News & Events

For Immediate Release
October 10, 2014


Canadian securities regulators provide an update on early warning reporting system project


Montreal - The Canadian Securities Administrators (CSA) today published CSA Notice 62-307 Update on Proposed Amendments to Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids, National Instrument 62-103 Early Warning System and Related Take-Over Bid and Insider Reporting Issues and National Policy 62-203 Take-Over Bids and Issuer Bids (“CSA Notice 62-307”), which provides an update to market participants on the status of proposed amendments to the early warning reporting regime (the Draft Amendments).

Following the publication of the Draft Amendments on March 13, 2013, the CSA received over 70 comment letters from various market participants. While the commenters generally agreed with the enhanced transparency objective of the CSA proposals, a majority of commenters raised various concerns about certain of the Draft Amendments.

“Based on comments received and our further consideration, we have decided not to proceed with certain of the Draft Amendments, including the lower early warning reporting threshold of five per cent,” said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. “The final amendments, while not as extensive as the 2013 CSA proposals, are intended to address certain key issues and enhance the quality and integrity of the early warning reporting regime in a manner that is appropriate for the Canadian capital markets.”

Subject to receipt of necessary approvals, the CSA intend to publish the final amendments in the second quarter of 2015.

CSA Notice 62-307 is available on CSA members’ websites.

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


For more information:
Sylvain Théberge
Autorité des marchés financiers

Mark Dickey
Alberta Securities Commission

Richard Gilhooley
British Columbia Securities Commission

Carolyn Shaw-Rimmington
Ontario Securities Commission

Kevan Hannah
Manitoba Securities Commission

Andrew Nicholson
Financial and Consumer Services
Commission, New Brunswick


Tanya Wiltshire
Nova Scotia Securities Commission

Janice Callbeck
PEI Securities Office
Office of the Attorney General

Don Boyles
Office of the Superintendent of Securities
Newfoundland and Labrador

Rhonda Horte
Office of the Yukon Superintendent
of Securities

Louis Arki
Nunavut Securities Office

Gary MacDougal
Northwest Territories
Securities Office
Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan   
(306) 798-4160