CSA Securities

Toronto – The Canadian Securities Administrators (CSA) today published for comment proposed amendments to Regulation 54-101 respecting Communication with Beneficial Owners of Securities of a Reporting Issuer, the related Policy Statement, and related instruments.

The proposed amendments aim to improve procedures for issuer communications with investors who hold securities through intermediaries such as dealers, trust companies or banks.

The key aspects of the proposed amendments include:

  • The introduction of the “notice-and-access” process, in which reporting issuers have the option of sending investors a notice informing them that the information circular and other proxy-related materials are available on the Internet instead of sending the information circular by mail.
  • Enhanced disclosure regarding the beneficial owner voting process.
  • Simplification of the beneficial owner proxy-appointment process.

“The proposed amendments are intended to improve how issuers communicate with these investors,” said Jean St-Gelais, Chair of the CSA and President & Chief Executive Officer of the Autorité des marchés financiers (Québec). “The proposals would modernize the communications options for issuers and enable investors to receive certain materials electronically.”

Copies of the proposed rule amendments and additional background information are available on the websites of CSA members. The comment period is open until August 31, 2010.

The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.

— 30 —

For more information:

CSA member name

Point of contact

Phone number

Autorité des marchés financiers

Sylvain Théberge

514 940-2176

Alberta Securities Commission

Mark Dickey

403 297-4481

British Columbia Securities Commission

Brenda Lea Brown

604 899-6554

Financial Services Regulation Division, Newfoundland and Labrador

Doug Connolly

709 729-2594

Manitoba Securities Commission

Ainsley Cunningham

204 945-4733

New Brunswick Securities Commission

Wendy Connors-Beckett

506 643-7745

Nova Scotia Securities Commission

Natalie MacLellan

902 424-8586

Ontario Securities Commission

Theresa Ebden

416 593-8307

PEI Securities Office, Department of the Attorney General

Janice Callbeck

902 368-6288

Saskatchewan Financial Services Commission

Barbara Shourounis

306 787-5842

Securities Office, Northwest Territories

Donn MacDougall

867 920-8984

Securities Office, Nunavut

Louis Arki

867 975-6587

Securities Office, Yukon

Fred Pretorius

867 667-5225