The Canadian Securities Administrators are proposing amendments to NP 11-201 Delivery of Documents by Electronic Means, the national policy dealing with the electronic delivery of proxy documents.
The policy sets out general principles on how documents required under Canadian securities law can be delivered electronically. However, securities law also contains various provisions that have raised questions as to whether the electronic delivery of proxy documents is permitted, and whether proxy documents can be in electronic format.
The CSA says that it has identified two types of requirements in securities law that affect the electronic delivery of proxy documents and the use of electronic formats:
- requirements that a form of proxy or proxy be in written or printed form, and that a registered owner vote securities in accordance with written voting instructions; and
- requirements that a proxy be executed. The purpose of the proposed amendments is to provide guidance on these issues.
The CSA is publishing the proposed amendments for a 60 day comment period. The request for comment expires on October 8.