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CCCA_V7No2_Q&AHowardLevine-FIN_CCCA 13-05-16 3:20 PM Page 16 Feature Poison pills: New rules ahead? Howard Levine, a partner in the Montreal office of Blakes, discusses new approaches under consid- eration by securities regulators to deal with takeover defence tactics. He spoke with senior editor Yves Faguy. CCCAWhy now?Why are Canada’s regulatory bodies saying we need a new approach to dealing with poison pills? Howard Levine Generally there’s been a sense that we’ve seen a hollowing out of the Canadian marketplace. Canadian companies are seen as relatively easy targets compared to other jurisdictions for hostile bids.There’s a sense among some peo- ple that the barriers are too low and that it is time to reassess the rules around the marketplace to see whether this is a real concern and whether there are things that could be done to address it.When looking at the Canadian legislative landscape ver- sus other jurisdictions,the perception is the Canadian jurisdiction is a little bit more weighted towards the bidder than the target company. PIERRE CHARBONNEAU 16 CCCA Canadian Corporate Counsel Association SUMMER 2013