Staff examined the filings of approximately 1,500 reporting insiders on the System for Electronic Disclosure by Insiders (SEDI) to assess compliance with National Instrument 55-104 Insider Reporting Requirements and Exemptions and related securities legislation. Overall, the review found that the compliance rate for insider reporting can be substantially improved, and that this improvement needs to happen across all reporting issuers. Staff found material insider reporting deficiencies in approximately 70% of the issuers reviewed, with approximately 200 reporting insiders filing new insider reports to address material deficiencies and 150 reporting insiders filing correctional reports.

Staff have included checklists in the notice (Appendix B and C) which highlight key points that reporting insiders and issuers should consider in complying with insider reporting requirements. 

Review the OSC Staff Notice 51-726 Report on Staff’s Review of Insider Reporting and User Guides for Insiders and Issuers on the OSC's Web site.