TSX Issues Staff Notice On Emerging Market Issuers

Following its 2012 public consultation on emerging market issuers (EMIs) the Toronto Stock Exchange has published a staff notice on the application of the TSX original and continued listing requirements to EMIs. EMIs are generally considered by the TSX to have higher risk profiles than other issuers. The staff notice sets out the TSX's expectations when it is considering listing an EMI and should be read in conjunction with the requirements of the TSX Company Manual.

Which issuers will be considered EMIs by the TSX?

The TSX will consider each of the following factors in determining whether a listing applicant is an EMI:

• the residency of its mind and management;
• the jurisdiction of the principal business operations and location of assets;