Canada’s securities regulatory system has always been slow to effect harmonized changes to securities regulation. However, in 2016, we expect that certain initiatives which have taken a long time to enact will impact Canadian public companies. Defensive tactics by target companies in the face of hostile takeover bids, and particularly discussions about “poison pills”, have again hit the headlines. The proposed takeover bid regime announced by the CSA in March 2015, which will have a practical effect on defensive tactics such as poison pills, has yet to be finalized. This is making it difficult for parties involved in hostile bid transactions, as bidders must comply with the existing takeover rules, while targets implement defensive tactics based on the proposed regime that is not yet in force and which may yet be subject to change. At a time when markets are in flux (particularly for those industries affected by commodity price uncertainty) the addition of regulatory uncertainty may result in fewer hostile transactions and in circumstances where defensive tactics are challenged, may result in ad hoc decisions by securities regulators that in turn will add uncertainty. In addition, the administration of securities regulation is poised to change with the advent of the Cooperative Capital Market Regulatory System (CCMRS). Should the CCMRS become operational in 2016, the changes brought by the CCMRS will start to impact businesses, as they struggle to understand how the new “harmonized” system will affect them and, in particular, will likely result in regulatory delay, as the various securities regulators find their footing in establishing a new working relationship with each other.