TORONTO (Reuters) - Securities commissions said on Friday that the Toronto Stock Exchange and the junior TSX Venture Exchange must begin issuing daily summaries of stock trading by company insiders, but a start date has not been set.
Regulators are leaving the timing up to TSX Group Inc.
The TSX is working on how it will disclose the information, spokesman Steve Kee said, but he could not say when it will be available.
The summaries will not name company insiders, said Wendy Dey, a spokeswoman for the Ontario Securities Commission.
"It will list the total number of shares bought and sold by insiders according to the issuer," she said.
Investors can now search for information on the System for Electronic Disclosure by Insiders Web site, but insiders can file reports up to 10 days after the actual trades occur.
"With public access to an end-of-day summary of insider trades, retail investors will have better access to trading information that they may consider material, providing further transparency of the Canadian capital markets," the Ontario, Alberta and British Columbia provincial securities commissions said in a news release.
More timely disclosure of insider trading was recommended by a 2003 regulatory task force.
Insiders include senior officers and directors of a reporting issuer, and shareholders that own or control more than 10 percent of an issuer's voting rights.
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