Draft Regulation to Amend Regulation 55-104 Respecting Insider Reporting Requirements and Exemptions

The securities regulator proposes an amendment to Regulation 55-104 to restrict specific insider reporting exemptions. The new section 9.8 explicitly denies the exemption in paragraph 9.7(g) for transactions involving investment funds or securities derived from the reporting issuer's underlying assets. This change ensures that insiders dealing in complex or fund-based instruments must comply with standard reporting obligations rather than relying on the previously available exemption.

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REGULATION TO AMEND REGULATION 55-104 RESPECTING INSIDER REPORTING REQUIREMENTS AND EXEMPTIONS Securities Act (chapter V-1.1, s. 331.1, par. (8) and (20.1))

Regulation 55-104 respecting Insider Reporting Requirements and Exemptions (chapter V1.1, r. 31) is amended by inserting, after section 9.7, the following:
“Exemption not available
9.8. Paragraph 9.7(g) does not apply to the acquisition or disposition of a security, or an
interest in a security, of an issuer if
(a) the issuer is an investment fund, or
(b) the value or market price of the security, or the interest in a security, is derived from, referenced to or based on an underlying security, interest, benchmark or formula that is, or includes as a material component, a security of the reporting issuer or a related financial instrument involving a security of the reporting issuer.”.
This Regulation comes into force on (insert the date of coming into force of this
Regulation).

Lineage: In force

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This document amends: Regulation 55-104 Respecting Insider Reporting Requirements and Exemptions

Source: Autorite des marches financiers Quebec — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works