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ARTICLE · 08 APRIL 2016

WeirFoulds Securities Law Quarterly: March 31, 2016

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On February 29, 2016, the CSA published final amendments to the early warning system which, upon receiving all Ministerial approvals, will come into force on May 9, 2016.

CanadaCorporate/Commercial Law
Michael Dolphin
Michael Dolphin
Zachary Goldenberg
Zachary Goldenberg
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CHANGES TO THE EARLY WARNING SYSTEM EFFECTIVE MAY 9, 2016

On February 29, 2016, the CSA published final amendments to the early warning system which, upon receiving all Ministerial approvals, will come into force on May 9, 2016. The amendments are designed to provide greater transparency regarding the holdings of reporting issuers' securities and to enhance the quality and integrity of the early warning reporting system. The following is a summary of changes to the early warning system.

Decreases in Ownership

Disclosure will now be required of decreases in ownership of 2% or more for securityholders subject to reporting, as well as disclosure when a securityholder's ownership falls below the early warning reporting threshold of 10%. Currently only increases in positions of 2% or more or a material change to a previously reported fact are subject to reporting.

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