Canadian securities regulators have published for comment proposed changes to National Instrument 54-101, Communication with Beneficial Owners of Securities of a Reporting Issuer. The proposals (discussed in our bulletin Canadian Securities Regulators Propose Permitting Website Posting of Annual Proxy Materials) include “notice-and-access,” which permits reporting issuers to make their annual proxy-related materials available to securityholders by posting these materials on the issuer’s website. The proposals are similar to the U.S. notice-and-access regime recently implemented by the SEC – the one significant difference being that Canadian issuers would still be required to mail hard copies of their annual financial statements and MD&A to securityholders, whereas U.S. issuers are not.