The Canadian Securities Administrators has made a series of rule amendments that make it easier for dissident shareholders to solicit proxies.

Amendments have been made to corporate law in the past few years, which permit a dissident shareholder to solicit proxies without preparing and sending an information circular to shareholders if the solicitation is conveyed by public broadcast, speech or publication.

Although corporate legislation now exempts these types of solicitations, dissident shareholders of reporting issuers governed by that legislation were unable to take advantage of the exemptions because there was no corresponding exemption from the proxy solicitation and information circular provisions of securities rules. The amendments will now provide a corresponding exemption.

The amendments were published for comment in October 2007. The CSA received submissions from two commenters, both of whom supported the proposed amendments.

The amendments are expected to come into force on July 4.