An Ontario Securities Commission study finds “material” insider reporting too little approximately 70 per cent from the 1,500 issuers reviewed.
“Overall, the review found that the compliance rate for insider reporting can be substantially improved, and that this improvement needs to happen across all reporting issuers,” the commission stated in a news release.
Approximately 200 reporting insiders filed new insider reports to deal with material deficiencies, and 150 reporting issuers filed correctional reports.
“Reporting insiders and reporting issuers should make use of the findings and guidance within this review to bolster their compliance with insider reporting obligations,” said Huston Loke, director of corporate finance in the OSC. “Reporting issuers can enjoy a significant role in enhancing compliance in this region by strengthening their insider trading policies.”
The report contains checklists that highlights tips for reporting insiders and issuers to think about.
The OSC may also be holding a seminar and webinar on insider reporting obligations on Feb. 24, 2016.
