5 - Ongoing Requirements for Issuers and Insiders

51-201 Disclosure Standards [NP - Rescinded]
Published December 21, 2007
Effective December 31, 2007
Rescinded/Lapsed May 31, 2013
View PDF of 51-201 Disclosure StandardsPDF

Concurrently Published

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