News Releases
Canadian securities regulators provide an update on early warning reporting system project
Oct 10, 2014
The Canadian Securities Administrators (CSA) today published CSA Notice 62-307 Update on Proposed Amendments to Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids, National Instrument 62-103 Early Warning System and Related Take-Over Bid and Insider Reporting Issues and National Policy 62-203 Take-Over Bids and Issuer Bids ("CSA Notice 62-307"), which provides an update to market participants on the status of proposed amendments to the early warning reporting regime (the Draft Amendments).
Following the publication of the Draft Amendments on March 13, 2013, the CSA received over 70 comment letters from various market participants. While the commenters generally agreed with the enhanced transparency objective of the CSA proposals, a majority of commenters raised various concerns about certain of the Draft Amendments.
"Based on comments received and our further consideration, we have decided not to proceed with certain of the Draft Amendments, including the lower early warning reporting threshold of five per cent," said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. "The final amendments, while not as extensive as the 2013 CSA proposals, are intended to address certain key issues and enhance the quality and integrity of the early warning reporting regime in a manner that is appropriate for the Canadian capital markets."
Subject to receipt of necessary approvals, the CSA intend to publish the final amendments in the second quarter of 2015.
CSA Notice 62-307 is available on CSA members' websites.
The CSA, the council of the securities regulators of Canada's provinces and territories, coordinate and harmonize regulation for the Canadian capital markets.
SOURCE Canadian Securities Administrators
For further information:
Sylvain Théberge
Autorité des marchés financiers
sylvain.theberge@lautorite.qc.ca
Alison Walker
British Columbia Securities Commission
604-899-6713
Tanya Wiltshire
Nova Scotia Securities Commission
902-424-8586
Don Boyles
Office of the Superintendent of Securities
Newfoundland and Labrador
709-729-5401
Jeff Mason
Nunavut Securities Office
867-975-6591
Shannon McMillan
Financial and Consumer Affairs Authority of Saskatchewan
306-798-4160
Carolyn Shaw-Rimmington
Ontario Securities Commission
416-593-2361
Andrew Nicholson
Financial and Consumer Services Commission, New Brunswick
506-658-3021
Janice Callbeck
The Office of the Superintendent of Securities, P.E.I.
902-368-6288
Rhonda Horte
Office of the Yukon Superintendent of Securities
867-667-5466