March 20, 2013

Canadian Regulators Propose 5% Early Warning & Alternative Monthly Threshold

As noted in this Torys memo: Canadian securities regulators are proposing to change the early warning and alternative monthly reporting regimes to require disclosure of acquisitions of public company securities at the 5% level rather than at the current 10% level. Another key proposal is to require certain derivatives to be included in the securityholding calculation. The objective is to increase transparency about significant holdings of public companies’ equity and voting securities, providing issuers as well as the marketplace generally with better information about major holders, their voting and equity interests and their investment intentions. Comments on the proposals are due by June 12, 1013.