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51-201 Disclosure Standards [NP]

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51-201 [NP] May 31, 2013
Published: 2013-05-31
Effective: 2013-05-31

Concurrently Published

Document
25-101 25-101 Consequential Amendments to Registration, Prospectus and Continuous Disclosure Rules Related to National Instrument 25-101 Designated Rating Organizations [Consequential Amendment - Lapsed]

Table of Contents

 

PART I - INTRODUCTION

1.1 Purpose

 

PART II - TIMELY DISCLOSURE

2.1 Timely Disclosure

2.2 Confidentiality

2.3 Maintaining Confidentiality

 

PART III - OVERVIEW OF THE STATUTORY PROHIBITIONS AGAINST
SELECTIVE DISCLOSURE

3.1 Tipping and Insider Trading

3.2 Persons Subject to Tipping Provisions

3.3 Necessary Course of Business

3.4 Necessary Course of Business Disclosures and Confidentiality

3.5 Generally Disclosed

3.6 Unintentional Disclosure

3.7 Administrative Proceedings

 

PART IV - MATERIALITY

4.1 Materiality Standard

4.2 Materiality Determinations

4.3 Examples of Potentially Material Information

4.4 External Political, Economic and Social Developments

4.5 Exchange Policies

 

PART V - RISKS ASSOCIATED WITH CERTAIN DISCLOSURES

5.1 Private Briefings with Analysts, Institutional Investors and other Market Professionals

5.2 Analyst Reports

5.3 Confidentiality Agreements with Analysts

5.4 Analysts as “Tippees”

5.5 Selective Disclosure Violations Can Occur in a Variety of Settings


PART VI - BEST DISCLOSURE PRACTICES

6.1 General

6.2   Establishing a Corporate Disclosure Policy

6.3   Overseeing and Coordinating Disclosure

6.4 Board and Audit Committee Review of Certain Disclosure

6.5   Authorizing Company Spokespersons

6.6 Recommended Disclosure Model

6.7   Analyst Conference Calls and Industry Conferences

6.8   Analyst Reports

6.9 Quiet Periods

6.10 Insider Trading Policies and Blackout Periods

6.11 Electronic Communications

6.12 Chat Rooms, Bulletin Boards and e-mails

6.13 Handling Rumours