The Canadian Securities Administrators has proposed amendments to make permanent higher fundraising limits under the listed issuer financing exemption, which allows eligible Canadian exchange-listed issuers to raise capital without a prospectus. The changes would largely codify a 2025 blanket order that raised the amount issuers can raise in a 12-month period to CAD 25 million, or up to CAD 50 million for larger companies, subject to conditions, while also streamlining other conditions of the exemption in response to market feedback. The listed issuer financing exemption was introduced in November 2022 for issuers that are current with required timely and periodic disclosure. According to the Canadian Securities Administrators, the 2025 blanket order enabled CAD 3.7 billion of capital raising in its first year, a pace eight times higher than under the original lower limits. The proposed amendments would be made through changes to National Instrument 45-106 Prospectus Exemptions and Companion Policy 45-106CP. Comments on the proposals are due by October 21, 2026.
Canadian Securities Administrators2026-07-23
Canadian Securities Administrators launches consultation to make higher listed issuer financing exemption limits permanent, up to CAD 50 million
The Canadian Securities Administrators is consulting on rule changes to permanently raise the listed issuer financing exemption limits to CAD 25 million, or up to CAD 50 million for larger companies, over 12 months. The proposals would codify a 2025 blanket order and streamline other conditions of the exemption. The authority said the higher limits supported CAD 3.7 billion of fundraising in the first year.