On March 31, 2015, the Canadian Securities Administrators (CSA) published a CSA Notice and Request for Comment with respect to proposed amendments to Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids (MI 62-104) and changes to National Policy 62-203 – Take-Over Bids and Issuer Bids. The 90-day comment period on the proposed amendments ends on June 29, 2015.

The proposed amendments provide for significant changes to the take-over bid regime and in some cases clarify the concepts previously announced by the CSA in September 2014.