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ARTICLE · 27 APRIL 2023

TSX Introduces New Standards For Pricing Of Public Offerings

Osler, Hoskin & Harcourt LLP
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The new rules are substantially the same as the draft Amendments previously circulated by the TSX in December 2022.

CanadaFinance and Banking
Desmond Christy
Desmond Christy
Rosalind Hunter
Rosalind Hunter
James Brown
James Brown
Desmond Lee
Desmond Lee
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On April 20, 2023, the Toronto Stock Exchange (TSX) adopted amendments [PDF] (the Amendments) to Section 606 – Prospectus Offerings of the TSX Company Manual (the Manual) which set new standards relating to the pricing of public offerings, including when the TSX will apply the private placement provisions of Section 607 – Private Placements of the Manual to a prospectus offering. The new rules are substantially the same as the draft Amendments previously circulated by the TSX in December 2022.

The TSX has also issued TSX Staff Notice 2023-0002 (the Staff Notice), providing guidance on pricing a prospectus offering or private placement where there has been recent disclosure of material information.

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