Insider trading by shareholders of a public corporation is monitored with respect to directors, officers, and large shareholders, and improper trading can be determined from their required filings with provincial securities regulators. Trading based on inside information by shareholders that are not required to file their share trades is much more difficult to detect, particularly if the trader is not closely associated with the corporation or senior management. Nevertheless, share trading based upon insider information is a violation of securities legislation, regardless of the shareholders' connection with the corporation.
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(Note:
Book: Fundamentals of Canadian Business Law, Second Edition Paperback by John A Willes, John H Willes
https://onedrive.live.com/redir?resid=C84C89BD7A524270!7930&authkey=!AKBgKScNc945F1M&ithint=file%2cpdf )
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