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Proposed National Instrument, Forms 54-101F1 to 54-101F8, the proposed Companion Policy and, in Ontario, the proposed Implementing Rule, are a reformulation of National Policy Statement No. 41, Communication with Beneficial Owners of Securities of a Reporting Issuer. The CSA have also issued proposed National Instrument 54-102, Supplemental Mailing List and Interim Financial Statement Exemption, which replace the provisions of NP41 and associated rules and blanket orders pertaining to supplemental mailing lists.
Procedures have been included to permit reporting issuers to obtain a list of beneficial owners of their securities who do not object to the disclosure of their names and other information to issuers (called non-objecting beneficial owners (NOBOs) in the proposed National Instrument); this will permit issuers to send securityholder materials directly to NOBOs. Reporting iss uers may also choose to continue to distribute materials to NOBOs indirectly through intermediaries.
Proposed National Instrument 54-102 represents a reformulation of the portions of NP41 that pertain to supplemental mailing lists. It provides exemptive relief from the requirement to send interim financial statements to its registered holders for reporting issuers that send interim financial statements to the persons or companies on a supplemental mailing list established and maintained under the proposed National Instrument.