https://www.sedi.ca/sedi/new_help/english/public/pdf_en/csa_20100611_55-316_qa-sedi_eng.pdf

Under securities legislation, it is an offence to fail to file an insider report in accordance with the requirements and filing

deadlines prescribed by NI 55-104 or to submit information in an insider report that, in a material respect and at the time and in

the light of the circumstance in which it is submitted, is misleading or untrue. Failure to file an insider report in a timely manner or

the filing of an insider report that contains information that is materially misleading may result in one or more of the following:

in some jurisdictions, a late filing fee;

•

the reporting insider being identified as a late filer on a public database of late filers maintained by certain securities

regulators;

the issuance of a cease trade order that prohibits the reporting insider from directly or indirectly trading in or acquiring

securities or related financial instruments of the applicable reporting issuer or any reporting issuer until the failure to file

is corrected or a specific period of time has elapsed; or

in appropriate circumstances, enforcement proceedings.

Securities regulators may also consider information relating to wilful, or repeated, non-compliance by directors and executive

officers of a reporting issuer with their insider reporting obligations in the context of a prospectus review or continuous disclosure

review. This is because this information may raise questions relating to the integrity of the insiders and the adequacy of the

issuer’s policies and procedures relating to insider reporting and insider trading.

For details on late filing fees, and other consequences for late filing, please refer to the factsheet on Late Filing available from

the SEDI online help or on the website of the securities regulatory authorities that publish information on SEDI. Also, see Part 10

of Companion Policy 55-104CP.