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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

514-940-2176

Alberta Securities Commission 

Mark Dickey

403-297-4481

British Columbia Securities Commission

Alison Walker 

604-899-6713

Nunavut Securities Registry

Louis Arki

867-975-6587

Yukon Securities Registry

Fred Pretorius

867-667-5225

Securities Registry Northwest Territories

Donald MacDougall

867-920-8984

New Brunswick Securities Commission

Jane Gillies

506-643-7745

Ontario Securities Commission

Laurie Gillett

416-595-8913

Manitoba Securities Commission

Ainsley Cunningham

204-945-4733

Saskatchewan Financial Services Commission

Barbara Shourounis

306-787-5842

Nova Scotia Securities Commission

David C. Harrison

902-424-8586

Department of Attorney General Prince Edward Island

Mark Gallant

902-368-4552

Financial Services Regulation Division Newfoundland and Labrador

Doug Connolly

709-729-2594

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