You’re responsible for knowing the securities rules that apply to you.
In order to understand if you’re a reporting insider, it’s important to understand the meaning of a “reporting issuer.”
Reporting Issuer
The definition for a “reporting issuer” varies in jurisdictions across Canada, but is generally considered any individual or company that has:
- outstanding securities, or;
- issued securities, or;
- filed a prospectus with the securities regulator in that jurisdiction and obtained a "receipt" for that prospectus
Reporting Insider
A “reporting insider” is a person or company who is:
- the CEO, CFO, COO or a director of the reporting issuer, a significant shareholder of the reporting issuer or a major subsidiary of the reporting issuer;
- a person or company that is responsible for a principal business unit or function of the reporting issuer;
- a person or company that performs functions similar to those described above;
- a person or company that has beneficial ownership of, or control or direction over, whether direct or indirect, or any combination of beneficial ownership and control or direction, of more than 10% of the voting rights in an issuer’s securities; and
- any other insider who has both access to undisclosed material information and can exercise “significant power or influence” over the business, operations, capital or development of the reporting issuer.
Significant Shareholder
A “significant shareholder” is a person who holds separately, or in combination with any other persons, more than 10% of the outstanding voting securities of an issuer.
