News Releases
Canadian Regulators Harmonize Take-Over Bid and Issuer Bid Rules
Feb 01, 2008
The Canadian Securities Administrators (CSA) today announced the implementation of harmonized national take-over bid and issuer bid requirements to provide greater certainty and clarity to this area of securities regulation. At the same time, the CSA has also adopted general guidance for the conduct of take-over and issuer bids.
“Take-over and issuer bids are an important aspect of our capital markets and the harmonized bid requirements further ensure that a common set of rules are applicable across Canada,” said Jean St-Gelais, Chair of the CSA and President & Chief Executive Officer of the Autorité des marchés financiers (Québec).
Ontario has achieved harmonization of the bid requirements through amendments to Part XX of the Securities Act (Ontario) and Ontario Securities Commission Rule 62-504 Take-Over Bids and Issuer Bids, which are now in force.
Most CSA jurisdictions will immediately implement the harmonized requirements through the adoption of Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids (MI 62-104). It is expected that Saskatchewan will adopt MI 62-104 later this month and that Prince Edward Island, Yukon, and Nunavut will adopt MI 62-104 later this year.
The new bid requirements can be found on the websites of various CSA members.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
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For more information:
| Mark Dickey Alberta Securities Commission 403-297-4481 |
Ainsley Cunningham Manitoba Securities Commission 204-945-4733 |
| Frédéric Alberro Autorité des marchés financiers 514-940-2176 |
Jane Gillies New Brunswick Securities Commission 506 643-7745 |
| Andrew Poon British Columbia Securities Commission 604-899-6880 |
Nicholas A. Pittas Nova Scotia Securities Commission 902-424-6859 |
| Laurie Gillett Ontario Securities Commission 416-595-8913 |
Barbara Shourounis Saskatchewan Financial Services Commission 306-787-5842 |
| Mark Gallant Department of Attorney General Prince Edward Island 902-368-4552 |
Doug Connolly Financial Services Regulation Division Newfoundland and Labrador 709-729-2594 |
| Fred Pretorius Yukon Securities Registry 867-667-5225 |
Louis Arki Nunavut Securities Registry 867-975-6587 |
| Donald MacDougall Securities Registry Northwest Territories 867-920-8984 |