théberge 514-940-2176
Alberta Securities Commission Theresa Schroder 587-830-4276
British Columbia Securities Commission Brian Kladko 604-899-6713
Financial and Consumer Affairs, Authority of Saskatchewan Shannon McMillan 306-798-4160
Financial and Consumer Services Commission, New Brunswick Marissa Sollows 506-643-7853
Manitoba Securities Commission Jason (Jay) Booth 204-945-1660
Nova Scotia Securities Commission David Harrison 902-424-8586
Office of the Superintendent of Securities, Newfoundland and Labrador Renée Dyer 709-729-4909
Office of the Superintendent of Securities, Northwest Territories Matthew Yap 867-767-9260
Office of the Yukon, Superintendent of Securities Rhonda Horte 867-667-5466
Ontario Securities Commission Kristen Rose 416-593-2336
Superintendent of Securities, Department of Justice and Public Safety, Prince Edward Island Steve Dowling 902-368-4550
Superintendent of Securities, Nunavut Jeff Mason 867-975-6591

This news item was originally published by the Financial Markets Authority (AMF CA). For more information, please see the Source Link.

Regulator Information

Regulator Name: Financial Markets Authority
Abbreviation: AMF
Jurisdiction: Canada

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