CSA

Montréal and Toronto – The Canadian Securities Administrators (CSA) today announced that it is undertaking a review of Automatic Securities Disposition Plans (ASDPs). ASDPs enable insiders to make preplanned sales of securities of an issuer through an arms-length administrator, according to a predetermined set of instructions.

“The CSA’s review aims to ensure that ASDPs remain a legitimate mechanism of trading by corporate insiders and do not undermine the fairness of our capital markets,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers.

Currently, provincial and territorial securities laws provide an insider trading defence for trades made under automatic plans; however, there is no national framework governing such plans. The CSA’s review of ASDPs will consider whether the regulatory framework should be enhanced and harmonized across Canada. Specifically, the review will examine whether these plans provide appropriate constraints on trading activities of insiders and will be informed by relevant international developments in this area.

The CSA’s review will also consider whether relief should continue to be granted from insider reporting for trades done under ASDPs and, if so, under what conditions. Such relief, while not requested by all issuers setting up ASDPs, has been granted several times in the last decade.

Until the CSA completes its review and updates the market on its conclusions, CSA staff are unlikely to recommend new insider reporting relief for trades done under ASDPs. Existing insider reporting relief will

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

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For Investor inquiries, please refer to your respective securities regulator. You can contact them here This link will open in a new window.

For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at media@acvm-csa.ca.

CSA member name

Point of contact

Phone number

Autorité des marchés financiers

Sylvain Théberge

514-940-2176

Alberta Securities Commission

Hilary McMeekin

403-592-8186

British Columbia Securities Commission

Brian Kladko

604-899-6713

Financial and Consumer Affairs, Authority of Saskatchewan

Shannon McMillan

306-798-4160

Financial and Consumer Services Commission, New Brunswick

Sara Wilson

506-643-7045

Government of Prince Edward Island, Superintendent of Securities

Steve Dowling

902-368-4550

Manitoba Securities Commission

Jason (Jay) Booth

204-945-1660

Nova Scotia Securities Commission

David Harrison

902-424-8586

Nunavut Securities Office

Jeff Mason

867-975-6591

Office of the Superintendent of Securities, Newfoundland and Labrador

Renée Dyer

709-729-4909

Office of the Superintendent of Securities, Northwest Territories

Tom Hall

867-767-9305

Office of the Yukon, Superintendent of Securities

Rhonda Horte

867-667-5466

Ontario Securities Commission

Kristen Rose

416-593-2336