RE: RE: Buyback has not started yetThanks for your response, I think I found the info I was looking. It looks like they have untik the 10th of June to report.
1. What are insider trading reports and who are insiders?
Securities regulations in Canada generally require corporate insiders of publicly listed companies to report all their buys and sells of company securities within 5 days of a transaction.
Insider reports are filed into the national System of Electronic Disclosure by Insiders (SEDI) and reported by INK on this web site. The definition of an "insider" includes CEO's, CFO's, and others as outlined in National Instrument 55-104 and its companion policy (55-104CP). An important concept in Canadian reporting rules is that all corporate insiders must file insider reports. Generally speaking, that means anyone who has both access to material information about the company and power over the firm's operating or financial direction. The requirement can extend to management firms and others that are employed on contractual basis to provide significant operational services to a firm. People who own 10% or more of company securities are usually also included as insiders.
However, investors should be aware that there are a number of exceptions to the 5 day reporting rule. In particular, companies engaging in buy-backs have until the 10th day of the following month to report their public-market transactions. Some employee stock plan purchases can be exempted from the 10 day rule. There are also important exemptions available for certain 10% holders such as mutual funds.
This discussion is not meant to be an exhaustive or legal summary of insider reporting in Canada. For more information on the definition of insiders and insider reporting obligations as well as links to National Instrument 55-104 and its companion policy, please refer to the package provided by the Alberta Securities Commission on insider reporting and exemptions. Those looking for detailed information with respect to insider reporting as governed by Ontario, please consult information available on the Ontario Securities Commission web site.