Canada: Listing Rules & Flotation

Les Autorités canadiennes en valeurs mobilières proposent d'inscrire dans la réglementation les modifications apportées à la dispense pour financement de l'émetteur coté, permettant aux émetteurs de lever jusqu'à 50 M$ CA sans prospectus. Le projet de modification simplifie certaines conditions tout en introduisant de nouvelles exigences d'information pour les émetteurs confrontés à des incertitudes financières.

The Canadian Securities Administrators have published proposed amendments to the listed issuer financing exemption that would permanently increase capital-raising limits from $10 million to up to $50 million for larger companies. These changes build on temporary relief measures that facilitated $3.7 billion in capital raised over the past year and include streamlined operational conditions aimed at simplifying the exemption's use for eligible exchange-listed reporting issuers.

The Multijurisdictional Disclosure System has enabled eligible Canadian issuers to access U.S. capital markets using Canadian disclosure documents since 1991. This framework offers a streamlined pathway for cross-border securities offerings, with registration statements becoming effective in as few as three to four business days while the SEC defers substantive review to Canadian regulators.

A common challenge that many Canadian issuers are facing, especially in light of the turbulent and unpredictable capital markets in Canada in the past few years, is access to a deep ...

On October 31, 2017, the British Columbia Securities Commission (BCSC) published a blanket order granting new exemptions to the prospectus requirement to British Columbia issuers ...

There are currently no similar plans to automate and digitize the listing application.

Effective September 10, 2015, the TSX updated its rules regarding exemptions available for eligible interlisted issuers.

The Toronto Stock Exchange (TSX) has adopted amendments to the TSX Company Manual (Manual) concerning non-corporate issuers, effective September 17, 2015.

The Toronto Stock Exchange has adopted, and the Ontario Securities Commission has approved, amendments to Parts I, III, IV and VI of the TSX Company Manual.