On April 30, 2010, National Instrument 55-104 Insider Reporting Requirements and Exemptions (download document) and a related companion policy published by the Canadian Securities Administrators (the "CSA") came into effect.

These documents establish a new national regime on insider reporting obligations and exemptions aimed at harmonizing and streamlining how insiders report their securities transactions to the public.

The changes to the insider reporting regime are particularly significant because the Ontario Securities Commission conducts insider reporting reviews, and the Criminal Code was amended in 2004 to make improper insider trading and tipping criminal offences.