Automatic Trading Plans

Summary

This practice note discusses automatic trading plans and the insider exemptions available in connection with automatic trading plans. It covers automatic securities disposition plans ("ASDPs") and automatic securities purchase plans ("ASPPs"), as well as the use of ASPPs in normal course issuer bids ("NCIBs"). It covers guidance issued by the Ontario Securities Commission ("OSC") and Canadian Securities Administrators ("CSA") on the use of automatic trading plans, as well as some key jurisdictional differences across Canada. It also covers key considerations companies should be aware of when implementing automatic trading plans.