Insider Trading Regulation in Canada

2014 Fiscal Year Final Research Report

• Project/Area Number: 23530088
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Civil law
• Research Institution: University of Tsukuba
• Principal Investigator: KIMURA Makiko 筑波大学, ビジネスサイエンス系, 准教授 (40580494)
• Project Period (FY): 2011-04-28 – 2015-03-31
• Keywords: カナダ / インサイダー取引 / 規制

Outline of Final Research Achievements

This study seeks to clarify the details of Canadian insider trading regulations probably for the first time in Japan. Canada has created legal regulations on insider trading at an earlier date than the other countries. Interestingly, the purposes of Canadian insider trading regulation, which focus on public interests and market fairness, are exactly the same as Japan. However, Canada is quite unique to the extent that they make it legal for insiders to trade securities under certain conditions, which is called "legal insider trading". As for the illegal insider trading, Canada has similar regulatory framework in their securities law compared to Japan. It should be noted that the requirements for illegality such as “materiality” lack detail or specifics, which makes interpretation difficult. However, they appear to have become clear through an accumulation of judicial precedents and such mechanism bears some resemblance to American case laws.

Free Research Field

商法・証券法