The Canadian Securities Administrators (CSA) have published a Notice and Request for Comment proposing significant changes to strengthen the issuer bid, take-over bid, and beneficial ownership reporting regimes. This article focuses on proposed changes to the early warning system.
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Activist investors are accelerating breakups and forced sales, but the real trigger isn’t activism itself; it’s operational underperformance that firms fail to address early.
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On June 4, 2026, the federal government released Canada’s National Artificial Intelligence Strategy: AI for All (the Strategy), synthesizing over 11,000 submissions heard during a national consultation sprint in fall 2025. Grounded in the premise that the benefits of artificial intelligence (AI) should be shared among Canadians, the Strategy sets out the federal government’s proposals for new legislation, educational initiatives, investments, and global partnerships to work towards the widespread adoption of safe, responsible, Canadian AI.
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On May 29, 2026, the SEC proposed to rescind the climate-related disclosure rules adopted in March 2024 (the 2024 rules) under then-Chair Gary Gensler. If adopted, the proposal would remove the climate-specific disclosure rules, including new Regulation S-K Subpart 1500, Regulation S-X Article 14, related amendments to Regulation S-X Article 8, form amendments and associated tagging, attestation and expert-consent provisions.
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The Supreme Court of Canada’s much anticipated decision in Lundin Mining Corp. v. Markowich, 2025 SCC 39 clarifies the definition of "material change" under securities law, providing long-awaited guidance on when public issuers must disclose information to the market and adopts a broad interpretation of what constitutes a "material change". The decision will have broad implications for public companies and their directors and officers attempting to navigate disclosure decisions in real-time.
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Having last implemented revisions to the Canadian take-over bid and issuer bid regime more than a decade ago, on May 14, 2026, the Canadian Securities Administrators (CSA) proposed changes to securities law requirements governing issuer bids, take-over bids and early warning reporting obligations. The codified amendments and policy guidance are intended to “provide issuers with greater flexibility to repurchase their own securities, enhance transparency of ownership of derivative interests in specified circumstances, and reduce regulatory burden and enhance the integrity of the issuer bid, take-over bid, and early warning reporting regimes”.
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