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New Insider Reporting Requirement for Equity Monetization Transactions


Area Corporate Finance and Securities


In response to concerns that the existing insider reporting requirements may not apply to derivative-based transactions, the Canadian Securities Administrators (the “CSA”) have recently released proposed Multilateral Instrument 55-103 - Insider Reporting for Certain Derivative Transactions (Equity Monetization) (the “Instrument”). Pursuant to the Instrument, insiders would be required to file insider reports in respect of derivative-based transactions, including equity monetization transactions.  Submissions on the proposed Instrument will be accepted until May 31, 2003. 

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