Ontario regulators have granted relief from insider reporting requirements to the directors and senior officers of the Canada Pension Plan Investment Board (CCPIB).

The CCPIB provides investment management services to the Canada Pension Plan that are comparable to the services provided by “investment managers” under securities rules. However, the board is not considered an investment manager because it is not, and is not required to be, registered as an “adviser” under the legislation.

Therefore, the CPPIB is not considered an “eligible institutional investor”, and its senior employees and directors are not eligible for exemptions from insider reporting requirements.

The Ontario Securities Commission has ruled that every director or senior officer of the CCPIB who is an insider of a reporting issuer solely as a result of being a director or senior officer of the CPPIB is exempt from the insider reporting requirements, provided that it continues to comply with the applicable reporting and filing requirements as if it is an “eligible institutional investor”.