The Ontario Securities Commission has granted relief from insider reporting requirements to vice presidents at insurance brokerage consolidator, Hub International Ltd.

Similar relief has been granted to several of the big banks, which have hundreds of VPs. Now, Hub has also received relief for certain individuals who are insiders of Hub on the grounds that they are “nominal vice presidents”. It has 177 employees who currently must report their trades under the current rules. The relief will apply to 121 of them.

Management of Hub considered the job requirements and principal functions of the insiders to determine which of them met the definition of “nominal vice president” and has compiled a list of those insiders who meet the criteria set out in an OSC staff notice.

Each of the exempted officers: is a vice-president; is not in charge of a principal business unit, division or function of Hub or a major subsidiary of Hub; does not in the ordinary course receive or have access to information regarding material facts or material changes concerning Hub before the material facts or material changes are generally disclosed; and is not an insider of Hub in any capacity other than as a vice president.

http://www.osc.gov.on.ca/en/Regulation/Orders/2003/ord_20030718_213_hubinternational.htm