October 17, 2014

CSA Accepts Key IIAC Recommendations on Early Warning Proposals

NewsOn October 10, 2014 the CSA issued an update to market participants on the status of the Draft Amendments to National Instrument 62-103 Early Warning System and Related Take-Over Bid and Insider Reporting Issues. 

The IIAC commented on the proposals in the summer of 2013. Consistent with IIAC recommendations, the CSA has advised that it will not proceed with (A) the proposal to reduce the reporting threshold from 10% to 5%, and (B) the proposal to include “equity equivalent derivatives” for the purposes of determining the threshold for early warning reporting disclosure. The final amendments to the National Instrument are expected to be published in the second quarter of 2015. 

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