Canadian securities regulators provide an update regarding the consultation on proxy adviser firms

Securities CSA

Montreal - The Canadian Securities Administrators (CSA) today published CSA Notice 25-301 Update on CSA Consultation Paper 25-401 Potential Regulation of Proxy Advisory Firms, which provides an update to market participants on the status of the consultation.

On June 21, 2012, the CSA published for comment Consultation Paper 25-401 (pdf - 264 KB)This link will open in a new windowUpdated on June 19, 2012 to provide a forum for discussion of certain concerns raised about the services provided by proxy advisory firms and the potential impact on Canadian capital markets. The consultation process also allowed the CSA to determine if, and how, it should address these concerns.

The comment period ended on September 21, 2012. The CSA received 62 comment letters containing comprehensive feedback from various market participants.

After an extensive review of the comments received, the CSA has concluded that a policy-based approach providing guidance on recommended practices and disclosure for proxy advisory firms will improve transparency and understanding among market participants.

The CSA intends to publish its proposed approach for comment in the first quarter of 2014.

CSA Notice 25-301 is available on CSA members' websites.

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:


Sylvain Théberge
 Autorité des marchés financiers 514-940-2176
Mark Dickey 
Alberta Securities Commission 403-297-4481
Richard Gilhooley
British Columbia Securities Commission

Carolyn Shaw-Rimmington
Ontario Securities Commission


 Kevan Hannah
Manitoba Securities Commission 

Wendy Connors-Beckett 
Financial and Consumer
Services Commission
New Brunswick


Tanya Wiltshire
Nova Scotia Securities Commission
Janice Callbeck
PEI Securities Office
Office of the Attorney General
Doug Connolly
Financial Services Regulation Div. Newfoundland and Labrador 709-729-2594

Rhonda Horte
Office of the Yukon Superintendent of securities


Louis Arki
Nunavut Securities Office

Donn MacDougall
Northwest Territories
Securities Office


Daniela Machuca
Financial and Consumer Affairs
Authority of Saskatchewan