The Canadian Securities Administrators (the "CSA") have announced the adoption of a new national regime on insider reporting obligations and exemptions. The new regime, scheduled to come into force on April 30, 2010, is set out in National Instrument 55-104 Insider Reporting Requirements and Exemptions (the "New Instrument") and a related companion policy. The new regime is substantially similar to the proposed regime announced by the CSA on December 18, 2008.

The new regime will replace National Instrument 55-101 Insider Reporting Exemptions ("NI 55-101"), Multilateral Instrument 55-103 Insider Reporting of Certain Derivative Transactions (Equity Monetization) ("MI 55-103") and each of their related companion policies. Consequential amendments will be made to Multilateral Instrument 11-102 Passport System, National Instrument 14-101 Definitions, and National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. In Ontario, the new regime will require legislative amendment, which is anticipated to be in effect by April 30, 2010.

This perspective provides a brief summary of the significant changes made to the insider reporting rules in Canada by the new regime.