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Policies

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Simple and concise policies make it easier for companies to get listed, easier for small-cap enterprises to compete for capital.

CSE Policies 1-10

CSE Complete Policies 1-10.

Policy 1 - Interpretation

The CSE philosophy for a fair and efficient stock exchange that fosters confidence and protects investors from unfair, improper or fraudulent practices is outlined here. Definitions of CSE terms are also provided. Last Update August 2018

Policy 2 - Qualification for Listing

Listed Companies generally must have a public float of at least 500,000 freely-tradeable shares consisting of at least 150 public holders with at least a board lot each of the security. These and other requirements for listing on the exchange are outlined here. Last Update August 2018

Policy 3 - Halts, Suspensions and Delistings

This policy outlines the circumstances under which the Exchange or Market Regulator will halt, suspend, or disqualify a Listed Issuer's securities. A halt is generally temporary to allow for the dissemination of material information. Suspensions or disqualifications are imposed because of regulatory concerns, or failure of the Issuer to pay applicable fees. Last Update August 2018

Policy 4 - Corporate Governance and Miscellaneous Provisions

Policy 5 - Timely Disclosure

The Exchange requires Issuers to provide high quality, immediate disclosure of material information to secondary market participants. In addition, Issuers must post mandated documents to cnsx.ca. This comprehensive, publicly available disclosure for every CSE issuer is central to the CSE exchange model.

Policy 6 - Distributions

CSE issuers must comply with the requirements of this Policy for any distribution of listed securities or any distribution of a security that is exchangeable, exercisable or convertible into a listed security. Last Update February 2019.

On July 13, 2021 CSE published Notice 2021-004 -- Guidance -- Acquisitions by Listed Issuers.

Policy 7 - Significant Transactions

CSE defines the term “significant transaction” as any corporate transaction, not involving equity securities, that constitutes material information concerning the Issuer.

On July 13, 2020 CSE published Notice 2021-003 - Guidance – Investor Relations and Promotional Activity

Policy 8 - Fundamental Changes and Changes of Business

A fundamental change to a Listed Company effectively results in a new issuer, such that the existing disclosure record cannot be relied upon to fairly value the company’s securities. Fundamental changes include business combinations, reverse takeovers and changes in the principal business of a Listed Company. A fundamental change is treated as an application for listing by the resulting Issuer.

Policy 9 - Name Changes & Share Consolidations

Upon a change of name of a Listed Company, the Exchange may assign a new stock symbol to the Issuer’s securities at the request of the Issuer or on its own initiative. This Policy sets out requirements for Name Change, Stock Splits, and Share Consolidations.

Policy 10 - Specialist Securities

Where the securities to be listed are held out as being in compliance with specific, non-exchange mandated requirements, the Issuer must disclose how it has been established and, if relevant, who has established that the securities are in compliance with the stated requirements.

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