Toronto Stock Exchange

News & Analysis as of

TSX Proposes Mandated Website and Updated Equity Compensation Plan Disclosure Requirements

The Toronto Stock Exchange (TSX) has published for comment proposed amendments to the TSX Company Manual (Manual). If adopted, the amendments would, among other things, introduce mandated website disclosure for all TSX listed...more

TSX Proposes New Website and Equity Compensation Plan Disclosure

On May 26, 2016, the Toronto Stock Exchange (TSX) published for comment proposed amendments to Part IV and Part VI of the TSX Company Manual (Manual). If adopted, the proposed amendments would introduce website disclosure...more

Amendments to Dividend / Distribution Reinvestment Plans Regime

On April 28, 2016, The Toronto Stock Exchange (the “TSX”) published proposed amendments (the “Amendments”) to introduce requirements regarding Dividend / Distribution Reinvestment Plans (the “DRIPs”) to Part VI of the TSX...more

At-the-Market Offerings by Canadian Issuers

Recent capital markets conditions have made at-the-market (ATM) offerings an attractive alternative to traditional follow-on equity offerings. ATM offerings reduce execution risk by permitting equity to be sold into the...more

TSX, TSXV Provide Guidance on New Rights Offering Regime

The Toronto Stock Exchange (TSX) and the TSX Venture Exchange (TSXV) issued guidance to issuers following the recent amendments relating to rights offerings adopted by the Canadian Securities Administrators (CSA) on December...more

CSA re: Non-GAAP, TSX NCIB FAQs and Other Acronyms

Recently, the CSA (Canadian Securities Administrators) released revised guidelines regarding the disclosure of non-GAAP (generally accepted accounting principles) financial measures and the TSX (Toronto Stock Exchange)...more

2016 Proxy Advisory Firm Voting Guidelines: Canadian Highlights

As an early step in preparing for the upcoming proxy season, issuers should familiarize themselves with the Canadian proxy voting guidelines recently published by Institutional Shareholder Services Inc. (ISS) and Glass Lewis...more

The ABCs of SPACs: Canadian Experience

While market uncertainty and volatility have affected other sectors of Canadian capital markets, the Canadian Special Purpose Acquisition Corporation (SPAC) market has continued to thrive in the second part of 2015. Since...more

Rights Offering in Canada About to Get Easier

On September 24, 2015, the Canadian Securities Administrators (CSA) announced the adoption of amendments to the prospectus-exempt rights offering regime (Rights Offering Exemption) to create a more streamlined process and...more

TSX Implements Rule Changes to Benefit Interlisted Issuers

The Toronto Stock Exchange (TSX) has implemented amendments (Amendments) to its Company Manual to modify and expand the exemptions available to TSX issuers listed on one or more other exchanges (interlisted issuers) where the...more

Canadian Investment Fund Regulatory Review for Q3 - 2015

The Canadian investment fund industry has been the subject of various regulatory developments in the third quarter of 2015. This bulletin provides a summary of certain key takeaways that will be useful for investment fund and...more

Women on boards: Review and discussion of new “comply or explain” disclosure requirements

On September 29, 2015, the Ontario Securities Commission (OSC) hosted a roundtable to discuss both its findings on compliance with and the disclosure undertaken in response to National Instrument 58-101 Disclosure of...more

TSX Amends Requirements for Closed-end Funds, Exchange Traded Products and Structured Products

The Toronto Stock Exchange (TSX) has adopted amendments to the TSX Company Manual (Manual) concerning non-corporate issuers, effective September 17, 2015. The amendments generally codify existing practices of the TSX with...more

TSX Expands Exemptions Available to Interlisted Issuers

On September 10, 2015, the Toronto Stock Exchange (TSX) published a Notice of Amendments to the TSX's Company Manual. The Amendments modify, expand and formalize certain exemptions available to issuers listed on the TSX which...more

Multiple Voting Shares: Don’t Call it a Comeback

Dual class share structures have been thrust back into the spotlight by a recent flurry of initial public offerings of subordinate voting shares, a proposed going private transaction of a dual class share company and...more

Ontario Ministry’s Expert Report Recommends Big Changes to Province’s Corporate Laws

On July 9, 2015, an expert panel convened by the Ontario Ministry of Government and Consumer Services (MGCS) released their final report (the Expert Report) containing many broad recommendations on how to modernize Ontario’s...more

Planning For Qualified Dividend Income When Taking Foreign Companies Public - Tax Update Volume 2015, Issue 2

Where Qualified Dividend Treatment Is Important, Serious Consideration Should Be Given to Ensuring the Company Is Eligible for Treaty Benefits Before Taking It Public. Dividends generally are taxed at ordinary income...more

The OSC Introduces Amendments to the Voluntary Delisting Rules in the TSX Company Manual

An issuer seeking to voluntarily delist its securities from the Toronto Stock Exchange (TSX) is now faced with new rules aimed at providing protection to its security holders, which may require security holder approval to...more

Dodd-Frank of the North? Incentive-Based Whistleblower Program Coming to Canada

It will be of significant interest to US corporations that make securities filings with the Ontario Securities Commissions (“OSC”), that on February 3, 2015, the OSC published “Staff Consultation Paper 15-401”, which sets out...more

Structured Thoughts - Volume 6 , Issue 2 - March 2015

In This Issue: - FCA Publishes Thematic Review on Structured Product Development and Governance - EU Commission Review of Prospectus Directive - SEC Issues Investor Bulletin Relating to Structured Notes -...more

Prospectus Exemption for Distributions to Existing Security Holders

On March 13, 2014, Canadian securities regulators in all jurisdictions except Ontario and Newfoundland and Labrador adopted a prospectus exemption for issuers listed on the Toronto Stock Exchange (TSX), the TSX Venture...more

Accessing Asian Capital By Canadian Companies – The Case For Listing In Hong Kong

Why Hong Kong - Michael Chan, Assistant Vice President of the Global Markets Division of the Hong Kong Stock Exchange (“HKEx”), was recently in Canada, visiting Calgary, Toronto and Vancouver and delivering a...more

Listing Of Chinese Companies On The Toronto Stock Exchange Or TSX Venture Exchange

Originally published in Canada China Business Forum, Fall-Winter 2012: THE TORONTO STOCK EXCHANGE (TSX) AND THE TSX Venture Exchange (TSX-V), which are part of the TMX Group in Canada , are receptive to new successful ...more

TSX New Company Manual Rules Regarding Election Of Directors And Majority Voting Are Now Effective

On December 31, 2012, the recent amendments to the TSX Company Manual regarding director elections and majority voting became effective. Under the new rules, TSX-listed companies are required to...more

Focus on Securities - January 2013: TMX Group Consultation Paper On Emerging Market Issuers

On December 17, 2012 the Toronto Stock Exchange (“TSX”) and TSX Venture Exchange (“TSXV” and together with the TSX the “Exchanges”) published a consultation paper on their respective listing requirements applicable to issuers...more

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