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Message: flawed re: marker/error
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Aug 01, 2014 02:11PM
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Aug 02, 2014 03:47AM

Aug 02, 2014 03:48AM

Aug 02, 2014 06:53AM
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Aug 02, 2014 06:54AM
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Aug 02, 2014 07:49AM

Aug 02, 2014 08:40AM
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Aug 02, 2014 10:26AM
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Aug 02, 2014 02:46PM
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Aug 02, 2014 04:12PM

from what I've been able to determine...

a few calls to TSX, SEDI, and IIROC, and in summary: the system is flawed.

this is a really grey area.

  • a Company is under no obligation to make notice of a trade error;
  • the Brokers are required to mark transactions involving "true" insiders and threshold filers as an "insider" as per IIROC;
  • IIROC also makes them submit an administrative correction form afterwards to adjust a trade if it is either cancelled or not actually a true insider but a threshold filer post-trade;
  • IIROC does not make the correction form transparent to the public; and
  • many times it is not ever filed with SEDI/SEDAR, as the insider transaction never really happened (as it was mismarked).

this PDF might be of help in trying to follow things (IIROC Notice 8-50: UMIR Rules/Guidance).

about the only thing I can think of is to badger your MPP (or, when the new national regulator is put in place, your MP) to get this sort of nonsense fixed.

an onslaught of complaints to OSC [be professional!] might help too.

especially if Market Surveillance decides the repeated instances of brokers' markers being tagged in error are on purpose (ie, to assist downward pressure in support of accumulation).

but like tipping, that would be kind of hard (read: impossible?) to actually prove.

GLTA,

R.

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Aug 02, 2014 06:51PM
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