Location: TSX Company Manual > Staff Notices to Applicants, Listed Issuers, Securities Lawyers and Participating Organizations > 2017 > 2017-0002

2017-0003 2017-0001


(1 version)
Jul 13 2017 onwards

July 13, 2017

Section 428
Notice to the Exchange

Section 429
Ex-Dividend Trading

Subsection 429.1
Due Bill Trading

Subsection 614(j)
Rights Offerings

Subsection 620(c)
Stock Split

Subsection 620(d)
Stock Split

Subsection 639(a)(i)
Procedures Applicable to Odd Lot Selling and Purchase Agreements


Toronto Stock Exchange ("TSX") is reminding listed issuers that, effective September 5, 2017, the settlement cycles in the Canadian and U.S. securities industries are being shortened from trade date plus three business days ("T+3") to trade date plus two business days ("T+2"). Please see the Canadian Securities Administrators' news release dated April 27, 2017 outlining steps to support the transition to T+2.

The change to a T+2 settlement cycle results in ex-dates for dividends, distributions and other corporate actions changing from two business days prior to the record date to one business day prior to the record date. As a result of the transition from T+3 to T+2, no listed security will commence ex trading on Tuesday, September 5, 2017. The chart below provides examples of the ex-dates under the T+2 settlement cycle:

Record Date Ex-Date
Friday, September 1, 2017(1) Wednesday, August 30, 2017
Tuesday, September 5, 2017(2) Thursday, August 31, 2017(3)
Wednesday, September 6, 2017 Friday, September 1, 2017(3)
Thursday, September 7, 2017 Wednesday, September 6, 2017

Changes to the TSX Company Manual (the "Manual") related to the T+2 settlement cycle will become effective September 5, 2017. The following sections of the Manual will be amended: Sections 428 (Notice to the Exchange), 429 (Ex-Dividend Trading), 429.1 (Due Bill Trading), 614 (Rights Offerings), 620 (Stock Split), and 639 (Procedures Applicable to Odd Lot Selling and Purchase Agreements). For further information on these amendments to the Manual, please see the TSX Notice of Housekeeping Rule Amendments published on July 13, 2017.

If you have any questions about this Staff Notice, please contact your listed issuer services manager. Contact information for your Listed Issuer Services Manager is available at the following link.

(1) Last day of T+3 settlement cycle.

(2) First day of T+2 settlement cycle.

(3) Monday, September 4, 2017 is a holiday and there will be no ex-date on that date.

2017-0003 2017-0001

© TSX Inc. All rights reserved. Do not copy, distribute, sell or modify this document without TSX Inc.'s prior written consent. TSX materials, including manuals, trading rules, policies and forms, are reproduced by Complinet with the permission of TSX Inc. and TSX Venture Exchange Inc. under a non-exclusive license. Neither TSX Inc. nor any of its affiliated companies guarantees the accuracy, adequacy, completeness or availability of any information and nor shall they be responsible for any errors or omissions or otherwise.