Canadian securities regulators propose enhanced policy concerning electronic delivery of documents

Vancouver – The Canadian Securities Administrators (CSA) today published for comment proposed amended National Policy (NP) 11-201 Electronic Delivery of Documents (formerly Delivery of Documents by Electronic Means). The proposed amendments aim to simplify the existing policy and recognize changes to provincial and federal corporate legislation.

The amended NP11-201 is intended to:

• alert stakeholders to changes in corporate legislation that impact the delivery of documents;
• remove guidance on issues that are outside the scope of securities legislation, including guidance on obtaining shareholder consent, that may be addressed in other legislation; and
• eliminate reference to particular technologies that are or may become obsolete.

“It is important that policies governing consent requirements are clear and that policies governing the receipt of electronic documents are up-to-date with regards to technology,” said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. “The amendments proposed today will help to ensure that our policies are practical and understandable to all stakeholders.”

The CSA is seeking comment from investors and industry on the proposed amendments. Please note that in Québec, the proposed NP 11-201 will replace Notice 11-201 related to the Delivery of Documents by Electronic Means. To comment, please refer to the CSA Notice and Request for Comment document on the proposed NP 11-201 amendments, which is available on the websites of various CSA members. The comment period is open until June 29, 2011.

The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.