In accordance with the Process for the Review and Approval of Rules and the Information Contained in Form 21-101F1 and the Exhibits Thereto, CNSX Markets Inc. (CSE) has proposed, and the Ontario Securities Commission (the OSC) has approved significant changes (the Amendments) to the CSE Listing Policies and Forms.
The Amendments, which came into effect April 3, 2023, introduced the following main changes:
- qualifications, requirements and financial reporting obligations that reflect requirements for non-venture issuers that would apply to CSE Listed Issuers designated by the CSE as “NV Issuers”;
- requirements and provisions for listing Special Purpose Acquisition Corporations (SPACs) and Exchange Traded Funds (ETFs), including Closed End Funds (CEFs); and,
- additional corporate governance requirements for all CSE Listed Issuers, including security holder approvals, and specific requirements related to restricted securities and take-over bid protections, normal course issuer bids, shareholder rights plans and security-based compensation plans. These additional requirements are consistent with requirements of other Canadian exchanges for venture issuers and non-venture issuers.
The Amendments were published for comment on December 9, 2021. The comment period expired on February 7, 2022, with 16 comment letters received. A summary of the comments and CSE’s responses, as well as a copy of the CSE Notice, are available for download from the OSC’s website.
The amended policies and related forms are available for download from the CSE’s website.
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.