CSA Staff Notice and Request for Comment Soliciting Dealer Arrangements
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1 1.1.2 CSA Staff Ntice and Request fr Cmment Sliciting Dealer Arrangements CSA Staff Ntice and Request fr Cmment Sliciting Dealer Arrangements April 12, 2018 Intrductin This ntice utlines certain issues that staff f the Canadian Securities Administratrs (CSA) have identified with respect t the use f sliciting dealer arrangements. Staff are publishing this ntice fr a 60-day cmment perid t better understand these arrangements t aid the CSA in assessing whether any additinal guidance r rules in respect f thse arrangements wuld be apprpriate. In additin t any general cmments, we als invite cmments n the specific questins set ut at the end f the ntice. Substance and Purpse (a) Sliciting dealer arrangements Sliciting dealer arrangements generally refer t agreements entered int between issuers and ne r mre registered investment dealers under which the issuer agrees t pay t the dealers a fee fr each security successfully slicited frm securityhlders t: (i) vte in cnnectin with a matter requiring securityhlder apprval, r (ii) tender securities in cnnectin with a take-ver bid. These arrangements may als be used t incentivize dealers t cntact securityhlders t participate in a rights ffering r exercise rights t redeem r cnvert securities, r therwise in cnnectin with crprate transactins t attain the requisite qurum fr amendments t dcuments affecting the rights f securityhlders. The fees fr sliciting dealer arrangements are typically subject t a minimum r maximum. In a number f cases, the payment f any fee is cntingent n success and/r nly if a securityhlder vtes in a particular manner (e.g., nly fr r nly against a transactin). (b) Use f sliciting dealer arrangements Recently, there have been instances f sliciting dealer arrangements in cnnectin with cntested directr electins, the mst prminent examples being the 2013 prxy cntest initiated by JANA Partners LLC fr Agrium Inc. and the 2017 prxy cntest initiated by PintNrth Capital Inc. fr Liqur Stres N.S. Ltd. In each f thse prxy cntests, the issuer made payments t sliciting dealers nly fr vtes cast in favur f the electin f its wn incumbent nminee directrs and the sliciting dealer fees wuld nly be paid if the incumbent slate was elected. We understand that the use f sliciting dealer arrangements is nt uncmmn in take-ver bids and plan f arrangement transactins. In a take-ver bid transactin, the bidder may retain a dealer manager t frm a grup f sliciting dealers wh receive cmpensatin fr sliciting securityhlders t tender t the bid. In a plan f arrangement, either the target r the purchaser may pay the sliciting dealers a fee per security fr securities vted in favur f the transactin. One ratinale that issuers have given fr entering int sliciting dealer arrangements is that it may be difficult t reach ut t, and cmmunicate directly with, retail investrs wh are bjecting beneficial wners (OBOs) under Natinal Instrument Cmmunicatin with Beneficial Owners f Securities f a Reprting Issuer (NI ). While prxy slicitatin firms retained by an issuer may be able t cmmunicate with nn-bjecting beneficial wners, and may have insights with respect t hldings by significant hlders, they are nt able t cntact retail OBOs. (c) IIROC rules Rule 42 Cnflicts f Interest (Rule 42) f the Investment Industry Regulatry Organizatin f Canada (IIROC) impses bligatins n each Apprved Persn and each Dealer Member, in the event an existing r ptential material cnflict f interest has been identified. While IIROC indicates that its rules d nt create a fiduciary standard, its rules d require that any material cnflict be cnsidered and addressed in a fair, equitable and transparent manner, and cnsistent with the best interest f the client r clients. If the material cnflict f interest cannt be addressed in this manner, Rule 42 prvides that the cnflict April 12, 2018 (2018), 41 OSCB 2960
2 must be avided. Where a cnflict has nt been avided, it must be disclsed t the client in all cases where a reasnable client wuld expect t be infrmed. Hwever, IIROC guidance indicates disclsure alne des nt reslve a cnflict. (d) Canadian prxy slicitatin rules Natinal Instrument Cntinuus Disclsure Obligatins (NI ) prhibits any persn r cmpany frm engaging in prxy slicitatin withut mailing t securityhlders a prxy circular cntaining prescribed infrmatin. Slicit is defined bradly t include requesting a securityhlder t execute r nt execute a frm f prxy and sending ther cmmunicatin t a securityhlder under circumstances that t a reasnable persn will likely result in the giving, withhlding r revcatin f a prxy. NI prvides certain exclusins frm the definitin f slicit, such as perfrming ministerial r prfessinal services n behalf f a persn r cmpany sliciting a prxy; sending, by an intermediary as defined in NI , the dcuments referred t in NI ; and cmmunicating, prvided that the cmmunicatin is nt a slicitatin by r n behalf f management f the reprting issuer [emphasis added], with securityhlders as clients, by a persn r cmpany wh gives financial, crprate gvernance r prxy vting advice in the rdinary curse f business, prvided that the persn r cmpany disclses t the securityhlder any significant relatinship with the reprting issuer and any material interests the persn r cmpany has in relatin t a matter n which advice is given, the persn r cmpany nly receives a special cmmissin r remuneratin frm the recipients f the advice, and the advice is nt given by r n behalf f any persn r cmpany sliciting prxies. (e) Regulatry issues with sliciting dealer arrangements Sliciting dealer arrangements raise certain securities regulatry issues. Frm the perspective f the dealer, they raise issues respecting apprpriate management f cnflicts f interest as well as risks assciated with ptential slicitatins f prxies. Frm the perspective f the issuer, sliciting dealer arrangements raise public interest-related questins as t whether thse arrangements affect the integrity f the tendering prcess r securityhlder vte, including by ptentially being used t entrench the bard and management. Request fr Cmments We welcme yur cmments and feedback n the use f sliciting dealer arrangements. In additin t any general cmments yu may have, we als invite cmments n the fllwing specific questins. General 1. In what circumstances are sliciting dealer arrangements mst typically used? 2. What are the principal reasns fr entering int sliciting dealer arrangements? 3. Are sliciting dealer arrangement fees typically nly paid in respect f vtes fr management s recmmendatins? Is that apprpriate in all circumstances? Is there a reasn t distinguish prxy cntests in this regard? 4. Are sliciting dealer arrangements imprtant t the ability f issuers t cntact retail OBOs? Investment dealers and dealing representatives 5. D yu think that the ptential cnflict f interest n the part f an investment dealer r a dealing representative can be effectively managed? a. If s, what steps shuld an investment dealer take t apprpriately manage r avid the cnflict f interest? What steps shuld a dealing representative take, beynd disclsure, t apprpriately manage r avid the cnflict f interest? April 12, 2018 (2018), 41 OSCB 2961
3 b. Des the answer differ depending n whether the transactin is i. a take-ver bid tender, ii. iii. iv. a securityhlder vte in relatin t a merger r acquisitin transactin, a securityhlder vte t amend the terms f a security, r a securityhlder vte in the cntext f a prxy cntest? c. In the cntext f a securityhlder vte in relatin t a merger and acquisitin transactin, des the answer t #5 differ depending n whether the fee is cntingent n the securityhlder vting in favur f the transactin and/r the transactin being apprved? d. In the cntext f a prxy cntest, des the answer t #5 differ if the fee is cntingent n the securityhlder vting in favur f management s nminees and/r management s nminees being elected? e. What type f cmmunicatin and disclsure by investment dealers and dealing representatives shuld be made t the securityhlder respecting the existence f a sliciting dealer arrangement? 6. D yu think that there are circumstances in which it wuld never be apprpriate fr an investment dealer t enter int a sliciting dealer arrangement? If s, please discuss what such circumstances wuld be. 7. Are sliciting dealer fees paid t investment dealers and/r dealing representatives in cnnectin with securities held in managed accunts? If s, in what circumstances? 8. Hw can investment dealers and dealing representatives participating in a sliciting dealer arrangement in respect f a prxy cntest ensure cmpliance with the prxy slicitatin rules? 9. Are investment dealers and/r dealing representatives invlved in prxy cntests where a prxy slicitatin firm has been retained? 10. D yu believe that an investment dealer r a dealing representative has a respnsibility t encurage its client t respnd t prxy slicitatins, rights fferings, take-ver bids r ther crprate transactins such as cnversin f cnvertible securities? Issuers 11. Are there circumstances in which yu think it wuld be cntrary t the public interest r incnsistent with a bard f directrs fiduciary duties fr an issuer t a. enter int a sliciting dealer arrangement? b. retain a prxy slicitatin firm? If s, please discuss what such circumstances wuld be. 12. Can a bard f directrs cmply with its fiduciary duties if it pays sliciting dealer fees fr all vtes, including vtes that are cntrary t the bard s recmmendatin as t what is in the best interests f the crpratin? 13. Are there particular transactins which give rise t mre r less cncern with respect t the use f sliciting dealer arrangements, e.g., a. a take-ver bid tender, b. a securityhlder vte in relatin t a merger and acquisitin transactin, c. a securityhlder vte in relatin t a merger and acquisitin transactin, where the fee is cntingent n the securityhlder vting in favur f the transactin and/r the transactin being apprved, d. a securityhlder vte in the cntext f a prxy cntest, r April 12, 2018 (2018), 41 OSCB 2962
4 e. a prxy cntest, where the fee is cntingent n the securityhlder vting in favur f management s nminees and/r management s nminees being elected. 14. What type f cmmunicatin and disclsure shuld an issuer make t securityhlders respecting the existence f a sliciting dealer arrangement? Please submit yur cmments in writing n r befre June 11, If yu are nt sending yur cmments by , please send a CD cntaining the submissins (in Micrsft Wrd frmat). Address yur submissin t all members f the CSA as fllws: Autrité des marchés financiers British Clumbia Securities Cmmissin Financial and Cnsumer Affairs Authrity f Saskatchewan Financial and Cnsumer Services Cmmissin (New Brunswick) Manitba Securities Cmmissin Nva Sctia Securities Cmmissin Nunavut Securities Office Office f the Superintendent f Securities, Newfundland and Labradr Office f the Superintendent f Securities, Nrthwest Territries Office f the Yukn Superintendent f Securities Superintendent f Securities, Department f Justice and Public Safety, Prince Edward Island Please deliver yur cmments nly t the addresses belw. Yur cmments will be distributed t the ther participating members f the CSA. Christpher Peng Legal Cunsel, Crprate Finance Suite 600, 250 5th Street SW Calgary, Alberta T2P 0R4 christpher.peng@asc.ca The Secretary 20 Queen Street West 22nd Flr Trnt, Ontari M5H 3S8 cmment@sc.gv.n.ca Me Anne-Marie Beaudin Crprate Secretary Autrité des marchés financiers 800, rue du Square-Victria, 22e étage C.P. 246, tur de la Burse Mntréal, Québec H4Z 1G3 cnsultatin-en-curs@lautrite.qc.ca We cannt keep submissins cnfidential because securities legislatin in certain prvinces requires publicatin f the written cmments received during the cmment perid. All cmments received will be psted n the websites f each f the Alberta Securities Cmmissin at the at and the Autrité des marchés financiers ( Therefre, if yu d nt want it published, yu shuld nt include persnal infrmatin directly in yur cmments. It is imprtant that yu state n whse behalf yu are making the submissin. April 12, 2018 (2018), 41 OSCB 2963
5 Questins Please refer yur questins t any f the fllwing: Christpher Peng Legal Cunsel, Crprate Finance (403) christpher.peng@asc.ca Denise Weeres Manager, Legal, Crprate Finance (403) denise.weeres@asc.ca Jasn Kskela Manager, Office f Mergers & Acquisitins (416) jkskela@sc.gv.n.ca Jrdan Lavi Legal Cunsel, Office f Mergers & Acquisitins (416) jlavi@sc.gv.n.ca Alexandra Lee Senir Plicy Advisr Directin du financement des sciétés Autrités des marchés financiers , ext alexandra.lee@lautrite.qc.ca Grdn Smith Acting Manager, Legal Services British Clumbia Securities Cmmissin (604) gsmith@bcsc.bc.ca Snne Udemgba Deputy Directr, Legal Securities Divisin, Financial and Cnsumer Affairs Authrity f Saskatchewan (306) snne.udemgba@gv.sk.ca Sphia Mapara Legal Cunsel The Manitba Securities Cmmissin, Securities Divisin (204) sphia.mapara@gv.mb.ca April 12, 2018 (2018), 41 OSCB 2964
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