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2021-05-20

Draft Regulation to amend Regulation 62-103 respecting the Early Warning System and Related Take-Over Bid and Insider Reporting Issues

The securities regulator amends Regulation 62-103 to align its terminology with Regulation 51-102 regarding continuous disclosure obligations. The changes insert a formal definition for "MD&A" into the Early Warning System provisions and update references to management discussion and analysis in Section 2.1. These amendments ensure consistency in reporting requirements for insider trading and take-over bids.

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Autorite des marches financiers Quebec

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REGULATION TO AMEND REGULATION 62-103 RESPECTING THE EARLY WARNING SYSTEM AND RELATED TAKE-OVER BID AND INSIDER REPORTING ISSUES Securities Act (chapter V-1.1, s. 331.1, par. (1) and (34))

  1. Section 1.1 of Regulation 62-103 respecting the Early Warning System and Related Take-Over Bid and Insider Reporting Issues (chapter V-1.1, r. 34) is amended by inserting, in paragraph (1) and after the definition of the expression “joint actor”, the following: ““MD&A” has the same meaning as in Regulation 51-102 respecting Continuous Disclosure Obligations (chapter V-1.1, r. 24);”.
  2. Section 2.1 of the Regulation is amended by replacing, in paragraph (1), “under section 5.4 of Regulation 51-102 respecting Continuous Disclosure Obligations (c V-1.1, r. 24)” with the words “an MD&A”.
  3. This Regulation comes into force on (indicate here the date of coming into force of this Regulation).
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