Regulatory Alerts2023-06-09
Policy Statement to Regulation 54-101 Respecting Communication with Beneficial Owners of Securities of a Reporting Issuer
The Canadian Securities Administrators issued this policy statement to provide guidance on the practical application of Regulation 54-101, which governs how reporting issuers communicate with beneficial owners of securities. The document clarifies fundamental principles such as equitable treatment of securityholders, mandatory compliance for proxy-related materials, and specific obligations for intermediaries and depositories in the communication chain. It further details operational requirements including timing for meeting notices, fee structures for forwarding materials, and procedures for voting instructions and proxy appointments for non-objecting beneficial owners.
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