CSA Adopt Amendments To The Early Warning Regime

Concurrently with the final amendments to Canada's takeover bid rules (see our February 25, 2016 Update, Amendments to Takeover Bid Rules Alter Canada's M&A Landscape), the Canadian Securities Administrators (CSA) have announced the publication and adoption of final amendments to Canada's early warning regime (the "Amendments"). The Amendments provide for additional disclosure requirements and enhance the level of disclosure required in early warning reports.

The Amendments will come into force on May 9, 2016, except in Ontario, where they will come into force on the later of May 9, 2016, and the day on which the relevant legislation is proclaimed into force.

Background

Amendments to the early warning regime were first proposed in March of 2013 (see our March 14, 2013 Update, CSA Proposes Significant Amendments to Early Warning Regime). In October of 2014, the CSA published an update on the proposed amendments, in which they abandoned certain of the key