The Canadian Securities Administrators (CSA) today published CSA Notice 62-306 Update on Proposed National Instrument 62-105 Security Holder Rights Plans and the Autorité des marchés financiers (AMF) Consultation Paper An Alternative Approach to Securities Regulators' Intervention in Defensive Tactics.
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On September 11, 2014, the Canadian Securities Administrators (CSA) published CSA Notice 62-306 – Update on Proposed National Instrument 62-105 Security Holder Rights Plans (Notice) and the Autorité des marchés financiers (AMF) Consultation Paper An Alternative Approach to Securities Regulators' Intervention in Defensive Tactics. The notice indicates that the CSA intend to publish for comment a new harmonized proposal based on amendments to the takeover bid regime which will aim to facilitate the ability of shareholders to make voluntary, informed and coordinated tender decisions and provide target boards with additional time to respond to hostile bids, with the objective of rebalancing the current dynamics between hostile bidders and target boards.
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With a longer deposit period and a 50% minimum tender condition, Canadian securities regulators have agreed on a common cure for the
differing views on regulating a traditional M&A defensive tactic.
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In a much anticipated development, the Canadian Securities Administrators today provided an update on the status of their proposals to regulate take-over bids and shareholder rights plans. While not publishing any detailed amendments at this time, all CSA members have joined together to announce that they are taking a harmonized approach that will ultimately result in amendments to take-over bid rules across Canada.
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GRI North America and KPMG in Canada, GRI's Data Partner in Canada, polled participants throughout the Transparency Track to capture their perspectives on corporate transparency - why it matters, for whom it matters and how it impacts business strategy today and in the future.
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The landslide victory by Jim Prentice to become Alberta's next premier could signal a shift in the dynamics of negotiations with the provinces for a full-fledged national securities regulator.
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Canadian public companies raising capital should consider the following five questions prior to launching a prospectus offering of securities.
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The federal Department of Finance yesterday announced that the federal government, Ontario, British Columbia, Saskatchewan and New Brunswick have signed a Memorandum of Agreement setting out the terms and conditions of a Cooperative Capital Markets Regulatory System. As we discussed in July, the Finance Minister had recently stated that the new regulator could be in operation by next year.
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Companies should tattle if they have difficulties with correcting information, SEC's Gallagher urges.
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The ability of the State or any agency thereof to mete out sanctions in circumstances where there has not been a contravention of a clearly delineated statutory provision has generally been the purview
of dictators or absolute monarchs. However, there is no doubt that under section 127 of the Ontario Securities Act (the 'Act'), the Ontario Securities Commission (the 'Commission') has the power to exercise its public interest jurisdiction to sanction persons, absent
a breach of the Act, regulations thereunder or policy statements.
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