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TSX Publishes Proposed Listing Requirements for Exchange-Traded Products, Closed-End Funds and Structured Products

January 26, 2015

On January 15, 2015, the Toronto Stock Exchange (“TSX”) published for public comment certain amendments to the TSX Company Manual (the “Manual”) to introduce listing requirements for investment entities and products, such as exchange traded funds and closed-end funds, which largely serve to codify the TSX’s existing practice with respect to the regulation of these issuers and products.

The proposed amendments identify three distinct categories of issuers or product:

  • “Exchange Traded Products” or “ETPs”, meaning redeemable equity securities (an “Exchange Traded Fund” or “ETF”) or debt securities (an “Exchange Traded Note” or “ETN”) offered on a continuous basis under a prospectus which gives an investor exposure to the performance of specific indices, sectors, managed portfolios or commodities through a single security. TSX, in its discretion, shall determine if the securities will be considered an ETP;
  • “Closed-end Funds”, meaning an investment fund, mutual...

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