Ont. securities regulator finds deficiencies in insider reporting

TORONTO -- Ontario's securities regulator says 70 per cent of the publicly traded companies it examined last year had deficiencies in their insider reporting.

See Full Article

People who are considered insiders of a publicly traded company must file reports disclosing information about transactions involving the company's securities.

One of the aims of the legislation is to deter insider trading, which occurs when company insiders profit from having information material to a company that others don't have access to.

The Ontario Securities Commission examined insider reports from 100 publicly traded companies and 1,500 insiders to assess whether they complied with securities regulations.

The commission's review, which was conducted between June and September 2015, resulted in roughly 200 insiders filing new reports to address deficiencies and 150 insiders filing correctional reports.

The review included records that were filed between January 2014 and September 2015.

Huston Loke, the commission's director of corporate finance, says companies should use the findings to strengthen their compliance with insider reporting obligations.



Advertisements

Latest Economic News

  • Brent oil price hits 2-year high as OPEC and Turkey talk down supply

    Economic CBC News
    The price of the European benchmark oil blend rose to its highest level since the summer of 2015, amid signs that the worldwide glut of supply may start to dissipate. Brent crude oil briefly went as high as US $59.49 a barrel after Turkish President Tayyip Erdogan threatened to cut off a pipeline that takes 600,000 barrels per day of oil from Iraq through Kurdish territory into a Turkish port. Source
  • Toronto real estate board raises concerns about possible vacancy tax

    Economic CTV News
    TORONTO - The Toronto Real Estate Board is urging the city to exercise caution regarding a possible vacant home tax. The board says it's worried there is not enough data or evidence to support the idea that a vacancy tax would increase the supply of rental housing. Source
  • Equifax CEO suddenly retires as data breach fallout continues

    Economic CBC News
    Equifax CEO Richard Smith is retiring less than three weeks after the company admitted to a cybersecurity breach that had exposed the personal information of 143 million Americans. The Atlanta-based company's board made the announcement before markets opened on Tuesday that the 57-year-old Smith is retiring from both positions after 12 years leading the company. Source
  • Equifax CEO suddenly ousted as data breach fallout continues

    Economic CBC News
    Equifax CEO Richard Smith is retiring less than three weeks after the company admitted to a cybersecurity breach that had exposed the personal information of 143 million Americans. The Atlanta-based company's board made the announcement before markets opened on Tuesday that the 57-year-old Smith is retiring from both positions after 12 years leading the company. Source
  • Equifax CEO suddenly out as data breach fallout continues

    Economic CBC News
    Equifax CEO Richard Smith is retiring less than three weeks after the company admitted to a cybersecurity breach that had exposed the personal information of 143 million Americans. The Atlanta-based company's board made the announcement before markets opened on Tuesday that the 57-year-old Smith is retiring from both positions after 12 years leading the company. Source
  • Bombardier faces prospect of bad news for its aerospace and railway businesses

    Economic CTV News
    MONTREAL -- Bombardier seems headed towards a double barrel of bad news Tuesday with the potential to affect its commercial aircraft and railway businesses. The first hit is coming from Europe, where multiple media reports say the French government has approved the merger of Alstom with German railway manufacturer Siemens. Source
  • Equifax dumps CEO in wake of damaging data breach

    Economic CTV News
    NEW YORK -- Credit reporting agency Equifax is ousting CEO Richard Smith in an effort to clean up the mess left by a damaging data breach that exposed highly sensitive information about 143 million Americans. Source
  • Sold! 'Tennis ball-sized' diamond fetches $66M at auction

    Economic CTV News
    A tennis ball-sized rough diamond, said to be the second largest gem-quality example ever found, fetched nearly $66 million (US$53 million) for a Vancouver-based diamond producer on Monday. Lucara Diamond Corp. unearthed the 1,109 carat Lesedi La Rona stone at its Karowe mine in Botswana nearly two years ago. Source
  • Ivanka Trump's business ties shrouded in secrecy in China

    Economic CTV News
    SHANGHAI -- It is no secret that the bulk of Ivanka Trump's merchandise comes from China. But just which Chinese companies manufacture and export her handbags, shoes and clothes is more secret than ever, an Associated Press investigation has found. Source
  • Reports say ride-sharing service Uber could stop operations in Quebec, possibly today

    Economic CTV News
    MONTREAL -- Published reports say ride-hailing company Uber could be about to cease operations in Quebec. Reports in Montreal La Presse and the Journal de Montreal say the company could make an announcement as early as today because of new rules governing the service announced last Friday. Source