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ARTICLE · 19 MARCH 2013

CSA Proposes National Instrument 62-105: Security Holder Rights Plans

Dentons Canada LLP
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The Canadian Securities Administrators have published for comment the proposed National Instrument 62-105 "Security Holder Rights Plans".

CanadaCorporate/Commercial Law
Aleksandra Doerffer
Aleksandra Doerffer
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The Canadian Securities Administrators (CSA) published for comment proposed National Instrument 62-105 Security Holder Rights Plans, with the intention of establishing a comprehensive regulatory framework in respect of rights plans in Canada.

The proposed Instrument would provide a target company's board and shareholders with greater discretion in the use of rights plans.

According to Bill Rice, Chair of the CSA and CEO of the Alberta Securities Commission, "the CSA believe that the proposed rule will modernize, harmonize and codify an appropriate regulatory approach to rights plans in Canada....barring exceptional circumstances, the decision to adopt and maintain a rights plan would be a matter for company boards and shareholders, not securities regulators."

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