The Canadian Securities Administrators have adopted amendments to the rules regarding electronic document delivery, effective Nov. 18.
The policy first came into effect in 2000, and was amended in 2003 to include guidance on proxy solicitation. Since then, the CSA notes, there have been changes to legislation affecting electronic commerce, including amendments to corporate legislation and the introduction of privacy legislation. Electronic communications have also become much more common than when the policy was first drafted.
The amendments to the CSA’s policy are designed to recognize these changes by: referencing other legislation that addresses the electronic delivery of documents; simplifying guidance on the form and substance of securityholder consent; and, reducing technology-related language to avoid references that may become obsolete.
A draft of the amendments was published for comment on April 29 for a 60-day comment period. A number of changes have been made in response to the comments, but they are for clarification, and are not deemed material, so the amendments are not going out for further comments.
The amended policy will replace the current NP 11-201 and will come into force on Nov. 18 when it will be renamed National Policy 11-201 Electronic Delivery of Documents.