On June 13, 2013, Bill 65 (Prosperous and Fair Ontario Act (Budget Measures)), 2013 received Royal Assent.  Bill 65 contained amendments to the Securities Act (Ontario) (Act).  In particular, section 76 of the Act has been amended to include in the definition of “person or company in a special relationship with a reporting issuer”, persons or companies that are considering or evaluating whether to make a take-over bid or enter into an arrangement with a reporting issuer.  As a result, an acquiror considering or evaluating a take-over bid or arrangement with a reporting issuer will be subject to the insider trading and tipping provisions of the Act, including the penalties in the Act relating to such activities.