The British Columbia Securities Commission case involving the Bennett brothers and Herb Doman of Doman Industries finally came to a conclusion this month. It started in 1988. The threat of a prison sentence can do that to you. Most drivers do not drive drunk, even though the odds of getting caught are minuscule, because the penalties are so stiff. The OSC, which is effectively the national regulator, can no longer cry broke and is in a position to use its ample financial resources to go after the worst offenders.
Companies can do their part too.
In general, they could take a more liberal view of what constitutes material information and err on the side of caution. More importantly, companies and regulators should agree on a system that reports the trading activity of management immediately. The current system is ridiculous. Insiders have to report trades within 10 days of the end of the month in which the trade was made. The report comes out a few weeks after that.