135(1)Unless exempted under the regulations, a person who becomes an insider of a reporting issuer, other than a mutual fund, shall, within the period prescribed by regulation, file a report prepared in accordance with the regulations disclosing, as of the day on which the person became an insider, any direct or indirect beneficial ownership of or control or direction over securities of the reporting issuer.

135(2)An insider who has filed or is required to file a report under this section and whose direct or indirect beneficial ownership of or control or direction over securities of the reporting issuer changes from that shown or required to be shown in the report or in the latest report filed by the person under this section shall, within the period prescribed by regulation, file a report prepared in accordance with the regulations that indicates the direct or indirect beneficial ownership of or control or direction over securities of the reporting issuer as of the day on which the change took place and that indicates the change or changes that occurred.

135(3)A person who becomes an insider of a reporting issuer by reason of subsection 1(8) or (9) shall, within the period prescribed by regulation, file the reports required by subsections (1) and (2) for the previous 6 months or such shorter period that he or she was a director or officer of the reporting issuer.

135(4)For the purpose of reporting under this section, ownership shall be deemed to pass at such time as an offer to sell is accepted by the purchaser or the purchaser’s agent or an offer to buy is accepted by the vendor or the vendor’s agent.