Canadian securities regulators provide an update regarding the consultation on proxy adviser firms
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:
Autorité des marchés financiers 514-940-2176
Alberta Securities Commission 403-297-4481
British Columbia Securities Commission
| Kevan Hannah
Manitoba Securities Commission
Nova Scotia Securities Commission
PEI Securities Office
Office of the Attorney General
Financial Services Regulation Div. Newfoundland and Labrador 709-729-2594
Nunavut Securities Office
Financial and Consumer Affairs
Authority of Saskatchewan