The plethora of choices in the world of exchange-traded funds is both a curse and a blessing.
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On March 14, 2013, the Canadian Securities Administrators ('CSA') published for comment proposed National Instrument 62-105 Security Holder Rights Plans (the 'Proposed Instrument') and its related Companion Policy. In a somewhat controversial move from the status quo, the CSA have proposed moving closer to Delaware's more director centric position on target board control over shareholder rights plans ('Rights Plans'), more commonly known as 'poison pills'.
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Under Canada's early warning reporting (EWR) system, investors holding 10% or more of a public company's voting securities must publicly report their ownership levels, the purpose of the transaction and any future intention to accumulate more securities. Eligible institutional investors can report more slowly than EWR filers and provide less information by making use of the alternative monthly reporting system (AMR).
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The Canadian Securities Administrators (CSA) today published for comment proposed National Instrument 62-105 Security Holder Rights Plans, which would establish a comprehensive regulatory framework for the treatment of rights plans in Canada that would provide a target company's board and shareholders with greater discretion in the use of such plans.
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The Canadian Securities Administrators have published a request for comments on a proposal to change the way that Shareholder Rights Plans are regulated (the 'Proposed Rule'). The Proposed Rule will shift the balance of power in a hostile bid in a meaningful way from the hostile bidder to the target company Board, while still leaving the ultimate decision as to whether or not the target company should be sold to its owners, the shareholders.
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Canada's securities regulators are tabling proposals Thursday that will loosen restrictions on companies that currently limit their use of takeover defences to repel unfriendly suitors.
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The Canadian Securities Administrators have published for comment a proposal that would change the threshold for early warning reporting to 5% from the current 10%.
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As we reported in our bulletins of February 1 and 14, 2013, new amendments to National Instrument 54-101 Communications with Beneficial Owners of Securities of a Reporting Issuer (NI 54-101) and to National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102) came into force on February 11, 2013, providing reporting issuers with a new notice-and-access mechanism allowing them to post proxy-related materials, annual financial statements and annual MD&A on a website instead of mailing them to registered holders and beneficial owners of securities.
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The Canadian Securities Administrators (CSA) today published for comment proposed amendments and changes to the early warning reporting regime in Canada, including to Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids, National Instrument 62-103 Early Warning System and Related Take-Over Bid and Insider Reporting Issues and National Policy 62-203 Take-Over Bids and Issuer Bids.
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Prominent short-seller David Einhorn raised eyebrows last month when he popped up on Twitter to disavow that he had tweeted about Herbalife Ltd.
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America's proxy season will pit management against owners as never before.
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