Due to the sensitive nature of insider trading information, risk of error due to the manual update process for the insider trade marker, and possible overstatements due to bundling of orders (see below), it is important to use the correction files in conjunction with the insider trade marker files. To obtain an accurate corrections amount, it is necessary to aggregate corrections reported for a specific security on a specific date from each insider trading summary correction file on or after that trading day.
Order bundling may overstate the level of insider trading initially. For instance, if a trade is bundled to include insider and non-insider orders, the entire trade will be marked as an insider trade. To remedy this overstatement bias, brokers have been instructed to report corrections related to bundling no later than 5:00 PM on the date the trade was executed. These corrections would appear in the same-day corrections files.
In all other cases, brokers are required to report corrections immediately upon becoming aware of them.
Definition of "Insider"
Rule 1.1 of the Universal Market Integrity Rules (UMIR) defines the term "insider" as a person who is an insider of an issuer for the purpose of applicable securities legislation. Applicable securities legislation generally defines an insider of an issuer as including a director, senior officer or a person who owns, controls or directs 10 per cent or more of the voting rights in an issuer's securities. For further clarification, reference must be made to the securities legislation of every jurisdiction in which the issuer is a reporting issuer or equivalent. Reference should also be made to CSA Staff Notice 55-308 - Questions on Insider Reporting.
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Insider Trade Summaries and related Insider Trade Summary Corrections are provided for information purposes only. Insider Trade Summary Corrections amend the Insider Trade Summaries to which they relate. Insider Trade Summary Corrections will be posted on this website as they are available. Insider Trade Summary Corrections may occur at any time following the applicable Insider Trade Summaries. Insider Trade Summaries information and Insider Trade Summary Corrections information is provided by third parties without verification by us, and is provided on an "as is" basis without warranties or representations of any kind. Insider Trade Summaries and Insider Trade Summary Corrections are provided with the express condition, to which everyone using these products assents, that no obligation, responsibility or liability shall be incurred by TSX Inc., its affiliated companies, or their information providers, for any loss or damage whatsoever arising from or relating to any use of or reliance on the Insider Trade Summaries or Insider Trade Summary Corrections.