The Canadian Securities Administrators are implementing amendments to the national instrument dealing with insider reporting exemptions.

The rule provides exemptions from the obligation to file insider reports under Canadian securities legislation where the policy reasons for insider reporting do not apply. The CSA adopted this rule in 2001 to make certain routine exemptions from the insider reporting requirement available automatically. It was amended in 2005 to add some additional routine exemptions, and it proposed additional amendments in October 2006. The latest amendments aim to clarify some provisions of the rule, and to streamline its requirements.

The proposed amendments were published for comment in October 2006. During the comment period, the CSA received submissions from eight commenters. “After considering the comments, we have made changes to the proposed amendments that we published for comment. However, as these changes are not material, we are not republishing [the rule] for a further comment period,” it said.

The changes include a couple of altered definitions, and revised guidance relating to recommended record-keeping practices, among other minor changes.

The amendments have been made, or are expected to be made, by each member of the CSA other than Prince Edward Island, Newfoundland and Labrador, Yukon, Northwest Territories and Nunavut. Provided all necessary ministerial approvals are obtained, the amendments will come into force on September 10.

In Ontario, the required materials were delivered to the Minister of Government Services on June 7. The minister may approve or reject the amendments or return them for further consideration.

In Quebec, the proposed instrument is a regulation, and it must be approved, with or without amendment, by the Minister of Finance. The proposed instrument will come into force on the date of its publication in the Gazette officielle du Québec or on any later date specified in the regulation.