TMX Broadcast Centre manager Kris Backus walks in front of the centre's display board in Toronto on May 16, 2011.The takeover of the operator of Canada's major stock exchanges has cleared a pair of key regulatory hurdles. The Competition Bureau says it will not challenge the proposed takeover of the TMX GroupTHE CANADIAN PRESS/Frank Gunn
July 04, 2012 - 12:26 PM
TORONTO - The takeover of the operator of Canada's major stock exchanges has cleared a pair of key regulatory hurdles.
The Competition Bureau says it will not challenge the proposed takeover of the TMX Group.
The federal regulator says it is issuing what it calls a "no action letter" in connection with the takeover by a consortium of the country's biggest pension plans, banks and other financial institutions.
The pass came as the Ontario Securities Commission also gave its approval and published final recognition orders for the deal.
The Competition Bureau says measures contained in approvals by provincial securities regulators substantially mitigate its concerns.
The proposed takeover still requires approval by the British Columbia and Alberta securities regulators.
News from © The Canadian Press, 2012