The CPP Investment Board has been exempted from early warning and insider reporting requirements provided that it complies with reporting and filing requirements as if it were an “eligible institutional investor”.

Canadian securities regulators have concluded that the CPP Investment Board be exempt from the Early Warning Requirements, the Moratorium Requirements and the Insider Reporting Requirements provided that it complies with the applicable reporting and filing requirements and other applicable conditions as if it is an eligible institutional investor.

In the application, the CSA note that the CPP Investment Board provides investment management services to the CPP which are comparable to the services provided by “investment managers”. But it is not an investment manager because it is not, and is not required to be, registered as an “adviser” under the legislation. Therefore, the CPP Investment Board is not an “eligible institutional investor” under current rules.

The CPP Investment Board currently manages approximately $14.6 billion, mostly invested in index funds, and expects to manage in excess of $130 billion in assets by 2012. It follows regulations which establish limitations on its investments, including a prohibition on any investment giving it more than 30% control of a firm.

A panel of the Ontario Securities Commission made the finding as the principal regulator for the application.