OSC provides update on guidance on automatic securities disposition plans and automatic securities purchase plans
For Immediate Release OSC
TORONTO – The Ontario Securities Commission (OSC) is providing an update on local guidance on automatic securities disposition plans (ASDPs) and automatic securities purchase plans.
The Canadian Securities Administrators (CSA) today published CSA Staff Notice 55-317 Automatic Securities Disposition Plans (SN 55-317), which provides guidance for issuers and insiders on the establishment and use of automatic securities disposition plans. The guidance in SN 55-317 supersedes the guidance with respect to ASDPs set out in OSC Staff Notice 55-701 – Automatic Securities Disposition Plans and Automatic Securities Purchase Plans (OSC SN 55-701).
OSC SN 55-701 will continue to be relevant for issuers and insiders that establish automatic securities purchase plans under Ontario securities law.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair and efficient capital markets and confidence in the capital markets, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.gov.on.ca.