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ARTICLE · 13 APRIL 2021

Changes To The TSXV'S Capital Pool Company Program And Policy 2.4

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In December 2020, the TSX Venture Exchange (the TSXV) announced that it would be updating the policies that governed the Capital Pool Company (CPC) program.

CanadaCorporate/Commercial Law
Alison Manzer
Alison Manzer
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In December 2020, the TSX Venture Exchange (the TSXV) announced that it would be updating the policies that governed the Capital Pool Company (CPC) program. Specifically, the TSXV set out a number of changes (the CPC Policy Changes) to TSXV Policy 2.4 (the Previous CPC Policy) based on feedback and input that the TSXV had received from market participants since the Previous CPC Policy was released in June of 2010. The CPC Policy Changes took effect on January 1, 2021, with the goals of (i) increased flexibility, (ii) reduced regulatory burdens, and (iii) improved economics.

The CPC program offers Canadian private companies a unique two-step introduction to the capital markets, often used as an alternative to the more traditional initial public offering (IPO) process. The first step involves forming the CPC and listing it on the TSXV. In order to qualify for listing as a CPC, the company must have no assets other than cash and no commercial operations. The second

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