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ARTICLE · 05 JUNE 2007

TSX Amends Rules On Normal Course Issuer Bids

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The Toronto Stock Exchange (TSX) has adopted and the Ontario Securities Commission (OSC) has approved amendments to the TSX’s rules on normal course issuer bids (NCIBs) and debt substantial issuer bids (the Amendments). The Amendments will be effective on June 1, 2007.

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Article by Pamela Hughes and Chris Hewat, © 2007, Blake, Cassels & Graydon LLP

Originally published in Blakes Bulletin on Securities Law, May 2007

BACKGROUND

The Toronto Stock Exchange (TSX) has adopted and the Ontario Securities Commission (OSC) has approved amendments to the TSX’s rules on normal course issuer bids (NCIBs) and debt substantial issuer bids (the Amendments). The Amendments will be effective on June 1, 2007.

Proposed amendments to the TSX’s NCIB rules were published for comment on November 5, 2004 and October 21, 2005. Of note, in an effort to harmonize TSX rules to a greater degree with Rule 10b-18 of the U.S. Securities and Exchange Commission (SEC), the TSX has replaced the current 2% limit on repurchases of securities in a 30-day period with a new daily purchase restriction based on average daily trading volume. The Amendments do not include rules that the TSX had previously proposed relating to the use of derivatives and accelerated buybacks in connection

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