On 14 May 2026, CSA proposed amendments on bid disclosure, ownership.
- CSA proposed amendments to introduce a new issuer bid exemption, enhance takeover bid disclosures, and beneficial ownership reporting regimes.
Proposed Amendments
- Proposed amendments introduce a new issuer bid exemption to allow selective repurchases by an issuer of securities of its own issue, subject to certain parameters.
- Exemption would allow issuers to repurchase up to 5% of the outstanding securities of a class in a 12-month period, provided that certain conditions are satisfied.
- Requires enhanced takeover disclosure with respect to interests in equity equivalent derivatives, arrangements that alter economic exposure in takeover bids and proxy solicitations.
- Provides guidance on circumstances where disclosure or use of equity equivalent derivatives may engage public interest jurisdiction of securities regulatory authorities.
- Guidance on appropriate timing of disclosure of acquiror’s plans in early warning report
- Specifies filing requirements and clarifies appropriate application or interpretation of certain provisions of take-over bids, issuer bids, and early warning reporting regime.
Consultation
- Comments on the proposed amendments due by 12 August 2026.
