Instrument designed to provide harmonization, opportunity to make minor enhancements and consequential amendments
Securities regulators in Ontario and Quebec, the Autorité des marchés financiers and the Ontario Securities Commission, are seeking comments on proposed rule that seeks to protect the interests of minority security holders in certain transactions.
It introduces harmonized requirements for enhanced disclosure, independent valuations and majority of minority security holder approval for certain transactions. The proposed instrument and companion policy are being published for a 90-day comment period.
The regulators indicate that the instrument is designed to achieve three objectives: providing a single harmonized instrument governing certain transactions in both Québec and Ontario; it provides an opportunity to make minor enhancements to the existing rules; and, proposes a number of consequential amendments that would otherwise be required to reflect the new harmonized take-over bid and issuer bid regime that is being created in Ontario and Quebec.
See full Article.
Posts
