Independent brokerage house Rockwater Capital Corp. has joined the parade of banks and other financial firms getting relief from insider reporting requirements for its numerous vice presidents.

Rockwater has received the same relief granted to the big banks for 50 of its VPs who are considered insiders by virtue of their titles. The firm says that it has 66 people who are considered insiders, including the 50 VPs. The nominal VPs are primarily concentrated in its major operating subsidiary, the investment dealer, First Associates Investments Inc.

The firm reports that it has implemented internal policies and procedures relating to monitoring and restricting the trading activities of all of its directors and employees. Under these policies, all directors and employees with knowledge of material undisclosed information about Rockwater may not trade in its securities; and, these directors and employees may not trade during “black-out” periods.

Insider reporting relief is granted to VPs of First Associates as long as they are not in charge of a principal business unit, division or function, they don’t generally have access to non-public material information, and they are not otherwise an insider of Rockwater.

http://www.osc.gov.on.ca/en/Regulation/Orders/2003/ord_20030905_219_rockwatercapital.htm