Aggregated News From Investment Management Regulators

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:

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

This news item was originally published by the Ontario Securities Commission (OSC CA). For more information, see the Source Link.

Regulator Information

Abbreviation: OSC
Jurisdiction: Canada

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