62-201 - Bids Made Only in Certain Jurisdictions [NP - Rescinded]
1.1 Equal Treatment
PART 2 CEASE TRADE ORDERS
2.1 Cease Trade Orders - If a take-over bid or issuer bid is made to securityholders of a target company in one or more jurisdictions, but is not made to securityholders in one or more other jurisdictions, the Canadian securities regulatory authorities in the jurisdictions in which the bid is made may issue cease trade orders in respect of the bid. The Canadian securities regulatory authorities will generally not issue a cease trade order without providing the offeror an opportunity to address whether the bid offends the public policy considerations reflected in this Policy and any other relevant considerations.
PART 1 EXEMPTIONS
3.1 Exemptions - If there is a minimal number of securityholders in a jurisdiction, the Canadian securities legislation in that jurisdiction may provide an exemption from that jurisdiction's take-over bid or issuer bid requirements, or an offeror may apply for an exemption on the basis that the bid will be made to the securityholders in accordance with requirements of another jurisdiction or a foreign jurisdiction whose requirements are acceptable to the Canadian securities regulatory authority in the jurisdiction to which the application is made. Generally, in the latter case, there will be considered to be a minimal number of securityholders in a jurisdiction if the number of registered holders of securities of the class subject to the bid is fewer than 50 and the securities held by the securityholders constitute less than two percent of the outstanding securities of that class.
PART 4 EFFECTIVE DATE
4.1 Effective Date - This National Policy comes into force on August 4, 1997.