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ARTICLE · 09 MAY 2023

The New CSE Senior Tier

McMillan LLP
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On April 3, 2023, the Canadian Securities Exchange (the "CSE") implemented amendments (the "Amendments") that included the addition of a new senior tier (the "Senior Tier") for its larger and later stage issuers...

CanadaCorporate/Commercial Law
Grant Wong
Grant Wong
Adam Jones
Adam Jones
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On April 3, 2023, the Canadian Securities Exchange (the "CSE") implemented amendments (the "Amendments") that included the addition of a new senior tier (the "Senior Tier") for its larger and later stage issuers or "non-venture" issuers (the "NV Issuers").

The Senior Tier related amendments include enhanced disclosure and governance requirements for NV Issuers that are consistent with the policies governing comparable senior tier issuers. The Senior Tier is expected to provide more accessibility to a broader range of institutional investors and may meet the criteria for certain stock indices from which venture securities are currently excluded.

Under Canadian securities regulations, a "venture issuer" continues to mean a reporting issuer that does not have any of its securities listed or quoted on any of the Toronto Stock Exchange, the NEO Exchange (now known as Cboe Canada), a US marketplace (such as the New York Stock Exchange or NASDAQ), or a marketplace

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The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.

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