Regulatory Alerts2020-12-10
CSA Staff Notice 55-317: Automatic Securities Disposition Plans
The Canadian Securities Administrators issued this notice to provide recommended practices for issuers and insiders regarding the establishment, administration, and disclosure of Automatic Securities Disposition Plans. The guidance aims to mitigate risks of improper insider trading by requiring good faith adoption, issuer oversight, pre-determined trading parameters, and meaningful restrictions on plan amendments or terminations. Additionally, the notice mandates enhanced transparency through public news releases detailing plan terms and insider reports specifying that trades occur under an ASDP.
Share