Canadian Regulators Harmonize Take-Over Bid and Issuer Bid Rules

    CALGARY, Feb. 1 /CNW/ - 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
    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

    The CSA, the council of the securities regulators of Canada's provinces
and territories, co-ordinates and harmonizes regulation for the Canadian
capital markets.

For further information:

For further 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

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