The Canadian Securities Administrators published amendments to certain National Instruments and Policies to accommodate the Canadian Securities Exchange’s new Senior Tier and align its issuers’ regulatory treatment with other non-venture exchanges. The changes revise the definition of “venture issuer” to exclude CSE Senior Tier issuers, allowing them to be treated as non-venture issuers under securities legislation. The amendments also expand certain exemptions and eligibility requirements so they apply to the CSE in the same manner as for other non-venture exchanges, and codify the January 31, 2023 blanket orders exempting Canada Business Corporations Act reporting issuers from proxy form voting option requirements in uncontested director elections. The package further updates references to reflect the name changes to Cboe Canada Inc. and AQSE Growth Market, and removes the requirement for escrow agreements to be signed, sealed and delivered by securityholders in the presence of a witness. Provided all necessary approvals are obtained, the amendments and changes will take effect on September 19, 2025.
Canadian Securities Administrators 2025-06-19
Canadian Securities Administrators revise venture issuer definition to exclude CSE Senior Tier and codify proxy form exemption
The Canadian Securities Administrators have amended National Instruments and Policies to align the Canadian Securities Exchange's (CSE) new Senior Tier with other non-venture exchanges. These changes redefine "venture issuer" to exclude CSE Senior Tier issuers, expand exemptions and eligibility requirements, and codify previous exemptions for Canada Business Corporations Act reporting issuers. The amendments update references to Cboe Canada Inc. and AQSE Growth Market and remove the requirement for escrow agreements to be witnessed.