Regulatory Alerts2026-05-14
Amendments to Policy Statement to Regulation 51-102 respecting Continuous Disclosure Obligations
Canadian securities regulators have amended Policy Statement to Regulation 51-102 to address the use of equity equivalent derivatives in take-over and issuer bid contexts. The new section 9.4 warns that abusive derivative arrangements used to accumulate economic positions or influence securityholder votes may trigger public interest jurisdiction. It further clarifies disclosure requirements for relationships between soliciting parties and derivative counterparties to ensure accurate reporting of beneficial ownership and economic interests.
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