Canadian Regulators harmonize take-over bid and issuer bid rules

CSA Securities

Calgary -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:

CSA member name Point of contact Phone number

Autorité des marchés financiers 

Frédéric Alberro


Alberta Securities Commission 

Mark Dickey


British Columbia Securities Commission

Alison Walker 


Nunavut Securities Registry

Louis Arki


Yukon Securities Registry

Fred Pretorius


Securities Registry Northwest Territories

Donald MacDougall


New Brunswick Securities Commission

Jane Gillies


Ontario Securities Commission

Laurie Gillett


Manitoba Securities Commission

Ainsley Cunningham


Saskatchewan Financial Services Commission

Barbara Shourounis


Nova Scotia Securities Commission

David C. Harrison


Department of Attorney General Prince Edward Island

Mark Gallant


Financial Services Regulation Division Newfoundland and Labrador

Doug Connolly


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