Notice

MI 62-104 Take-over Bids and Issuer Bids comes into force on February 21, 2008

The Securities Commission (Adoption of National Instruments) Amendment Regulations, 2008 that adopt Multilateral Instrument 62-104 Take-over Bids and Issuer Bids come into force on February 21, 2008. 


Amendments to The Securities Act, 1988
On February 15, 2008 the following sections of The Securities Amendment Act, 2007 came into force: 

• section 39 - Repeals and substitutes new Part XVI "Take-over Bids and Issuer Bids"
• section 40 - Repeals section 115 "Interpretation of Part"
• section 41 - Repeals 116 and substitutes new section 116 "Reports of insiders" and new section 116.1 "Early warning"

Amendments to The Securities Regulations
On February 15, 2008 The Securities Amendment Regulations, 2008 came into force: 

• Part XI – Take-over Bids and Issuer Bids is repealed,
• Forms 29, 30, 31, 32, and 33 are repealed,
• Clauses 1(4)(l) and (n) of the Fee schedule are amended to correct references to the Act, and
• New definitions of “offeror” and “offer to acquire” are added.

Local Instruments
On February 15, 2008 the following local instruments were changed: 

• GRO 11-901 Recognition Order is amended to repeal provisions relating to the recognition of exchanges and jurisdictions under take-over bid and issuer bid provisions of the Act.
   
• GRO 61-901 Exemption from Valuation Requirement in Certain Take-over Bids is repealed.  GRO 61-901 exempted offerors from the valuation requirements in subsection 146(1) of The Securities Regulations if those requirements arise solely because the offeror anticipates that a going private transaction will follow the take-over bid.  The exemption is no longer required because section 146 has been repealed.
   
• Staff Notice 61-701 Take-over Bids, Amalgamations, Mergers and Arrangements is repealed because it is no longer required.
   
• Staff Notice 51-702 Reporting Issuer Status after Exempt Securities Exchange Take-over Bid is amended to replace references to take-over provisions in the Act with the equivalent provisions of MI 62-104.

 February 21, 2008

 Contact: 

Barbara Shourounis
(306) 787-5842