A significant proposal regarding the take-over bid regime in Canada was released on September 11, 2014 by the Canadian Securities Administrators (CSA). The CSA and the Autorité des marchés financiers (AMF) in Quebec had previously released competing proposals in March 2013 on how shareholder rights plans and take-over bid defensive tactics should be dealt with by securities regulators.
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It is time for calendar year-end public companies to focus on the upcoming 2015 proxy and annual reporting season. This Legal Update discusses key issues for companies to consider in their preparations.
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Good corporate governance and a focus on environmental and social issues by companies lead to higher share price performance, according to a new study released.
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As part of a push for the harmonization of the current provincial capital markets
legislation across Canada and the establishment of a single capital markets regulator, the federal government and the governments of Ontario, British Columbia, Saskatchewan and New Brunswick announced on September 8, 2014 that they have signed a memorandum of agreement formalizing the terms of a Cooperative Capital
Markets Regulatory System (the "CCMR"). The announcement was accompanied by
consultation drafts of the proposed federal and provincial legislation.
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Agency Staffers Correct Punctuation, Scout Jargon in Filings; Larger Type, Please.
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In 2013, the Canadian Securities Administrators published for comment a proposed national instrument on security holder rights plans. The Autorité des marchés financiers also published a consultation paper outlining an alternative proposal relating more generally to defensive tactics. For an overview of the original proposals, please see our March 2013 MarketCaps.
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The Canadian Securities Administrators (CSA) issued a major announcement today that all 13 of Canada's securities regulators have agreed they will not pursue two previously announced competing proposals on the regulation of shareholder rights plans. Instead they intend to propose amendments to their take-over bid rules that will maintain a harmonized take-over bid regime across Canada, but will significantly change the way in which hostile take-over bids are conducted in Canada.
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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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Major shareholders are becoming more sophisticated in their use of say-on-pay votes, increasingly casting their ballots with a close eye on the alignment between a company's executive pay and its stock market performance, a new review has found.
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