For Immediate Release
December 10, 2020

Canadian securities regulators publish guidance on automatic securities disposition plans

Montreal and Toronto - The Canadian Securities Administrators (CSA) today published guidance for issuers and insiders on the establishment, use and disclosure of automatic securities disposition plans (ASDPs). ASDPs enable insiders to make preplanned sales of securities of an issuer through a dealer or an arms-length administrator, according to a predetermined schedule and set of instructions.

“This guidance will help issuers and insiders understand how they can reduce the potential for improper insider trades under automatic securities disposition plans,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “The recommended best practices set out in the guidance are also intended to enhance the transparency of trading by insiders, which assists issuers and insiders in managing market perception of trades made under these plans.”

This guidance was developed further to the CSA’s review of ASDPs announced on October 24, 2019. Recommended best practices set out in the guidance include oversight by the issuer, a waiting period prior to the first transaction made under the plan, and meaningful restrictions for amendments, suspension and termination of an ASDP.

CSA Staff Notice 55-317 Automatic Securities Disposition Plans (CSA Staff Notice) can be found on CSA members’ websites.

In the interest of promoting transparency of trading by insiders, staff of the CSA remain, as announced on October 24, 2019, unlikely to recommend insider reporting relief for trades under ASDPs.

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

For Investor inquiries, please refer to your respective securities regulator. You can contact them here

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

Kristen Rose
Ontario Securities Commission
416-593-2336

Sylvain Théberge
Autorité des marchés financiers
514-940-2176

Brian Kladko
British Columbia Securities Commission
(604) 899-6713

Theresa Schroder
Alberta Securities Commission
587-830-4286

Jason (Jay) Booth
Manitoba Securities Commission
204-945-1660

Marissa Sollows
Financial and Consumer Services
Commission, New Brunswick
506 643-7853

David Harrison
Nova Scotia Securities Commission
902-424-8586

Steve Dowling
Office of the Superintendent of Securities,
Department of Justice and Public Safety,
Prince Edward Island
902-368-4550

Renée Dyer
Office of the Superintendent
of Securities,
Newfoundland and Labrador
709-729-4909

Rhonda Horte
Office of the Yukon Superintendent
of Securities
867-667-5466

Jeff Mason
Nunavut Securities Office
867-975-6591

Matthew Yap
Office of the Superintendent
of Securities
Northwest Territories
867-767-9260

Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan
306-798-4160