Canadian securities regulators have issued final rules that aim to streamline and harmonize the takeover bid regime.

In a supplement to today’s OSC Bulletin, the Ontario Securities Commission announced that its proposed rule was delivered to the Minister of Finance on December 6. The commission has requested expedited review of the rule by the minister.

If the minister approves the rule by January 17, 2008, it will come into force on February 1, 2008. If the minister does not approve or reject the rule or return it for further consideration, it will come into force on February 19, 2008.

The commission reports that it has made changes to the proposed rule since it was last published, but the changes are not material.

The OSC rule comes as part of a larger initiative of the Canadian Securities Administrators (CSA) to harmonize and streamline securities law in Canada. For the rest of the CSA, a final version of a national policy on takeover bids was also published today. Provided all necessary ministerial approvals are obtained, the bid regime and the policy will also come into effect on February 1, 2008.

Additionally, the Autorité des marchés financiers and the OSC published a final version of their multilateral instrument that introduces harmonized requirements in Québec and Ontario for enhanced disclosure, independent valuations and majority of minority security holder approval for specified types of transactions.

In Ontario, that rule is subject to the same approval schedule as the takeover bid rule. In Québec, it must be approved—with or without amendment—by the Minister of Finance, and it will come into force on the date of its publication in the Gazette officielle du Québec or on a later date specified in the regulation.