CA-Listed Companies
Regulator: SEDI.
Insider reporting in Canada
Who counts as a reporting insider
Canada has no federal securities regulator. Insider reporting is governed by National Instrument 55-104, a rule shared by the provincial and territorial members of the Canadian Securities Administrators (CSA); Ontario keeps the core obligation in its own Securities Act and uses the instrument for the deadline. Since June 2003, every insider report has been filed electronically on SEDI, the System for Electronic Disclosure by Insiders.
The duty falls on "reporting insiders": the CEO, CFO and COO, directors, the head of a principal business unit, division or function, and significant shareholders, defined as holders of more than 10 percent of the voting rights. Executives and directors of a significant shareholder or of a major subsidiary are caught as well.
Ten days to enter, five days per change
A new reporting insider files an initial report within 10 days. After that, any change in holdings, including the exercise of an option or a change in a related financial instrument, must be reported within five calendar days. The five-day deadline applies to transactions after 31 October 2010.
Automatic securities purchase plans and some issuer grants benefit from an exemption. The insider may report a full year of acquisitions as a single transaction dated 31 December, at an average unit price, filed by 31 March of the following year. Such a line aggregates many small purchases and is not one trade.
Early warning, a separate 10 percent track
Acquiring 10 percent or more of a class of voting or equity securities also triggers the early warning system under Part 5 of National Instrument 62-104. The acquirer issues a news release before trading opens on the next business day and files an early warning report within two business days. A new report is due for each increase or decrease of 2 percent or more. The threshold drops to 5 percent when the issuer is the target of a take-over bid. These reports are separate from SEDI insider filings.
How the SEDI feed reads here
The Canadian feed is per-trade: each card is one SEDI transaction, with the amount converted to euros and the Canadian dollar figure shown when available. Insider titles are mapped to the site's role buckets, and significant shareholders land in the major shareholder bucket. The company hub lists Canadian issuers with at least one filing in the database, ranked by number of filings. The method behind the signals is on the methodology page.