CNSX has created a unique exchange to trade listed securities that is designed to meet the needs and characteristics of public companies and their investors. CNSX matches enhanced disclosure and streamlined issuer regulation with leading edge technology. Combined with comprehensive regulatory oversight CNSX provides an efficient new stock exchange that fosters integrity, transparency and liquidity for trading securities.
BENEFITS TO CNSX LISTED COMPANIES
A cost-effective stock exchange
Streamlined regulatory model - no transactional reviews/approvals/fees
No mandatory sponsorship requirements to obtain a listing
An automated, regulated and transparent marketplace for the trading of equity securities
Visibility for qualifying companies
A market model that attracts dealer participation
VISIBILITY on CNSX.CA
Provides a centralized resource for dynamic information about CNSX listed companies/dealers, CNSX market data and exchange information
Issuer Disclosure Hall, found under Issuer Profiles, provides widespread visibility for issuers and easy access to information for investors who are interested in the CNSX stock exchange
CNSX Listed Companies can quickly, securely and cost-effectively provide investors with all required disclosure documentation about their company and securities in the Disclosure Hall
Quotes and current trading activity and historical trade data
Market depth (market by order, market by price), largest increases/decreases, top ten issues, market summaries of daily, weekly, and monthly CNSX trading activity and CNSX notices
LIQUIDITY
A fully automated marketplace that provides immediate execution trades
Central Limit Order Book - focuses available liquidity
Competitive market making model that encourages greater market depth and provides additional liquidity
TRANSPARENCY
Trading system displays an open book with client and dealer orders exposed
Quotes, market depth (market by price, market by order) and current trading information are all available at CNSX.CA
TSX Datalinx distributes real-time CNSX market data to established data vendors
Enhanced disclosure by listed companies immediately available to investors on CNSX.CA
INTEGRITY
CNSX is recognized by the Ontario Securities Commission (OSC) as a stock exchange and is subject to OSC regulatory requirements
Market Regulation Services Inc. provides market surveillance and regulatory oversight
Issuers must remain in good standing in any Canadian jurisdiction and comply with CNSX's Policies
Dealers must be IDA members and adhere to Universal Market Integrity Rules and CNSX's trading and sales practice rules
LISTING REQUIREMENTS
Minimum standards for listing outlined in CNSX Policy 2 - public float, business plan
Complete an application form and sign the CNSX Issuer Agreement
Post a Listing Statement and enhanced disclosure record in the Disclosure Hall at www.cnsx.ca
Pay the application fee
To be approve for listing the company must be a Reporting issuer in good standing in any Canadian jurisdiction - other issuers can file a prospectus to become a reporting issuer concurrently with filing CNSX application. Once listed on CNSX issuers automatically become reporting issuers in Ontario
Issuers meeting the above criteria may apply to be approved as CNSX Listed Companies. The agreement binds the issuer to follow the policies and rules of CNSX. The application form requests meaningful information regarding the business, management, operations and financial position of the issuer.
The CNSX issuer regulatory model is based on enhanced disclosure. The application form and Listing Statement will be reviewed to ensure they contain prospectus level disclosure.
Issuers may request specific trading symbols which will be assigned subject to availability.
ON-GOING REQUIREMENTS
Continue to report and file documents as dictated by applicable securities law
Post all reporting and filing required by applicable Securities law and CNSX Policies in the Disclosure Hall at www.cnsx.ca
Provide regular activity reports and periodically certify that the Issuer is in compliance with applicable securities law
Pay the monthly maintenance fee
Update the Listing Statement on an annual basis
If a listed company fails to meet these requirements, the shares may be suspended from trading as per Policy 3.
ISSUER FEES
For companies that wish to list on CNSX, Forms 1-4 must be completed and submitted with a cheque for $2000 plus GST/HST. The balance of $10,000 plus GS/HST may be paid following CNSX approval, prior to listing.
APPLICATION REVIEW
The application review and approval process will take approximately 15 to 20 business days depending on the completeness of the materials received. CNSX requires Forms 1-4 to be completed and sent in with the application fee before a decision will be made. Personal Information Forms (Form 3) and the Listing Statement (Form 2) may be sent in earlier to speed the application process.
FURTHER INFORMATIONFor further information about listing on CNSX or to request electronic or hard copies of the application and agreement forms please contact: Radhika Ramkarran, Listings Coordinator Tel: 416-572-2000 Ext.2435 Email:
Radhika.Ramkarran@cnsx.ca.
For further information about becoming an Ontario Reporting Issuer and Ontario Securities Commission Regulations visit the website www.osc.gov.on.ca or call 416-593-8314.
