CSA Adopt Incremental Amendments To Early Warning Regime - Reporting Threshold Stays At 10%

Coincident with the adoption of amendments to the take-over bid regime (see our separate Osler Update), the Canadian Securities Administrators (CSA) have adopted amendments to the "early warning" reporting regime [PDF] (the Amendments) that are expected to come into force on May 9, 2016.  These Amendments are not as extensive as the amendments originally proposed by the CSA in March 2013, which would have lowered the reporting threshold to 5% and required "equity equivalent derivatives" to be included in determining whether the reporting threshold was triggered.  While the Amendments are more incremental than fundamental, the CSA have stated that they are intended to enhance the quality and integrity of the early warning reporting regime by: