OSC Provides Guidance on Necessary Course of Business Exception to Prohibition Against Tipping

In a recent decision, Kraft Re Kraft, the Ontario Capital Markets Tribunal the Tribunal articulated clear guidance with respect to the application of the necessary course of business NCOB exception to the prohibition against selective disclosure or tipping contained in the Ontario Securities Act the OSA. This decision is significant insofar as it clarifies how rules surrounding tipping are to be interpreted and applied, and establishes a clearer framework as to how issuers and insiders should navigate their obligations with respect to material non-public information MNPI.

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