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ARTICLE · 25 FEBRUARY 2015

TSX Proposes Amendments To Reduce Regulatory Burden For Interlisted Issuers

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As of November 30, 2014, of the over 1500 issuers listed on the Toronto Stock Exchange (the "TSX"), 332 were listed on another exchange or marketplace.

CanadaFinance and Banking

Background

As of November 30, 2014, of the over 1500 issuers listed on the Toronto Stock Exchange (the "TSX"), 332 were listed on another exchange or marketplace. On January 22, 2015, the TSX announced proposed amendments (the "Amendments") to the TSX Company Manual (the "Manual") to modify, expand and formalize the exemptions currently available to issuers that are listed on two or more exchanges or marketplaces ("Interlisted Issuers").

According to the TSX, Interlisted Issuers are generally subject to at least two sets of exchange requirements that often address the same policy objectives, causing duplication and sometimes contradiction in the requirements imposed upon them. The purpose of adopting a broader deference model is to increase transparency and to reduce the regulatory burden on eligible Interlisted Issuers by allowing the TSX to defer to other exchanges or jurisdictions for certain transactions and corporate governance matters.

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