Ontario Securities Commission
Ontario Commission des 22^nd^ Floor 22e étage
Securities valeurs mobilières 20 Queen Street West 20, rue queen ouest
Commission de l’Ontario Toronto ON M5H 3S8 Toronto ON M5H 3S8
April 25, 2022
In the Matter of
the Securities Legislation of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Québec, New Brunswick, Nova Scotia and Newfoundland and Labrador (the Jurisdictions)
and
In the Matter of
the Revocation of Exemptive Relief Granted in Multiple Jurisdictions
and
In the Matter of
Kinross Gold Corporation (the Issuer)
Decision
Interpretation
Terms defined in National Instrument 14-101 Definitions have the same meaning if used in this decision, unless otherwise defined.
Background
On September 14, 2009, the local securities regulator or regulatory authority in each of the Jurisdictions (the Decision Makers) granted exemptive relief, subject to certain conditions, from insider reporting requirements contained in the securities legislation of the Jurisdictions (the Legislation) with respect to the sale of common shares of the Issuer by certain insiders of the Issuer under an automatic securities disposition plan (the Relief).
On December 10, 2020, Canadian Securities Administrators (CSA) members published CSA Staff Notice 55-317 Automatic Securities Disposition Plans (CSA SN 55-317) that provides guidance on the use of Automatic Securities Disposition Plans (ASDPs). The processes outlined in the guidance were intended to be consistent with good corporate governance and transparency in connection with the establishment and use of ASDPs and the reporting of trades under the plans. The news release announcing the publication of CSA SN 55-317 states that, in the interest of promoting transparency of trading by insiders, staff of the CSA are unlikely to recommend insider reporting relief for trades under ASDPs.
The Jurisdictions have determined that the Relief is inconsistent with the principles articulated in CSA SN 55-317 and that the Relief should be revoked.
The Decision Makers are satisfied, having considered the potential impact of ASDPs on public confidence in the fairness of our capital markets, that it is appropriate to revoke the Relief.
Decision
Under National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions (for passport applications):
(a) the Ontario Securities Commission is the principal regulator for the Relief; and
(b) this decision is the decision of the principal regulator and evidences the decision of each other Decision Maker.
Each of the Decision Makers, considering that to do so would not be prejudicial to the public interest, is satisfied that the decision meets the test set out in the Legislation for the Decision Makers to make the decision.
The decision of the Decision Makers under the Legislation is to revoke the Relief.
“Tim Moseley” “Frances Kordyback”
Vice-Chair Commissioner
Ontario Securities Commission Ontario Securities Commission
OSC File#: 2022/0183