RE: Insiders report.....Actually, the following 10 day rule applies according to this section which puts it in a different light altogether.
This appears to be the true rule unless there is something somewhere else. It does make quite a difference. It appears to me though that most insiders do submit much sooner.
A. Requirement to File Reports
A person is required to send a report to the Director under the CBCA within 10 days after the end of the month in which he or she becomes an insider of a distributing corporation. Additional insider reports are required within 10 days following the end of the month in which there is any change in the person’s interest in the securities of a distributing corporation.
A person who, without reasonable cause, fails to file an insider trading report is subject to a maximum fine of $5,000 and/or to imprisonment for a term of up to six months (section 127).