Royal Bank has secured extended relief from massive insider reporting requirements for its numerous vice-presidents.

RBC, along with several other Canadian banks, has won relief from the insider reporting requirements for certain vice presidents, subject to certain conditions.

With the relief, the requirement to file insider reports does not apply to certain individuals who are insiders of the bank, and in which the bank is an insider, by reason of having a “nominal vice-president title or another nominal title inferring a similar level of authority or responsibility given to employees who perform functions similar to those performed by employees with a nominal vice-president title”.

The bank is an insider of certain investment issuers, which would mean the bank’s insiders would be required to file insider reports for transactions in securities of these issuers.

At October 31, 2002, the bank was an insider in six investment issuers, namely, Chromos Molecular Systems Inc., Consolidated Envirowaste Industries Inc., Megawheels Technologies Inc., Peace Arch Entertainment Group, RBC Capital Trust, Royal Trust Real Estate Limited Partnership, Resolute Energy Inc.

At the time, there were approximately 3,600 persons who were insiders of the bank under the legislation. Approximately 2,000 are insiders who are exempt from the insider reporting requirements under previous orders granted by the regulators. Approximately 3,290 are insiders who would be exempt from the requirements with respect to the securities of investment issuers. And, approximately 195 employees of the bank and approximately 1,290 employees of its major subsidiaries have been given a “Nominal Title”.

The regulators granted the relief for those VPs that satisfy a “Nominal Officer Criteria”; and, that the bank provide a list of all individuals who are relying on the exemption, upon request