The Canadian Securities Administrators today announced the implementation of harmonized national take-over bid and issuer bid requirements.

The step is intended to provide greater certainty and clarity to this area of securities regulation. At the same time, the CSA has also adopted general guidance for the conduct of take-over and issuer bids.

“Take-over and issuer bids are an important aspect of our capital markets and the harmonized bid requirements further ensure that a common set of rules are applicable across Canada,” says Jean St-Gelais, chairman of the CSA and president & CEOr of the Autorité des marchés financiers.

Ontario has achieved harmonization of the bid requirements through amendments to the Securities Act and its’ local rule dealing with bids.

Most other CSA jurisdictions will immediately implement the harmonized requirements through the adoption of a multilateral instrument.

It is expected that Saskatchewan will adopt it later this month and that Prince Edward Island, Yukon, and Nunavut will adopt it later this year.

The new bid requirements can be found on the CSA Web site and on the websites of various CSA members.