Regulatory Alerts2026-05-14
CSA Notice of Publication: Regulation to amend Regulation 62-104 respecting Take-Over Bids and Issuer Bids
The Canadian Securities Administrators propose amendments to Regulation 62-104 and related instruments to introduce a new selective repurchase exemption allowing issuers to buy back up to 5% of a security class annually under strict conditions. The draft changes also mandate enhanced disclosure of equity equivalent derivatives and other agreements altering economic exposure during take-over bids and proxy solicitations to improve market transparency. Additionally, the proposal clarifies filing requirements and timing for early warning reports while addressing targeted housekeeping issues within the issuer bid and beneficial ownership regimes.
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