The Canadian Securities Administrators (CSA) has published a package of proposed amendments (the Proposed Amendments), including a proposal by the Canadian Securities Exchange (CSE) to establish a new senior tier of Venture Issuer (the Venture Issuer Tier) for review and comment for a 90-day period ending October 30, 2024.
Prominent among the Proposed Amendments is the proposal by the CSE for the creation of the new Venture Issuer Tier. This new Senior Tier is intended for non-venture issuers, with requirements that align with those of a non-venture exchange. The proposed amendments and changes revise the definition of “venture issuer” to exclude the CSE’s Senior Tier companies, allowing the CSE’s Senior Tier issuers to be treated the same way under securities legislation as issuers listed on other non- venture exchanges.
The Proposed Amendments also include proposed amendments and changes on the following other matters:
- Aligning certain exemptions and eligibility requirements so that they apply to the CSE in the same manner as they do for other similar exchanges.
- Codifying blanket orders issued by CSA members to accommodate recent “majority voting” amendments to the Canada Business Corporations Act.
- Reflect the name changes of the former Aequitas NEO Exchange Inc. to
Cboe Canada Inc. and the former PLUS markets to AQSE Growth Market. and, - Remove the requirement for escrow agreements to be signed, sealed and delivered by securityholders in the presence of a witness
The Proposed Amendments are available for download from the websites of the participating jurisdictions.
For more information, please call Barbara Hendrickson at BAX Securities Law (647) 403-4606.
This publication is not intended to constitute legal advice. No one should act on it or refrain from acting on it without consulting with a lawyer. BAX does not warrant or guarantee the accuracy or currency or completeness of the publication. No part of this publication may be reproduced without the prior written permission of BAX Securities Law.
