Timely Disclosure

Timely Disclosure

Updates and Commentary on Current issues in M&A, Corporate Finance and Capital Markets

Category Archives: Insider Trading

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The OSC sharpens its enforcement teeth

Posted in Insider Trading, OSC, Securities Litigation, Securities Regulatory Authorities, Stock Exchanges, TSX
The enforcement efforts of the Ontario Securities Commission (OSC), the regulator that administers and enforces compliance with the provisions of the Securities Act (Ontario) and the Commodity Futures Act (Ontario), have had mixed success— at best. With a mandate to protect investors and ensure fair and efficient capital markets through monitoring compliance and enforcement measures… Continue Reading

OSC Issues Recommendations on Insider Reporting

Posted in Insider Trading, OSC, Securities Regulatory Authorities
On February 19, 2016, the Ontario Securities Commission (OSC) published OSC Staff Notice 51-726 Report on Staff’s Review of Insider Reporting and User Guides for Insiders and Issuers (OSC Staff Notice 51-726). Background OSC staff conducted a review of insider reporting and insider trading policies of 100 reporting issuers.  On average, each reporting issuer that… Continue Reading

Ontario Securities Commission Proposes Whistleblower Program

Posted in Capital Markets, Continuous Disclosure, Corporate Governance, Directors and Officers, Insider Trading, OSC, Securities Regulatory Authorities
The Ontario Securities Commission (OSC) has proposed OSC Policy 15-601 Whistleblower Program (Policy), which is designed to encourage individuals (whistleblowers) to report to the OSC information regarding serious misconduct related to securities or derivatives, with the prospect of receiving monetary awards in certain circumstances (whistleblower awards). Under the Policy, any whistleblower may submit information regarding… Continue Reading

Feedback sought for the OSC’s Proposed Whistleblower Program

Posted in Insider Reporting, Insider Trading, OSC, Securities Regulatory Authorities
On February 3, 2015 the Ontario Securities Commission (OSC) published Staff Consultation Paper 15-401 Proposed Framework for an OSC Whistleblower Program (Paper). The Paper outlines the OSC’s proposal for an award-based whistleblower program (Program). The OSC is welcoming written comments on the Program until May 4, 2015. The purpose of the Program is to encourage… Continue Reading