The Canadian Securities Administrators (CSA) published a Notice and Request for Comment on August 1, 2024, on proposed amendments and changes to certain National Instruments and Policies to address several matters, including the creation of a Senior Tier by the Canadian Securities Exchange (CSE).

The new Senior Tier of the CSE 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 and would also allow the CSE’s Senior Tier issuers to be treated the same way under securities legislation as issuers listed on other non-venture exchanges.

The CSA Notice and Request for Comment also includes 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
• Reflecting the name change of the former Aequitas NEO Exchange Inc. to Cboe Canada Inc.
• Reflecting the name change of the former PLUS markets to AQSE Growth Market, and
• Removing the requirement for escrow agreements to be signed, sealed and delivered by security holders in the presence of a witness.

The CSA Notice and Request for Comments can be found on CSA members’ website. The 90-day comment period closes on October 30, 2024.

Please contact any member of the Securities and Corporate Finance group at Dentons for additional information.