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ARTICLE · 12 AUGUST 2026

CSA Proposes Permanent Increase To Capital-Raising Limits Under The Listed Issuer Financing Exemption

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The Canadian Securities Administrators have published proposed amendments to the listed issuer financing exemption that would permanently increase capital-raising limits from $10 million to up to $50 million for larger companies. These changes build on temporary relief measures that facilitated $3.7 billion in capital raised over the past year and include streamlined operational conditions aimed at simplifying the exemption's use for eligible exchange-listed reporting issuers.

CanadaFinance and Banking
Sean Maniaci
Sean Maniaci
Camély Gendron
Camély Gendron
Courtney Wong
Courtney Wong
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On July 23, 2026, the Canadian Securities Administrators (CSA) published for comment proposed amendments to Part 5A of National Instrument 45-106 – Prospectus Exemptions (NI 45-106) and Companion Policy 45-106CP – Prospectus Exemptions relating to the listed issuer financing exemption (the LIFE). The proposed amendments would primarily codify the increased financing limits introduced through the CSA’s 2025 Blanket Order (as defined below) and respond to feedback received from certain market participants by streamlining other conditions of the exemption (the Proposed Amendments).

Timeline

The LIFE was introduced in November 2022 as a prospectus exemption intended to provide a more efficient capital-raising option for eligible Canadian exchange-listed reporting issuers that have filed all timely and periodic disclosure documents required under securities legislation.

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