CSE25™

CSE Composite Index®

In this series, we delve deep into the experiences of CSE listed companies, exploring their past successes and future opportunities.

CSE Issuer Spotlight

**Follow us** for the **latest news** from the CSE

 The CSE provides a modern and efficient alternative for companies looking to access the Canadian public capital markets.

The Canadian Securities Exchange (CSE)

Learn how we streamline issuer regulation through enhanced disclosure, practical and effective regulatory oversight, and modern technology.

Listing on the CSE

Learn more about the companies we list and how to get started trading on the CSE.

Investing in Listed Companies

Learn how we lower costs, reduce complexity, and provide market making opportunities for the dealer community.

Trading on the CSE

Whether you’re an investor, business leader, or simply looking to learn more, start your journey with the CSE here.

Get Started

From announcements and market updates to in-depth interviews with company leaders - stay informed with the latest from the CSE.

Latest from the CSE

Discover newly listed companies on the CSE through our series of bite-sized interviews with company leaders.

Get to know our latest listings

Listed Company News

Market Activity

List with the CSE

Find a home for your next big idea.

Frequently Asked Questions

How does being listed on the CSE affect me as a shareholder?

Where do I get information and trade CSE listed securities?

Where can I find an RSS feed for listed company news?

Where is the CSE recognized?

Upcoming Events

join the list

Join our mailing list to receive buy-in notifications

The CSE provides a superior exchange experience by investing in our customers’ success with innovation, dedication, and passion.

Where innovation, passion, and trust intersect

We strive to be the most innovative exchange in Canada. We aim to offer unlimited global access and a customized client-centric experience while delivering the lowest cost of public capital. 

We are Canada's entrepreneurial exchange

The most searched CSE listed companies on thecse.com

Recent Quotes

Get the latest regulatory announcements from the CSE concerning its Listings Policies, Trading Rules and functionality and other important industry developments.

Notices

Get the latest information about new CSE listings, the appointment of Market Makers, market events, and other news.

Bulletins

Stay informed with CSE listed company news, providing transparency and accountability to shareholders and the public.

Company News

Stay Informed

The **total volume** traded on the CSE today is

Connect with our professionals and listing experts at industry events and conferences.

Meet us at upcoming events

Vancouver Convention Centre

VRIC 2025

Centre des congrès de Québec

THE Mining Investment Event of the North

Metro Toronto Convention Centre

PDAC 2025

Mandarin Oriental Hotel

The WFE General Assembly & Annual Meeting

Business Design Centre

Mines and Money @ Resourcing Tomorrow

Delta Bessborough Hotel

Saskatchewan Geological Open House

Las Vegas Convention Center

MJBizCon

Etc. Venues

International Metals Symposium

ICC Sydney

International Mining and Resources Conference (IMARC)

Sheraton Centre Toronto Hotel

ArcStone-Kingswood Growth Summit 2024

OTC Markets Center

Global Markets Forum

JW Marriott Grande Lakes

91st Annual STA Market Structure Conference

Calgary Petroleum Club

TAKESTOCK – Calgary Investor Forum

Red Cloud Fall Mining Showcase 2024

Sherbourne Common

Bay Street Rides FAR

Muir

Going Public and Raising Capital in Canada

Chicago Marriott Downtown Magnificent Mile

Benzinga Cannabis Capital Conference

The Fairmont Waterfront

Planet MicroCap Showcase: VANCOUVER 2024

Hilton Quebec

CSTA Annual Conference 2024

August 8, 2018

	CNSX Markets Inc. (CSE or the Exchange) is publishing this guidance notice to clarify certain requirements related to financial statements to be provided with a listing application, and the financial disclosure to be provided within the Form 2A Listing Statement (“Form 2A”).

	Review of unaudited interim statements

	The financial statement requirements of Form 2A generally reflect prospectus requirements.&nbsp; &nbsp;One recurring exception relates to the review of unaudited interim financial statements. National Instrument 41-101 – General Prospectus Requirements (“NI41-101”) Part 4.3 and National Instrument 44-101 Short Form Prospectus Distributions (“NI44-101”) Part 4.3 require that any unaudited financial statements included in or incorporated into a long-form or short-form prospectus respectively must have been reviewed in accordance with the relevant standards set out in the Handbook for a review of financial statements by the person’s or company’s auditor or a review of financial statements by a public accountant. However, we do not require such a review for unaudited interim financial statements included in a listing statement if those unaudited financial statements were previously filed by a reporting issuer in compliance with its obligations under National Instrument 51-102 (“NI51-102”) Continuous Disclosure Obligations.

	In the case of a reverse takeover, and particularly for issuers requalifying for listing following a fundamental change, section 25.2 of Form 2A specifically requires providing financial statements for the target prepared in accordance with the requirements of NI41-101 as if the target were the Issuer. The unaudited interim financial statements of the target will typically not previously have been filed in compliance with NI51-102. Therefore we require that these be reviewed in accordance with the specified standard. Any previously-issued “notice to reader” highlighting the absence of a review should be removed from the interim statements when they are included in the listing statement.

	Updating financial statements

	As already noted, in the case of a reverse takeover, and particularly for issuers requalifying for listing following a fundamental change, section 25.2 of Form 2A specifically requires providing financial statements for the target prepared in accordance with the requirements of NI41-101 as if the target were the Issuer.

	Under NI41-101, the annual and interim financial statements required of an issuer are determined with reference to the date of the prospectus. The determination made at the date of the final prospectus may differ from that made at the date of the preliminary prospectus, requiring updated financial statements. Similar requirements apply to our Form 2A. During the process of reviewing a listing application, it may become clear that the date of the final listing statement will be later than originally anticipated, and that updated annual and interim statements of the issuer (and, if relevant, the target) will be required. It is the applicant’s responsibility to monitor these requirements and to submit any updated financial statements required on a timely basis, to avoid delays in the review process.

	While the Listing Statement is intended to provide the most current information available at the time of listing, the Exchange may exercise discretion when financial statements become “stale” between the dates of a conditional and a final approval or listing, to allow the issuer to omit an update that would otherwise be required.

	Pro forma financial statements

	For Issuers re-qualifying for listing following a fundamental change, Form 2A requires providing pro-forma consolidated financial statements for the new Issuer giving effect to the transaction for the last full fiscal year of the Issuer, and for any completed interim period of the current fiscal year.

	Whenever any of the financial statements described above are updated, the pro forma statements should be updated as well. To avoid any doubt, we require that the pro-forma statements be updated for any newly-completed annual or interim period of either the issuer or the target (or of any other entity for which financial information is being provided). That is, the pro forma statements should reflect all of the most recent financial statements included in the listing statement.

	Where the issuer has no significant operations during any of the periods for which it provides income statements, a pro forma income statement will not provide any meaningful information beyond what is already provided by the target’s own income statement. In these circumstances, we will not object to the omission of a pro forma income statement.

	MD&amp;A of the target

	While Form 2A addresses the financial statements required for the target, it does not specifically require preparing an MD&amp;A for the target. However, we recommend that this should usually be done. The Listing Statement should contain whatever information is necessary to provide comprehensive disclosure about the target. Form 51-102F1 Management’s Discussion and Analysis is an important reference point in assessing whether this requirement has been met, and we expect the substance of its contents to be reflected in the Listing Statement, whether or not in the format typical for an MD&amp;A.

	Questions

	For questions about content of this CSE Notice, please contact:

	John Hughes, Manager Financial Disclosure &amp; Compliance

	<a href="mailto:John.Hughes@thecse.com">John.Hughes@thecse.com</a>, or 647-729-8326

	For questions about CSE Listings Policies or procedures, please contact:

	<a href="mailto:Listings@thecse.com">Listings@thecse.com</a>, or 416-367-7340.

	Mark Faulkner, Vice President Listings &amp; Regulation

	<a href="mailto:Mark.Faulkner@thecse.com">Mark.Faulkner@thecse.com</a>

Notice 2018-005 - Guidance -Listing Applications – Financial Statements and Disclosure