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

Bank of Montreal

FISD Toronto

The Ritz-Carlton Toronto

ROOM Leadership Summit

New York Stock Exchange

STANY 90th Annual Conference

1 Hotel South Beach

Going Public and Raising Capital in Canada

The National Club

CMI Summit V

Beaver Creek Resort

Precious Metals Summit Beaver Creek

Park Hyatt Zurich

Precious Metals Summit Zurich

ICC Sydney

International Mining and Resources Conference + Expo (IMARC 2026)

A&O Shearman - New York headquarters

11th Current Trends in Mining Finance Conference (CTMF 2026)

The Omni King Edward Hotel

Red Cloud Pre-PDAC 2026 Mining Showcase

TMX Market Centre

CSTA Annual Winter Vendor Fair

Top of Vancouver Revolving Restaurant

Investor Icebreaker: The Michael Gentile Mining Showcase

Fairmont Chicago, Millennium Park

STA Chicago – 100th Annual Mid-Winter Meeting

Borgata Hotel Casino & Spa

The DealFlow Discovery Conference

Quebec City view for ThE Mining Investment Event image

Centre des congrès de Québec

THE Mining Investment EVENT

Vancouver city image for Web Summit event

Vancouver Convention Centre

Web Summit Vancouver

Metro Toronto Convention Centre

PDAC 2026

Vancouver Resource Investment Conference (VRIC)

La Valle Coastal Club

Torrey Hills Capital Resource Executives Conference

November 17, 2025

	CNSX Markets Inc., operator of the Canadian Securities Exchange (CSE or Exchange) is filing this Notice in accordance with the process for the Review and Approval of Rules and Information Contained in Form 21-101F1 and the Exhibits Thereto attached as Appendices to the Exchange’s recognition orders (the Protocol). CSE is proposing to amend CSE Listing Policies (Policies) to introduce requirements and restrictions related to market making activity where the activity will be carried out pursuant to a contract directly with a Listed Issuer. In addition, CSE is making changes relating to Promotional Activity (together, the Proposed Amendments). These Proposed Amendments are Public Interest Rule Amendments under the Protocol and subject to public comment.
<ol >
<li class="text-justify">
		Description of the Proposed Amendments</li>
</ol>
<ol >
<li class="text-justify">
		Private Market Making Arrangements</li>
</ol>

	Proposed CSE Policy 7.5 provides a preface highlighting the difference between the private market making arrangements and the appointment of a market maker by the Exchange pursuant to the CSE Trading Rule1&nbsp;It should be noted that engaging in private market making agreements is not currently prohibited under CSE Policies, however CSE believes that these Proposed Amendments would outline a framework for these types of engagements.

	Proposed CSE Policy 7.6 sets out the requirement for a written agreement between the Listed Issuer and the Person providing the market making activity. The terms of this agreement must include the following:
<ul>
<li class="text-justify">
		the Person engaged must not also conduct Promotional Activity for the same Listed Issuer;</li>
<li class="text-justify">
		termination of the agreement will be triggered if the Exchange notifies the Listed Issuer of non-compliance with the requirements of the CSE policies; and</li>
<li class="text-justify">
		the Listed Issuer cannot fund the execution of trades.</li>
</ul>

	The Proposed Amendments in CSE Policy 7.6 also introduce specific requirements for payments to engaged Persons for market making activity. This includes that all compensation is paid directly to the counterparty under contract to perform the market making activity. In addition, the Proposed Amendments provide that compensation to the Person must be reasonable and in proportion to the financial resources of the Listed Issuer and based on the value of the services provided.

	Proposed CSE Policy 7.7 provides the disclosure expectations as it relates to market making activity by requiring the Listed Issuer to publish a news release disclosing:
<ol >
<li class="text-justify">
		that the Listed Issuer has arranged for the Person to conduct market making activity;</li>
<li class="text-justify">
		the name, business address, email and telephone number of each Person;</li>
<li class="text-justify">
		the date on which the market making activity will start and the date on which the market making activity will end or is expected to end; and</li>
<li class="text-justify">
		if the Person is not a Dealer, a description of any compensation that the Person will be paid by the Listed Issuer for the market making activity.</li>
</ol>

	The requirements under the proposed CSE Policy 7.7 relating to the disclosure of the compensation description, the need to file a Personal Information Form, and the requirement to provide a copy of the executed agreement will not apply where the Person contracted to provide the market activity is a Dealer. CSE will rely on the relevant obligations imposed on Dealers by the Canadian Investment Regulatory Organization (CIRO).

	Proposed CSE Policy 7.8 provides that the market making activity is subject to a written agreement and compliance with applicable disclosure requirements as described in proposed CSE Policy 7.7. It also describes the authority of the Exchange in instances where there is non-compliance with the policy provisions on market making.

	The Proposed Amendments will result in additional disclosure, both to the Exchange and the public, about the identities of Persons engaged in market making activities and the nature of these activities. The requirements will also assist the Exchange in monitoring Listed Issuer activities and support the CIRO in its market surveillance function.
<ol >
<li class="text-justify" value="2">
		Promotional Activity</li>
</ol>

	CSE is proposing that CSE Policies be amended to include proposed CSE Policy 7.2(3) which prohibits Inactive Issuers from engaging any Person to conduct Promotional Activity. This is consistent with an existing restriction on Inactive Issuers in CSE Policy 3.5(2)(a).

	In addition, we propose to amend CSE Policies to include CSE Policy 7.2(4) to require a Listed Issuer to ensure that a Person retained to perform Promotional Activity does not directly retain or engage another Person to conduct market making activity for the same Listed Issuer.&nbsp; Contractual engagements for market making services must be directly between the Issuer and the counterparty providing the services.

	There are other changes to the definition of “Policy”” to correct a drafting error and properly reflect references made in the CSE Policies.

	The blacklined text of the policies included in Appendix A and the amended text is attached as Appendix B.&nbsp; Current CSE Policies are available at: <a href="https://thecse.com/listing/fees-policies-forms/#listing-policies">Policies</a> | CSE - Canadian Securities Exchange (thecse.com)

	B. Expected Effective Date

	The Proposed Amendments will be effective following regulatory approval.

	C. Rationale for the Proposal and Supporting Analysis

	Listed Issuers may engage in private market making agreements under which a Person2&nbsp;agrees to provide liquidity in the Issuer’s securities. This engagement is separate from the appointment of a market maker by the Exchange pursuant to the CSE Trading Rules3.&nbsp;CSE believes that there should be a framework within which private market making engagements can occur.&nbsp; Specific restrictions on payment for market-making services in the form of shares, or consideration based on the market price of shares, aim to reduce the potential for inappropriate activity.

	The Proposed Amendments in relation to Promotional Activity, are similar to current restrictions on Inactive Issuers as it relates to the provision of investor relations services. This is in addition to reinforcing a contractual expectation that engagements should be directly between the Issuer and the respective counterparty providing the service.

	D. Expected Impact

	The Proposed Amendments are expected to impact Listed Issuers contemplating engagement with Persons for Promotional Activity and/or market making activity. The requirements and restrictions around market making activity will require Listed Issuers to ensure that consideration is reasonable, disclosure is adequate, and the activity is conducted in accordance with the CSE Policy.

	E. Compliance with Ontario and British Columbia Securities Law

	The Proposed Amendments are consistent with Ontario and British Columbia securities law and do not impact fair access. With respect to the maintenance of fair and orderly markets, market makers engaged by Listed Issuers will be subject to the same rules relating to trading as are any other participant in the market. If the market maker is not a Dealer, they will access the market through a Dealer and be subject to all trading and market integrity rules applicable to trading, whether directly (for example insider trading rules) or indirectly (i.e. the Dealer is subject to the trading rules).

	F. Technology Changes

	No related technology changes are required.

	G. Alternatives Considered

	The alternative is to maintain the status quo whereby Listed Issuers must be advised to treat a market making contract as a Significant Transaction under CSE Policy 7.&nbsp; With no explicit requirements for disclosure or compensation, advice or guidance is provided on an ad hoc basis, relying on broad principles in CSE Policy 7.&nbsp; This creates uncertainty for Listed Issuers, Dealers, and Persons offering services, in addition to inconsistency in reporting and treatment of these arrangements.

	H. Other Markets or Jurisdictions

	The TSX Venture Exchange has similar disclosure and Personal Information Form requirements.

	Comments

	Please submit comments on the Proposed Amendments no later than December 15, 2025 to:

	&nbsp;
<table border="0" cellpadding="0" cellspacing="0">
<tbody>
<tr>
<td >

					Chioma Nwachukwu

					Legal Counsel

					CNSX Markets Inc.

					100 King Street West, Suite 7210

					Toronto, ON, M5X 1E1

					Email: <a href="mailto:GeneralCounsel@thecse.com">GeneralCounsel@thecse.com</a> &nbsp;
</td>
<td >

					Trading and Markets Division

					Ontario Securities Commission

					20 Queen Street West, 20th&nbsp;Floor

					Toronto, ON, M5H 3S8

					Email:&nbsp;<a href="mailto:TradingandMarkets@osc.gov.on.ca">TradingandMarkets@osc.gov.on.ca</a>
</td>
</tr>
</tbody>
</table>

	&nbsp;

	Georgina Steffens

	Senior Oversight Analyst, Markets and SRO Oversight

	Capital Markets Regulation

	British Columbia Securities Commission

	1200-701 West Georgia Street

	Vancouver, BC V7Y 1L2

	Email: GSteffens@bcsc.bc.ca
<div>

		&nbsp;

		Full text of the notice here:<img alt="PDF icon" class="file-icon" src="/modules/file/icons/application-pdf.png" title="application/pdf" /> <a href="https://webfiles.thecse.com/CSE_Notice_Proposed_Amendments_To_CSE_Listing_Policies_Notice_and_Request_for_Comment.pdf?m6fZHgG9IvxWFOkCnzvCHiVlEmohq_Gg" type="application/pdf; length=2237240">CSE Notice Proposed Amendments to CSE Listing Policies - Notice and Request for Comment</a>
<hr align="left" size="1" />
<div id="ftn1">

			[1] CSE Trading Rule 4-112(5) Appointment of Market Makers: The Exchange may in its sole discretion designate a Dealer as a Market Maker in respect of a Listed Security where the Dealer’s trading activities suggest the market will be better served by the Dealer assuming the responsibilities of a Market Maker.
</div>
<div id="ftn2">

			[2] CSE Policy 1: “Person” includes without limitation a company, corporation, incorporated syndicate or other incorporated organization, sole proprietorship, partnership, trust, and individual.
</div>
<div id="ftn3">

			[3] CSE Trading Rule 4-112(5) Appointment of Market Makers: The Exchange may in its sole discretion designate a Dealer as a Market Maker in respect of a Listed Security where the Dealer’s trading activities suggest the market will be better served by the Dealer assuming the responsibilities of a Market Maker.
</div>
</div>

Notice 2025-009 - Proposed Amendments To CSE Listing Policies - Notice And Request For Comments