Canada: Shareholders

The Canadian Securities Administrators have published proposed amendments that would fundamentally alter Canada's takeover bid, issuer bid and early warning reporting regimes. The proposals introduce a new selective repurchase exemption allowing issuers to buy back up to 5% of securities through private transactions, while simultaneously expanding disclosure requirements for derivative-based economic interests and activist shareholder positions. These changes aim to balance greater corporate flexibility...

Having last implemented revisions to the Canadian take-over bid and issuer bid regime more than a decade ago, on May 14, 2026, the Canadian Securities Administrators (CSA) proposed changes [PDF] to securities law requirements governing issuer bids, take-over bids and early warning reporting obligations.

The story of a corporation’s formation, capital, business and affairs is typically set out in its minute book, financial statements, and related corporate records. That does not, however, mean all of that information is automatically available for review. A person’s right to access corporate information depends on the nature of their relationship with the company.

The Canadian Securities Administrators have proposed sweeping amendments to issuer bid, take-over bid and beneficial ownership reporting regimes that would introduce a selective repurchase exemption, enhance derivative disclosure requirements, and refine early warning triggers. These changes aim to modernize Canada's capital markets framework while addressing recurring market developments and regulatory gaps identified through recent transactions and enforcement actions.

The Canadian Securities Administrators have proposed sweeping amendments to take-over bid, issuer bid and early warning reporting regimes that could fundamentally reshape how activist campaigns...

The Canadian Securities Administrators have proposed sweeping changes to Canada's issuer bid, take-over bid, and beneficial ownership reporting regimes, introducing a new selective repurchase exemption and enhanced derivative disclosure requirements.

Shareholder meetings may often appear to be a routine corporate affair, but they are the foundation of shareholder democracy. When a director election becomes contested, the manner in which a company administers...

Le 19 mars 2026, les Autorités canadiennes en valeurs mobilières (les « ACVM ») ont annoncé la mise en œuvre d’un projet pilote autorisant les émetteurs émergents admissibles...

For investors building a stake in a Canadian public company, the 10% beneficial ownership threshold is the first point at which significant public disclosure and compliance obligations are triggered under Canadian securities laws. That explains why many investors stop just short – often at 9.9%.