The latest issue of the OSC Bulletin notes that various amendments to the Securities Act were introduced by the Minister of Finance as part of the government’s Spring 2007 Budget Bill.

The most significant proposed amendments deal with take-over bids. The commission is also publishing a proposed local rule that would complement the proposed legislative amendments.

The proposed rule, together with legislative amendments, will harmonize most of the requirements and restrictions governing take-over bids, issuer bids and related early warning requirements with the regulatory regime proposed to be implemented in the other Canadian jurisdictions with a national instrument. “Harmonizing these requirements will ease the regulatory burden of issuers by reducing the number of requirements that would otherwise require consideration,” it says. The proposed rule is out for comment until July 9.

Other proposed changes include: clarifying that an issuer cannot proceed with a distribution pursuant to an amendment to a prospectus unless the Director has issued a receipt for the amendment; amendments to permit the commission to prescribe by rule the certificate form in a prospectus and the waiting period between the issuance of a receipt for a preliminary prospectus and the issuance of a receipt for a prospectus; and, technical amendments regarding certain agreements, memorandums of understanding and arrangements entered into by the commission that it is not required to publish in the Bulletin.