TSX Company Manual:

TSX Company Manual
Part I Introduction
Part II Why List on the Toronto Stock Exchange?
Part III Original Listing Requirements
Part IV Maintaining a Listing — General Requirements
Part V Special Requirements for Non-Exempt Issuers
Part VI Changes in Capital Structure of Listed Issuers
Part VII Halting of Trading, Suspension and Delisting of Securities
Part VIII Fees Payable by Listed Companies
Part IX Dealing with the News Media
Part X Special Purpose Acquisition Corporations (SPACs)
Part XI Requirements Applicable to Non-Corporate Issuers
Provisions Respecting Conflict of Interest and Competitors of TMX Group Limited
Notices of Approval
Requests for Comments
Staff Notices to Applicants, Listed Issuers, Securities Lawyers and Participating Organizations
Location: TSX Company Manual > Notices of Approval > Notice of Housekeeping Rule Amendments Housekeeping Amendments to the Toronto Stock Exchange ("TSX") Company Manual (February 11, 2016) > Summary of the Amendments

Reasons for the Amendments Text of the Amendments

Summary of the Amendments

(1 version)
Feb 11 2016 onwards

On May 21, 2015, TSX published a public consultation seeking feedback on whether it should apply the Non-Exempt Certificate Requirements to all listed issuers and eliminate the Exempt Certificate Requirements (the "Public Consultation"). TSX received three (3) comment letters from two commenters in response to the Public Consultation. A summary of the comments submitted, together with TSX's response, is attached as Appendix A. TSX appreciates the value public input provides and thanks the commenters for their submissions.

Based on comments received from the Public Consultation, TSX understands that applying the Non-Exempt Certificate Requirements to all listed issuers will reduce the costs of producing customized security certificates for Exempt Industrial Companies. The primary difference between the Exempt Certificate Requirements and the Non-Exempt Certificate Requirements is the amount of intaglio printing that is required. While the Exempt Certificate Requirements require more square inches of intaglio content by requiring intaglio printing of the vignette, general promissory text and open throat area, the Non-Exempt Certificate Requirements require intaglio printing of the border or panel portions of the certificate and the denomination counter. TSX understands that the additional intaglio printing results in higher printing costs for issuers.

Additionally, TSX understands that the rules of the New York Stock Exchange do not require security certificates to have security features comparable to the Exempt Certificate Requirements1 and that NASDAQ does not have requirements regarding the form of security certificates. Similarly, TSX understands that other Canadian stock exchanges do not have requirements for security certificates equivalent to the Exempt Certificate Requirements.

Therefore, based on comments received, TSX is amending Appendix D by removing the Exempt Certificate Requirements.

TSX will monitor Canadian and international industry initiatives in this space, including the possible introduction of a shortened settlement cycle (T+2), and if necessary, review TSX's security certificate requirements in light of any such developments.

1 See Section 5—Certificates of the New York Stock Exchange Listed Company Manual.

Reasons for the Amendments Text of the Amendments

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