Canadian securities regulators are proposing a series of rule changes to accommodate the Canadian Securities Exchange’s (CSE) new senior listing tier, among other issues.
In a regulatory notice, the Canadian Securities Administrators (CSA) are seeking comment on a number of proposed rule changes, including revising the definition of a venture issuer, incorporating majority voting requirements, and modernizing certain escrow requirements.
Among other things, the CSA is proposing to exclude the CSE’s senior listings from the definition of venture issuers, allowing them to be treated the same as other senior companies.
Currently, the CSE is classified as a venture market in the CSA’s rules, although in May 2023 the exchange added a listing category for non-venture issuers, and in July 2023 it listed its first senior issuer.
Alongside revising the venture definition, the CSA is seeking to ensure that exemptions and listing eligibility requirements apply to the CSE in the same way they do for other exchanges.
The proposed revisions also aim to codify orders issued by the regulators regarding new majority voting requirements. And the CSA is making changes to reflect that the Aequitas NEO Exchange Inc. changed its name to Cboe Canada Inc., and that PLUS markets has become AQSE Growth Market.
The proposed changes are out for comment until Oct. 30.