Publication
Government Investigations in Singapore 2025
We have contributed the Singapore chapter of Getting the Deal Through, Government Investigations 2025.
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Global | Publication | February 2017
Just in time for the 2017 proxy season the Canadian Securities Administrators (CSA) have published protocols and guidance directed at improving the proxy voting system to allow better meeting vote reconciliation. The guidance and protocols address the issue that all votes of beneficial holders be properly tabulated to ensure that true beneficial holders can exercise their right to direct the voting of beneficially owned securities. This has been a continuing concern given the indirect, opaque and layered ownership system in Canada. These protocols follow a public consultation on draft proposals undertaken by the CSA in 2016.
The new protocols are contained in the CSA Staff Notice 54-305 Meeting Vote Reconciliation Proposals. The protocols provide CSA staff guidance on the respective roles and responsibilities of market participants, including the Canadian Depository for Securities, the Depository Trust Company, brokers and other intermediaries, Broadridge Investor Communication Solutions Inc., the primary proxy voting agent for intermediaries, and transfer agents of issuers acting as vote tabulators at shareholder meetings.
The protocols are operationally based and though voluntary are intended to move issuers and participants towards a paperless proxy voting system where beneficial shareholders’ votes are properly tabulated. The processes addressed include:
Participants are encouraged to establish, maintain and apply policies regarding proxy voting that encourage transparency and delivery of complete and accurate vote entitlement information. Specific guidance on the steps intermediaries and Broadridge should take in the event they are advised of an over-vote situation by a transfer agent are included. Guidance on particular scenarios is set out. The CSA intends to monitor the proposals over the next two proxy seasons and then consider whether there is a need for additional regulation.
A copy of the guidance and protocols can be accessed here.
Publication
We have contributed the Singapore chapter of Getting the Deal Through, Government Investigations 2025.
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The private credit market and direct lending have grown and diversified immensely in the past decade, offering alternative sources and terms of debt compared to those historically provided by the syndicated leveraged loan and public issuance markets. Consequently, they are fast becoming pivotal components in the capital ecosystem, so much so that the Bank of England consider that the private credit market is currently responsible for approximately $1.8 trillion of debt issuance, which is four times its size in 2015. This growth has been particularly pronounced in Europe and the US but there has also been significant activity in Asia.
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The EU’s Artificial Intelligence Regulation, commonly referred to as the AI Act, is expected to come into force during the summer of 2024 (the AI Act). The AI Act will be the first comprehensive legal framework for the use and development of artificial intelligence (AI), and is intended to ensure that AI systems developed and used in the EU are safe, transparent, traceable, non-discriminatory and environmentally friendly.
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