Regulatory Alerts2024-11-19
Regulation to Amend Regulation 54-101 Respecting Communication with Beneficial Owners of Securities of a Reporting Issuer
The regulator amends Regulation 54-101 to clarify that reporting issuers must include a separate letter-sized document from Regulation 51-102 with proxy-related materials and notices sent to beneficial owners. These amendments insert specific provisions into sections 2.7 and 2.7.1 to ensure the document is bundled with required communications under subsection (1) and paragraph (1)(a). The regulation establishes an effective date upon filing, with a specific provision for Saskatchewan to enforce the rule on the day of filing if submitted after the general effective date.
REGULATION TO AMEND REGULATION 54-101 RESPECTING COMMUNICATION WITH BENEFICIAL OWNERS OF SECURITIES OF A REPORTING ISSUER Securities Act (chapter V-1.1, s. 331.1, par. (4.1) and (8))
- Section 2.7 of Regulation 54-101 respecting Communication with Beneficial Owners of Securities of a Reporting Issuer (chapter V-1.1, r. 29) is amended: (1) by inserting, at the beginning, “(1)”; (2) by adding, at the end, the following: “(2) For greater certainty, a reporting issuer that is required to include the separate letter-sized document referred to in section 4.5.3 of Regulation 51-102 respecting Continuous Disclosure Obligations (chapter V-1.1, r. 24) shall include the document with the proxy-related materials required to be sent under subsection (1) to the beneficial owners of its securities.”.
- Section 2.7.1 of the Regulation is amended by adding, after paragraph (2), the following: “(3) For greater certainty, a reporting issuer that is required to include the separate letter-sized document referred to in section 4.5.3 of Regulation 51-102 respecting Continuous Disclosure Obligations (chapter V-1.1, r. 24) shall include the document with the notice required to be sent under paragraph (1)(a) to the beneficial owners of its securities.”. Effective date
- (1) This Regulation comes into force on (indicate here the date of coming into force of this Regulation). (2) In Saskatchewan, despite paragraph (1), if this Regulation is filed with the Registrar of Regulations after (indicate here the date of coming into force of this Regulation), this Regulation come into force on the day on which it is filed with the Registrar of Regulations.