New OSC Rule Restricts Trading During Distributions,Formal Bids and Share Exchange Transactions
Rule 48-501 replaces OSC Policy 5.1 paragraph 26 and OSC Policy 62-601
Ontario Securities Commission Rule 48-501 - Trading during Distributions, Formal Bids and Share Exchange Transactions (Rule 48-501) was approved by the OSC on February 15, 2005 and came into force on May 9, 2005. Rule 48-501 replaces OSC Policy 5.1 paragraph 26 and OSC Policy 62-601.
Ontario Securities Commission Rule 48-501 - Trading during Distributions, Formal Bids and Share Exchange Transactions (Rule 48-501) was approved by the OSC on February 15, 2005 and came into force on May 9, 2005. Rule 48-501 replaces OSC Policy 5.1 paragraph 26 and OSC Policy 62-601.
Rule 48-501, which has been harmonized with the Universal Market Integrity Rules amendments of Market Regulations Services Inc., imposes trading restrictions on dealers, issuers and certain related parties involved in the distribution of securities, take-over bids, amalgamations and issuer bids. The objective of Rule 48-501 is to reduce the possibility of price manipulation by those with an interest in the outcome of a distribution of securities or other transaction. Rule 48-501 also attempts, to the extent possible, to impose trading restrictions that are consistent with those imposed by the United States Securities and Exchange Commission's Regulation M.
Continue Reading...