Regulatory Alerts2023-06-09
National Policy 51-201: Disclosure Standards
The Canadian Securities Administrators issued National Policy 51-201 to establish best practices for timely disclosure and prohibit selective disclosure of material corporate information. The policy mandates that companies immediately disclose material changes via press releases while strictly prohibiting tipping and insider trading by insiders and tippees. It clarifies that communications with analysts, institutional investors, and the media generally do not qualify as the necessary course of business, thereby requiring broad public dissemination of material facts.
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