Maybe news is coming soon and this way they don't have to worry about insider trading regulations. Even if someone does leak the info it is much harder to prove they had inside information and trade more freely.

A. Civil Liability for Insider Trading

An insider who buys or sells the security of the corporation while possessing knowledge of confidential information that, if generally known, might reasonably be expected to affect materially the value of any of the securities of the corporation, is liable to compensate the person on the other side of the transaction for any damages suffered because of the transaction. As well, the insider is accountable to the corporation for any benefit or advantage received or receivable (sections 131(4) and (5) of the CBCA). In other words, a person who traded the corporation’s securities with the insider may sue the insider for losses suffered, and the corporation may sue the insider for profits the insider made, as a result of insider trading.

In this context, the definition of “insider” is very broad. It includes the corporation itself, (9) a director or officer of the corporation, (10) a shareholder who owns more than 10% of the shares of the corporation, an employee of the corporation, and a person such as the corporation’s lawyer or accountant who engages in, or proposes to engage in, any business or professional activity with, or on behalf of the corporation (as well as their employees).

If someone received confidential information while an insider, but subsequently ceased to hold his or her position in respect of the corporation (e.g., stopped being a director, officer or employee of the corporation), that person continues to be an insider as long as the information is not generally known. As well, even a completely unrelated person will become an insider of the corporation if that person receives the material confidential information (i.e., gets a “tip”) from an insider and knows, or ought reasonably to know, that the information came from an insider (11) (sections 131(1), (3) and (3.1) of the CBCA).

The definition of “security” is also very broad. It includes any financial instrument of the corporation traditionally defined as a security (e.g., a share or bond), as well as a put, call, option or other right or obligation to buy or sell a security of the corporation (12) (section 131(2)).

A court that finds that someone engaged in insider trading can assess any measure of damages it considers relevant in the circumstances. However, if the corporation’s securities are publicly traded, the court must consider how much money the plaintiff lost based on the transaction price for the securities and the average market price of the securities over the 20 trading days immediately following disclosure of the confidential information (section 131(8)).

The CBCA provides exceptions in certain circumstances. For example, if, when the insider traded the securities of the corporation, he or she reasonably believed that the confidential information had been generally disclosed, then the insider will not be liable for insider trading. Other exceptional circumstances are also set out in the CBCA and regulations. (13)