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CSA Provide Update on Proposed National Instrument 62-105 Security Holder Rights Plans and AMF Consultation Paper

September 12, 2014

In an effort to address various concerns raised with the Canadian Securities Administrators’ (CSA)  approach to reviewing defensive tactics adopted in response to, or in anticipation of, unsolicited or “hostile” take-over bids, the CSA published for comment proposed National Instrument 62-105 Security Holder Rights Plans (NI 62-105) in March 2013. The Autorité des marchés financiers (AMF) concurrently published a consultation paper entitled An Alternative Approach to Securities Regulators’ Intervention in Defensive Tactics detailing its response to these same concerns.

On September 11, 2014 and in light of comments received in respect of NI 62-105 and the AMF consultation paper, the CSA announced that they will not be proceeding with their prior response and intend to publish for comment a new harmonized regulatory proposal based on amendments to the take-over bid regime contained in Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids (for...

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