Canada: Listing Rules & Flotation

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.

Agnico Eagle's listing of contingent value rights on the Toronto Stock Exchange marks a groundbreaking development in Canadian capital markets, establishing the first-ever CVR listing on a Canadian exchange. This precedent-setting transaction demonstrates how mining companies can bridge valuation gaps in M&A deals through innovative securities structures that provide both liquidity and tax efficiency for investors. The listing through the TSX Sandbox program offers a blueprint for future resource sector tra

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.

Canada currently does not have a federal securities regulator, as other major capital markets do.

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.

The multijurisdictional disclosure system permits eligible Canadian issuers to publicly offer securities in the United States by using a prospectus that is prepared principally in accordance with Canadian disclosure requirements.