The Canadian Securities Administrators confirm the adoption of a harmonized Canadian take-over bid and issuer bid regime (including a 105-day minimum bid period), effective May 9, 2016
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The Canadian Securities Administrators (CSA) announced today the publication of final amendments that are designed to provide greater transparency about holdings of reporting issuers' securities under the early warning system.
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The Canadian Securities Administrators (CSA) today published final amendments to the regime that governs take-over bids in Canada. The changes, as reflected in a fully harmonized National Instrument 62-104 Take-Over Bids and Issuer Bids (NI 62-104) and National Policy 62-203 Take-Over Bids and Issuer Bids, will enhance the quality and integrity of the take-over bid regime while rebalancing the dynamics among bidders, target company boards of directors and target company shareholders during a take-over bid.
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Unsolicited takeover bids for Canadian companies must seek at least 50 per cent of a target company's stock and remain open for at least 105 days, according to new rules that will take effect in May.
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The Canadian Securities Administrators (CSA) have published fundamental amendments (the Amendments) to the take-over bid regime that are expected to come into force on May 9, 2016. The Amendments will increase the amount of time afforded to a target issuer to respond to a hostile bid, effectively resulting in a 105-day "permitted bid" regime, and will result in a completely harmonized take-over bid regime across Canada, as National Instrument 62-104 Take-Over Bids and Issuer Bids (NI 62-104) will be adopted in Ontario. The Amendments have important implications for the use of both tactical and strategic rights plans, and may also influence how transactions are structured in the future.
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Over the last few years, regulators have issued a number of notices providing guidance and suggested best practices relevant to continuous disclosure, most notably relating to amendments to executive compensation disclosure.
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The Ontario Securities Commission (OSC) today published OSC Staff Notice 51-726 Report on Staff's Review of Insider Reporting and User Guides for Insiders and Issuers, which sets out the results of its review of the continuous disclosure records and insider filings of 100 reporting issuers whose principal regulator is Ontario.
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Environmental, social and governance (ESG) issues have become very important issues in the investment world. Sustainability has been one of the more significant recent trends in global financial markets. It has taken the form of investors' desire for sustainable responsible investing (SRI) and corporate management's focus on corporate social responsibility (CSR). An increasing proportion of global assets are being managed with a focus on sustainability. As global asset managers focus more and more on sustainability concerns, of which ESG issues form a major component, issuers will be increasingly pressured to show how they are addressing these issues.
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Four experts opine from four different angles on what's the right approach to investor activism.
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In this article, we highlight some key issues that we believe will be the key focus of attention for Canadian Boards and shareholders as the 2016 proxy season unfolds. While many of the issues are familiar from past years, some return with renewed enthusiasm bolstered by regulatory developments and growing shareholder activism.
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