The Ontario Securities Commission ("OSC") released its final version of Rule 62-504 - Take-Over Bids and Issuer Bids intended to harmonize the take-over bid rules in Ontario with the take-over bid regime to be introduced in the other provinces and territories of Canada by Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids. It is expected that both instruments will come into force on February 1, 2008.
Further, the OSC and Québec's Autorité des marchés financiers have introduced Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") to standardize the requirements in Ontario and Québec governing insider bids, issuer bids, business combinations and related party transactions. MI 61-101 will replace the requirements currently found in Rule 61-501 - Insider Bids, Issuer Bids, Business Combinations and Related Party Transactions in Ontario and Regulation Q-27 - Respecting Protection of Minority Securityholders in the Course of Certain Transactions in Québec. MI 61-101 is expected to come into force on February 1, 2008.