Canadian Securities Regulators Seek Comment on Early Warning Reporting

MONTREAL, March 13, 2013 /CNW Telbec/ - The Canadian Securities Administrators (CSA) today published for comment proposed amendments and changes to the early warning reporting regime in Canada, including 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.

The objective of the proposed amendments is to provide greater transparency about significant holdings of issuers' securities by:

  • proposing an early warning reporting threshold of five per cent;
  • requiring disclosure of both increases and decreases in ownership of two per cent or more of securities;
  • proposing that a person include certain equity derivative positions in determining whether the threshold has been reached; and
  • enhancing the content of the disclosure in the early warning news releases and reports required to be filed, with more specific disclosure about an acquiror's actual economic and voting interests in an issuer.

The purpose of early warning reporting is to allow the market to review and assess the potential impact of changes in the ownership of, or control or direction over, a reporting issuer's voting or equity securities.

"Disclosure to investors of any change that may influence or affect control of an issuer is essential for market transparency and investor confidence," said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. "The CSA believe that early warning disclosure requirements should recognize that accumulation of securities at the five per cent threshold is relevant and that transparency of securities ownership is needed in light of the increased use of derivatives by investors."

The proposed amendments can be found on CSA members' websites and the comment period is open until June 12, 2013.

The CSA, the council of the securities regulators of Canada's provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets

For more information:

Mark Dickey     
Alberta Securities Commission  
403-297-4481     
Carolyn Shaw-Rimmington
Ontario Securities Commission
416-593-2361
   
Sylvain Théberge    
Autorité des marchés financiers   
514-940-2176       
Richard Gilhooley
British Columbia Securities Commission
604-899-6713
   
Ainsley Cunningham    
Manitoba Securities Commission                  
204-945-4733                                                 
Wendy Connors-Beckett
New Brunswick Securities Commission
506-643-7745 
   
Tanya Wiltshire    
Nova Scotia Securities Commission              
902-424-8586                                                 
Dean Murrison 
Financial and Consumer Affairs
Authority of Saskatchewan 
306-787-5842
   
Janice Callbeck    
The Office of the Superintendent of   
Securities, P.E.I.    
902-368-6288     
Doug Connolly
Financial Services Regulation Division of
Newfoundland and Labrador
709-729-2594
   
Rhonda Horte     
Office of the Yukon Superintendent  
of Securities      
867-667-5466
Louis Arki
Nunavut Securities Office
867-975-6587
   
Donn MacDougall
Northwest Territories Securities Office
867-920-8984
 


SOURCE: Autorité des marchés financiers

For further information:

Mark Dickey
Alberta Securities Commission
403-297-4481

Carolyn Shaw-Rimmington
Ontario Securities Commission
416-593-2361

Sylvain Théberge
Autorité des marchés financiers
514-940-2176

Richard Gilhooley
British Columbia Securities Commission
604-899-6713

Ainsley Cunningham
Manitoba Securities Commission
204-945-4733

Wendy Connors-Beckett
New Brunswick Securities Commission
506-643-7745 

Tanya Wiltshire
Nova Scotia Securities Commission
902-424-8586

Dean Murrison 
Financial and Consumer Affairs
Authority of Saskatchewan 
306-787-5842

Janice Callbeck
The Office of the Superintendent of
Securities, P.E.I.
902-368-6288

Doug Connolly
Financial Services Regulation Division of
Newfoundland and Labrador
709-729-2594

Rhonda Horte
Office of the Yukon Superintendent
of Securities
867-667-5466

Louis Arki
Nunavut Securities Office
867-975-6587

Donn MacDougall
Northwest Territories Securities Office
867-920-8984


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