Trust and Loan Companies Act (S.C. 1991, c. 45)

Act current to 2013-04-29 and last amended on 2012-12-19. Previous Versions

Insider Reporting

Marginal note:Insider report

271. An insider shall submit an insider report in accordance with the regulations.

  • 1991, c. 45, s. 271;
  • 1997, c. 15, s. 367;
  • 2005, c. 54, s. 421.
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Marginal note:Exemption by Superintendent

272. On application by an insider, the Superintendent may in writing and on any terms that the Superintendent thinks fit exempt the insider from any of the requirements of section 271. The exemption may be given retroactive effect and the Superintendent shall publish the partic­ulars of the exemption and the reasons for it in a periodical available to the public.

  • 1991, c. 45, s. 272;
  • 2005, c. 54, s. 421.
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272.1 [Repealed, 2005, c. 54, s. 421]

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Marginal note:Regulations

273. The Governor in Council may make regulations for carrying out the purposes of sections 271 and 272, including

  • (a) defining “insider” for the purposes of sections 271 and section 272;

  • (b) respecting the form and content of an insider report; and

  • (c) respecting the submission or publication of an insider report.

  • 1991, c. 45, s. 273;
  • 2005, c. 54, s. 421.
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274. [Repealed, 2005, c. 54, s. 421]

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Insider Trading

Meaning of “insider”

  • 275. (1) In this section, “insider” means with respect to a distributing company

    • (a) a director or officer of the company;

    • (b) a director or officer of a subsidiary of the company;

    • (c) a director or officer of a body corporate that enters into a business combination with the company; or

    • (d) a person employed or retained by the company.

  • Marginal note:Prohibition — short sale

    (2) No insider may knowingly sell, directly or indirectly, a security of a distributing company or of any of the distributing company’s affiliates if the insider does not own or has not fully paid for the security.

  • Marginal note:Exception

    (3) Despite subsection (2), an insider may sell a security that they do not own if they own another security that is convertible into the security that was sold or they own an option or right to acquire the security that was sold, and if within 10 days after the sale they

    • (a) exercise the conversion privilege, option or right and deliver the security so acquired to the purchaser; or

    • (b) transfer the convertible security, option or right to the purchaser.

  • Marginal note:Prohibition — calls and puts

    (4) No insider may knowingly, directly or indirectly, buy or sell a call or put in respect of a security of a company or of any of the company’s affiliates.

  • 1991, c. 45, s. 275;
  • 2005, c. 54, s. 422.
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