Changes To The Canadian Early Warning Reporting System Adopted By Securities Regulators

On March 13, 2013, the Canadian Securities Administrators (CSA) published for comment proposed changes to the Canadian early warning reporting system and received extensive comments from market participants and industry groups, including a comment letter from Dentons Canada LLP.

On February 25, 2016, the CSA announced final amendments (the Amendments) to key provisions forming part of the early warning reporting system, including reporting thresholds and triggers, alternative monthly reporting (AMR) eligibility, treatment of derivatives, and enhanced disclosure obligations with respect to the content of early warning reports. The CSA have stated that the Amendments are intended to "provide a greater transparency about significant holdings of reporting issuers' securities" in order to "enhance the quality and integrity of the early warning system". The Amendments are largely consistent with the update released by the CSA on October 10, 2014 (the