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Brief
The Insider Reports (Cooperative Credit Associations) Regulations come into force on November 28, 2006. These regulations are made pursuant to section 263 of the Cooperative Credit Associations Act and are implemented by Her Excellency the Governor General in Council.
The regulations define an insider as someone who is subject to insider reports under any legislation set out in column 2 of the schedule. This means that individuals who fall under the scope of these regulations will be required to comply with the requirements set out in their respective provincial securities legislation.
The regulations also outline the procedure for submitting and publishing insider reports, which is identical to the procedure required by the applicable legislation. Additionally, exemptions are provided for persons who are subject to exemptions under any legislation or an order of a relevant provincial securities regulator.
The regulations cover eight provinces: Ontario, Quebec, Nova Scotia, New Brunswick, Manitoba, British Columbia, Saskatchewan, and Alberta. The schedule lists the respective legislation for each province.
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