Regulatory Alerts2026-05-14
Regulation to Amend Regulation 62-104 Respecting Take-Over Bids, Issuer Bids and the Early Warning System
The regulator amends Regulation 62-104 to update definitions, establish criteria for liquid markets, and introduce a selective repurchase exemption for issuer bids. The amendments impose new disclosure requirements on offerors regarding changes in economic exposure and equity equivalent derivatives during take-over bids. Additionally, the rules are revised to require prompt payment for taken-up securities and to modify early warning system reporting thresholds and timing.
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