Canadian Securities Regulators Abandon Certain Key Amendments To Early Warning System

Further to our March 2013 bulletin, we are reporting an update on the 2013 Proposals of the Canadian Securities Administrators (the "CSA") to amend the reporting threshold, triggers and related disclosure requirements under the "early warning system". These proposals would have, among other things, lowered the early warning threshold and required the inclusion of certain derivatives in the reporting calculation.

On October 10, 2014, the CSA announced¹ that they are abandoning the following two key amendments:

• Reducing the reporting threshold from 10% to 5%; and
• Including "equity equivalent derivatives" for the purposes of determining the threshold for early warning reporting disclosure.²