Canadian Securities Law : Canadian Securities Lawyer & Attorney : Stikeman Elliott Law Firm : Montreal, Ottawa, Calgary, Vancouver, Montreal, Toronto

On February 20, 2007, the Canadian Securities Administrators (CSA) published for comment Proposed National Instrument 31-103 - Registration Requirements (Proposed Registration Rule). The comment period will expire on June 20, 2007.

The Proposed Registration Rule is one phase of the CSA Registration Reform Project which is intended to harmonize and streamline registration requirements across Canada. It represents a major restructuring of the Canadian dealer, adviser and investment fund manager registration rules, and has implications for Canadian and non-Canadian dealers, advisers and investment fund managers doing business on a registered or exempt basis in any province or territory of Canada.

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On February 20, 2007, the Canadian Securities Administrators (the CSA) published for comment Proposed National Instrument 31-103 - Registration Requirements (the Proposed Registration Rule). The comment period will expire on June 20, 2007.

The Proposed Registration Rule is one phase of the CSA Registration Reform Project which is intended to harmonize and streamline registration requirements across Canada. It represents a major restructuring of the Canadian dealer, adviser and investment fund manager registration rules, and has implications for Canadian and non-Canadian dealers, advisers and investment fund managers doing business on a registered or exempt basis in any province or territory of Canada, including non-Canadian dealers registered in Ontario in the category of "international dealer."

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William J. Braithwaite and John Ciardullo

Introduction

Canadian M&A activity was extremely robust in 2006, with transaction volumes reaching all-time highs. According to industry data compiled by Crosbie & Company, there were 1,968 announced transactions valued at about C$257 billion (US$216 billion) in 2006, compared to 1,247 transactions valued at about C$165 billion in 2005, representing a 56% and 58% increase, respectively. Canadian practitioners are optimistic that this pace of M&A activity will continue in 2007.

The increase in Canadian M&A activity can be attributed to a number of factors and trends, including favourable economic conditions and low interest rates in North America, strong global commodities prices and the increased presence of credible international buyers and U.S. private equity firms on the Canadian M&A scene, among other factors.

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