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62-203, Take-Over Bids and Issuer Bids

Effective date:

February 1, 2008, except for subsequent amendments.

Published by the CSA:

November 16, 2007


Prior to the February 2016 amendments, Regulation 62-104 Take-Over Bids and Issuer Bids (the Instrument) governed take-over bids and issuer bids in all jurisdictions of Canada, except Ontario, and has been implemented as a rule or regulation in all jurisdictions, except Ontario. Part XX of the Securities Act (Ontario) (the Ontario Act) and Ontario Securities Commission Rule 62-504 Take-Over Bids and Issuer Bids (the Ontario Rule) govern take-over bids and issuer bids in Ontario only.

This Policy, the Instrument, the Ontario Act and the Ontario Rule are collectively referred to as the "Bid Regime". This Policy outlines how the provincial and territorial securities regulatory authorities interpret or apply certain provisions of the Bid Regime and provides guidance on the conduct of parties involved in a bid.

As a result of the February 2016 amendments, Ontario will (i) repeal Ontario Securities Commission Rule 62-504, Take-Over Bids and Issuer Bids; (ii) make amendments to Part XX of the Securities Act (Ontario); (iii) adopt Multilateral Instrument 62-104, Take-Over Bids and Issuer Bids; and (iv) adopt this Policy.

Recent developments




February 25, 2016 Amendments to NI 62-104 and related instruments Except in Ontario, provided all necessary Ministerial approvals are obtained, the amendments will come into force on May 9, 2016. In Ontario, the amendments will come into force on the later of (a) May 9, 2016, and (b) the day on which certain sections of Schedule 18 of the Budget Measures Act, 2015 (Ontario) are proclaimed into force.

Note: The above summary of Recent Developments does not include consequential amendments made as the result of other projects.

For details on the history of this Instrument, please refer to the OSC’s Web site.

Amendments under consideration

  • None

Correction list for hyphenation

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