CSA publish proposed amendments to NI 54-101 regarding communication with beneficial owners of securities
The CSA today published for comment revised proposals to amend National Instrument 54-101 Communications with Beneficial Owners of Securities of a Reporting Issuer. The proposals, which were originally published in April 2010, are intended to provide reporting issuers with a "notice-and-access" model for sending proxy-related materials, simplify the process of appointing beneficial owners as proxy holders and requiring enhanced disclosure of the beneficial owner voting process. The CSA's revisions reflect changes made in response to public comments received on the original proposals.
For example, the current form of amendments would now permit reporting issuers to use notice-and-access for "special meetings". The revised proposals also include various new obligations, such as requiring reporting issuers to provide advance notice of their first use of notice-and-access and requiring the inclusion of a plain-language explanation of notice-and-access in the notice package sent to shareholders.
The CSA are accepting comments on the proposed amendments until August 16.