TORONTO, April 9 /CNW/ - The Canadian Securities Administrators (CSA) today published for comment proposed amendments to National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer, the related companion policy, and related instruments.
The proposed amendments aim to improve procedures for issuer communications with investors who hold securities through intermediaries such as dealers, trust companies or banks.
The key aspects of the proposed amendments include:
- The introduction of the "notice-and-access" process, in which
reporting issuers have the option of sending investors a notice
informing them that the information circular and other proxy-related
materials are available on the Internet instead of sending the
information circular by mail.
- Enhanced disclosure regarding the beneficial owner voting process.
- Simplification of the beneficial owner proxy-appointment process.
"The proposed amendments are intended to improve how issuers communicate with these investors," said Jean St-Gelais, Chair of the CSA and President & Chief Executive Officer of the Autorité des marchés financiers (Québec). "The proposals would modernize the communications options for issuers and enable investors to receive certain materials electronically."
Copies of the proposed rule amendments and additional background information are available on the websites of CSA members. The comment period is open until August 31, 2010.
The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
SOURCE Canadian Securities Administrators
For further information: For further information: Theresa Ebden, Ontario Securities Commission, (416) 593-8307; Sylvain Théberge, Autorité des marchés financiers, (514) 940-2176; Mark Dickey, Alberta Securities Commission, (403) 297-4481; Brenda Lea Brown, British Columbia Securities Commission, (604) 899-6554; Ainsley Cunningham, Manitoba Securities Commission, (204) 945-4733; Wendy Connors-Beckett, New Brunswick Securities Commission, (506) 643-7745; Natalie MacLellan, Nova Scotia Securities Commission, (902) 424-8586; Barbara Shourounis, Saskatchewan Financial Services Commission, (306) 787-5842; Janice Callbeck, PEI Securities Office, Office of the Attorney General, (902) 368-6288; Doug Connolly, Financial Services Regulation Div., Newfoundland and Labrador, (709) 729-2594; Fred Pretorius, Yukon Securities Registry, (867) 667-5225; Louis Arki, Nunavut Securities Office, (867) 975-6587; Donn MacDougall, Northwest Territories Securities Office, (867) 920-8984