Straight Talk
Issuer communication to beneficial shareholders
On Jan. 24, 2008, the Securities Transfer Association of Canada (STAC), of which CIBC Mellon is an active member, presented the Canadian Securities Administrators (CSA) with its views on National Instrument 54-101 (NI 54-101). The instrument governs the rules surrounding issuer communication to beneficial shareholders.
The presentation outlines current challenges STAC identified in achieving the original objectives of the instrument, and suggests solutions to each set of challenges.
The CSA continues to collect stakeholder views on the current operation of NI 54-101. As part of that research, they will be approaching Canadian issuers through industry associations such as the Canadian Society for Corporate Secretaries (CSCS) and the Canadian Investor Relations Institute (CIRI) in the coming months.
On a related subject, the New York Stock Exchange recently published the results of a survey on investor attitudes concerning communication to non-registered investors.
Though the survey results reflect the views of American investors, we anticipate that if Canadian investors were surveyed with these questions, the results would be quite similar.
For more information on either of these industry developments, please contact your relationship manager.
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Straight Talk is provided for general information purposes only and CIBC Mellon Trust Company, CIBC Mellon Global Securities Services Company, CIBC, The Bank of New York Mellon Corporation and their affiliates make no representations or warranties as to its accuracy or completeness. Readers should be aware the content of this publication should not be regarded as legal, accounting, investment, financial or other professional advice nor is it intended for such use.