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On March 31, 2026, the TSX Venture Exchange (the Exchange) announced the immediate removal of its requirement for a Sponsor under its Corporate Finance Manual (the Manual). This represents a significant change to the Exchange's listing framework, eliminating a longstanding prerequisite that required companies seeking to list on the TSXV to engage a sponsoring member firm to conduct due diligence and provide a report to the Exchange in support of the listing application.
Key changes
The Exchange has removed the following provisions from the Manual in their entirety:
- Policy 2.2 – Sponsorship and Sponsorship Requirements
- Form 2G – Sponsorship Acknowledgement Form
- Form 2H – Sponsor Report
- Form 2I – Transaction Disclosure Form
- Appendix 2A – Review Procedure Guidelines
Consequential amendments
To reflect the removal of the Sponsor requirement, the Exchange has also amended a number of related Policies and Forms. Notable amendments include the following:
- Policy 2.1 – Initial Listing Requirements: The Initial Listing Requirement tables in Sections 2.4 and 2.5 have been revised to reflect current practices. Updated guidance for Oil & Gas Issuers is now provided in Section 2.10. Section 2.12 incorporates the contents of the Exchange's June 2018 Bulletin on facilitating the listing process for Industrial, Technology and Life Sciences Issuers, and the former Guidance Notes have been integrated directly into the Policy.
- Policy 2.3 – Listing Procedures: Section 1.14 has been amended to clarify the contracts required to be filed, and Sections 3.1(f) and (g) have been aligned with opinions and certificates required under other Policies.
- Policy 2.9 – Trading Halts, Suspensions and Delisting: Section 5.3 has been expanded to include a definition for "Majority of the Minority Approval."
- Policy 5.2 – Changes of Business and Reverse Takeovers: Several sections have been amended to align with the requirements of Policy 2.4 – Capital Pool Companies and Policy 5.4 – Capital Structure, Escrow and Resale Restrictions. Section 11.1 has been amended to reflect current financial statement requirements.
- Form 2B – Listing Application: Item 12 has been expanded to cover all security-based compensation.
Additional amendments have been made to Policies 1.1, 2.4, 2.7, 2.10, 3.1, 3.2, 3.4 and 4.6, as well as Forms 3A and 3B1-3B2.
Practical implications
The removal of the Sponsor requirement is expected to streamline the listing process for companies seeking admission to the TSXV and may reduce both the time and cost associated with initial listings and certain other transactions that previously required sponsorship. Issuers and their advisers should, however, be mindful that the Exchange's substantive listing standards and ongoing disclosure obligations remain in effect.
Market participants are encouraged to review the full text of the amended Policies and Forms, which are available on the Exchange's website. Clean and blacklined versions of all amended materials have been published.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances. Specific Questions relating to this article should be addressed directly to the author.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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