As a further leg to their harmonization stool, the Canadian Securities Administrators (“CSA”) have published for comment a proposed National Instrument 62-104 – Take Over Bids and Issuer Bids (the “Instrument”) and a related companion policy dealing with the harmonization of the statutory and regulatory requirements and restrictions governing take-over bids and issuer bids across Canada. The Instrument complements and broadens the reach of the CSA’s substantive harmonization efforts by initiating the process which will result in a uniform regime of bid rules operating much like the rules now in place across Canada for distributions and trades in securities under National Instrument 45-106 – Prospectus and Registration Exemptions and for corporate governance purposes under Notice 52-313 – Status of Proposed Multilateral Instrument 52-111 – Reporting on Internal Control Over Financial Reporting.

type Securites and Capital Markets Alert - Canadian Securities Administrators Propose Harmonized Canadian Take-over Bid and Issuer Bid Rules