TD Bank is the latest big bank to get some regulatory relief for its numerous vice presidents. CIBC received similar relief in April.

The Ontario Securities Commission has granted relief from the insider reporting requirements to certain vice presidents of TD, subject to certain conditions.

TD estimates that approximately 753 individuals are defined as “insiders” of TD by being a senior officer or director of TD or a subsidiary of TD. In TD’s current organizational structure approximately 94 officers hold the office of senior vice president and above. As of May 6, approximately 659 TD employees held the title of VP or its equivalent. Of TD’s 659 VPs, approximately 573 satisfy the exempt VP criteria. The remaining 86 VPs will still have to make insider reports.

Exempt VPs are those who are not in charge of a principal business unit, division or function of TD or a “major subsidiary” of TD; they do not ordinarily have access to information regarding material facts or material changes; and, they are not an insider of TD in any capacity other than as a vice president. TD’s compliance department will review and update TD’s Exempt VP analysis annually.

The regulators granted the relief on the condition that TD provides them with a list of all individuals who are relying on the exemption.