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Banks join the exemption order crowd allowing them to buy shares via private agreements

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For the second time this year, a Canadian bank has been given permission by the Ontario Securities Commission to buy back a good chunk of its own shares via private agreements with an arms-length third party seller. This week, Toronto-Dominion Bank joined the parade and plans to purchase, for cancellation, …

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A primer on issuer bid exemption orders: They are bigger than you might think

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The issuer bid exemption order business – an arrangement approved by a regulator, in this case the Ontario Securities Commission, allowing a company to buy back its stock through private agreements at a discount to market – is larger than originally anticipated. We know that because the Ontario Securities Commission, …

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