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ARTICLE · 14 APRIL 2016

Amendments Require Additional Disclosure Under Canada's Early Warning Regime

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The Canadian Securities Administrators ("CSA") have announced final amendments (the "Amendments") to the early warning system designed to provide greater transparency...

CanadaCorporate/Commercial Law
Aird & Berlis LLP
Aird & Berlis LLP
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The Canadian Securities Administrators ("CSA") have announced final amendments (the "Amendments") to the early warning system designed to provide greater transparency about the securities holdings of Canadian reporting issuers.

The Current Early Warning System

The current early warning system is designed to disseminate information to market participants once certain security holders obtain ownership, control or direction over 10% of a certain class of voting or equity securities of a Canadian reporting issuer, and each subsequent 2% increase thereafter.

The Approved Amendments

Effective as of May 9, 2016,1 the Amendments will alter Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids; National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues; and National Policy 62-203 Take-Over Bids and Issuer Bids.

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