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Securities Law

NIN 95/14 - Amendments to the Insider Report Form (Form 36) [NIN - Rescinded]

Published Date: 1995-03-24
Effective Date: 1995-03-23
Section 70(2) of the Securities Act (the "Act") requires that an insider of a reporting issuer file an insider report in the required form disclosing any direct or indirect beneficial ownership of, or control or direction over, securities of the reporting issuer. The form of that disclosure is prescribed by Form 36.

Effective April 171, 1995, in accordance with section 158 of the Act, the amended Form 36, attached to this nNotice, is specified as the required form of information statement insider report for the purposes of section 70(2) and (4) of the Act and section 130 of the Regulation.


In December 1993, the Canadian Securities Administrators began to consider amending the insider report. Comments on the proposed amendments were incorporated from a variety of sources. The amendments are part of the Commissions efforts to make it easier for insiders to fulfill their reporting obligations under the legislation.


The most significant key amendments to the Formchanges implemented by this amendment are to provide, in Box 5(E), a place for insiders to report include the requirement that control or direction be indicated in addition to direct or indirect ownership of over securities of the reporting issuer and, in Box 5(F), a place for insiders to identify the registered holder where control or direction is exercised. The amendments also improve the readability of the Form, incorporate references to other legislation, including freedom of information legislation, miscellaneous and make the Form uniform for filing under federal and provincial laws.

The CSA have agreed to implement this Form across the country effective April 17, 1995. In those jurisdictions in which the Form is part of a regulation, the securities regulatory authorities of those jurisdictions are taking whatever steps are necessary to amend the regulation. If any required amendments are not made before April 17, 1995, the securities regulatory authorities in those jurisdictions have agreed to accept the filing of the Form attached to this Notice as satisfying the filing requirements of the securities legislation.

To assist insiders and their professional advisers to complete Form 36, an example of how to complete the Form is attached that shows how balances are to be carried forward from month to month. The Commission is also mailing the Form, this Interpretation Note and NIN#95/15 to exchange issuers, brokers, investment dealers, mutual fund dealers, securities dealers and securities lawyers and accountants. The Form may also be obtained from the Commissions 11th floor receptionist.

DATED at Vancouver, British Columbia, on March 23, 1995.

Dean E. Holley
Superintendent of Brokers

REF: NIN#95/15

Attachments (3)

(see hard copy for attachments)