On Oct. 1, 2026, CSA OSC published notice of approval Rule 45-513, effective Oct. 16, 2026.
On May 14, CSA expanded capital-raising options for listed issuers.
CSA reported that it is increasing the limit on capital-raising under listed issuer financing exemption which aims to support competitiveness of CAN capital markets.
CSA OSC also posted Staff Notice 45-330, FAQs on listed issuer financing exemption.
Listed Issuer Financing
Relief from certain listed issuer financing exemption conditions in National instrument NI 45-106 Prospectus exemptions to allow more cost-effective capital raising.
Listed issuers can now raise the greater of $25mn and 20% of the aggregate market value of their listed securities to a maximum of $50mn within a 12-month period.
Capital raising subject to condition that distribution will not result in increase of more than 50 per cent of the issuer’s outstanding listed equity securities during the period.
Effectiveness
Relief implemented through coordinated blanket orders which come into effect on May 15, 2025, however, order includes expiry date based on term limits per jurisdiction.
Jul. 9, 2026 CSA OSC Order Extension
On Jul. 9, 2026, CSA OSC issued approval of orders to become rules under the OSC.
Order 45-935 becomes OSC Rule 45-513 Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (OSC Rule 45-513) when the blanket order expires.
If Minister approves the Rules, the Rules will come into force on Oct. 16, 2026.
Jul. 23, 2026 CSA Que Updated FAQs
On Jul. 23, 2026, CSA Que published revisedCSA Staff Notice 45-330 (Revised) on Frequently Asked Questions about the Listed Issuer Financing Exemption.
New Q12: exemption cannot be used for flow arrangements under which the issuer does not immediately receive the proceeds.
Exemption intended for financing of issuers, cannot be relied where flow arrangement under which proceeds escrowed or not payable to issuer at closing of the distribution.
Oct. 2026 CSA OSC Final Amendment
On Oct. 1, 2026, CSA OSC published notice of approval Rule 45-513, effective Oct. 16, 2026.
