The Canadian Securities Administrators (the
CSA) provided an update today on its proposed
amendments to the early warning system regime. Specifically, the
CSA announced that it has determined that they will not proceed
with: (a) the proposal to reduce the reporting threshold from 10%
to 5%; and (b) the proposal to include "equity equivalent
derivatives" for the purposes of determining the threshold for
early warning reporting disclosure.
The CSA made their determination, in part, based on the views
expressed by various market participants in the over 70 comment
letters that the CSA received, which included views of concern
about: the fact that there is a larger number of smaller issuers
with limited liquidity in the Canadian market as compared to the
U.S. (which has a 5% reporting threshold), the adverse impact such
proposals will have on an investor's ability to quickly
accumulate or reduce their position, and the administrative and
compliance burden associated with implementing additional reporting
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Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
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