The update addresses insider reporting requirements for equity-based transactions and securities, including shares and structured products tied to reporting issuers' securities, which falls squarely within the Equities category.
Mandatory inheritance: Equities as the primary tag requires Investment Services as the secondary tag, reflecting the asset-management and trading oversight dimension of insider reporting regulation.
Specialism
The update concerns proposed amendments to insider reporting requirements for transactions involving investment funds and structured products, which directly relates to market conduct and insider trading disclosure obligations.
Mandatory inheritance: Market Abuse/Market Conduct is a child of Supervision, so Supervision must be raised as the secondary tag.
2026-04-10 15:40:57·ataylor@vixio.com
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TITLE: Canadian Securities Administrators Publishes Proposed Amendment to Insider Reporting Requirements
BODY:
On April 9, 2026, the Canadian Securities Administrators (CSA) published a notice and request for comment on a proposed amendment to Part 9 of National Instrument 55-104 Insider Reporting Requirements and Exemptions.
The proposed amendment aims to clarify the insider reporting regime applicable to transactions involving investment funds and certain structured products, including structured notes, American Depositary Receipts, and Canadian Depositary Receipts, that are based on securities of the reporting insider's reporting issuer. The amendment addresses potential ambiguities in how insider reporting obligations apply to these investment vehicles and derivative instruments, ensuring consistent application of reporting requirements across Canada's capital markets.
The CSA, which coordinates and harmonizes regulation for the Canadian capital markets across Canada's provinces and territories, is seeking stakeholder feedback to refine the proposed amendment before finalisation. The 60-day comment period closes on June 8, 2026. Stakeholders are encouraged to submit comments using the method set out in the notice, which is available on CSA members' websites.
REFERENCES:
Canadian Securities Administrators. (2026, April 9). CSA publishes proposed amendment to insider reporting requirements for comment. News Release 2026/022. https://www.securities-administrators.ca