Does an insider have to file an insider report for each disposition of securities under a disposition plan?
The Staff Notice states that, generally, the insider (or its broker) will be required to file an insider report (which, it is suggested, should refer to the plan) for each disposition. It also clarifies that the exemption in NI 55-101 allowing for reporting on an annual basis for certain acquisitions and dispositions of securities under or in connection with purchase plans will not generally be available for disposition plans. That notwithstanding, if an insider seeks exemptive relief in connection with disposition plans and can demonstrate that the plan is genuinely an automatic plan and that the insider cannot make discreet investment decisions through it, staff may be prepared to recommend exemptive relief and allow the insider to file insider reports annually. Note – these guidelines are intended as a temporary measure and apply to Ontario only! The Staff Notice cautions that it is intended to be a temporary notice pending development by the Canadian Securities Administrators of th
