CSA Extends Deadline For Comments On Regulating Proxy Advisory Firms

The Canadian Securities Administrators (the CSA) have extended the comment period to September 21, 2012 for comments from market participants on concerns raised about services provided by proxy advisory firms (such as Institutional Shareholder Services Inc. (ISS)), and their impact on Canadian capital markets and to determine if, and how, these concerns should be addressed by Canadian securities regulators.

The CSA's request for comments is contained in CSA Consultation Paper 25-401: Potential Regulation of Proxy Advisory Firms dated June 21, 2012 (the Consultation Paper). See our June 2012 Blakes Bulletin: CSA Invite Comments on Regulation Proxy Advisory Firms. The time period for comments on the Consultation Paper was extended to September 21, 2012 from August 20, 2012 in CSA Staff Notice 11-319 dated August 16, 2012.