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ARTICLE · 30 OCTOBER 2020

OSC Proposes Amendments To OSC Rule On Trading During Distributions

Stikeman Elliott LLP
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Amendments to OSC Rule 48-501 would remove prohibitions considered duplicative in light of existing restrictions in the Universal Market Integrity Rules (UMIR).

CanadaCorporate/Commercial Law
Simon Romano
Simon Romano
Ramandeep Grewal
Ramandeep Grewal
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Amendments to OSC Rule 48-501 would remove prohibitions considered duplicative in light of existing restrictions in the Universal Market Integrity Rules (UMIR).

  • Existing trading restrictions concerning dealers, insiders and affiliated entities are intended to prevent market manipulation.
  • According to the OSC, the restrictions are duplicative of similar provisions in the UMIR applicable across Canada and overly broad when compared to similar U.S. rules.
  • The OSC is accepting comments on its proposals until November 4, 2020.

Changes Applicable to Dealers

On August 6, the Ontario Securities Commission (OSC) published proposed amendments to OSC Rule 48-501 Trading During Distributions, Formal Bids and Share Exchange Transactions that would repeal the trading restrictions imposed on dealers acting as or in a similar capacity to underwriters or dealer managers in connection with certain distributions and transactions. OSC Rule 48-501, which also includes

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