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ARTICLE · 26 JUNE 2013

Regulation Of Defensive Tactics: A Possible Third Approach

McMillan LLP
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McMillan LLP has submitted a comment letter in response to the request for comment by the Canadian Securities Administrators with respect to proposed National Instrument 62-105 Security Holder Rights Plans, proposed Companion Policy 62-105CP Security Holder Rights Plans and proposed consequential amendments.

CanadaCorporate/Commercial Law
Paul Davis
Paul Davis
Paul Collins
Paul Collins
Sandra Zhao
Sandra Zhao
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McMillan LLP has today submitted a comment letter in response to the request for comment by the Canadian Securities Administrators (the "CSA") with respect to proposed National Instrument 62-105 Security Holder Rights Plans, proposed Companion Policy 62-105CP Security Holder Rights Plans and proposed consequential amendments (collectively, the "CSA Proposal"). The comment letter also responds to the consultation paper published concurrently by the Autorité des marchés financiers (the "AMF") on an alternative approach to the CSA Proposal (the "AMF Proposal").

In our submissions, we suggest an alternative approach to that of the AMF and CSA for the regulation of defensive tactics, which we believe may better address the critical policy concerns surrounding National Policy 62-202 Take-Over Bids – Defensive Tactics ("NP 62-202").1

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