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Amendments to Part IV and Part VI of the Toronto Stock Exchange Company Manual [Completed]

Ef­fec­tive date:

The Part IV Amendments, including the ancillary amendments to Part XI of the Manual, will become effective for TSX-listed issuers on April 1, 2018. The Part VI Amendments will become effective for TSX-listed issuers for financial years ending on or after October 31, 2017.

Last up­dated:

October 2017

Overview

On October 19, 2017, the Toronto Stock Ex­change (TSX) is­sued a Notice of Approval to the effect that, in accordance with the Process for the Review and Approval of Rules and the Information Contained in Form 21-101F1 and the Exhibits thereto for recognized exchanges, it has adopted, and the Ontario Securities Commission has approved, the following amendments: (i) the introduction of website disclosure requirements for listed issuers (the "Part IV Amendments"); and (ii) amendments to the disclosure requirements regarding security based compensation arrangements (the "Part VI Amendments").

Previously, on May 26, 2016, TSX published a Request for Comments in respect of proposed amendments (the May RFC) to the Manual to introduce (i) website disclosure requirements for TSX listed issuers, (ii) to amend the disclosure requirements regarding security based compensation arrangements, and (iii) to introduce Form 15 — Disclosure of Security Based Compensation Arrangements ("Form 15") (collectively, the "May Amendments"). In response to the May RFC, some market participants expressed concerns with the May Amendments including the increase in a listed issuer's disclosure obligations, the uncertainty in the types of documents required to be posted on a listed issuer's website, and the insufficiency of disclosure provided by Form 15. Following the May RFC, TSX modified the May Amendments as a result of the comments received and published the second Request for Comment on April 6, 2017.

Other developments

October 2017

On October 19, 2017, the TSX issued a Notice of Approval regarding the amendments to Part IV and Part VI of the Company Manual.

April 2017

On April 6, 2017, the TSX issued a second Request for Comments on revised proposed amendments to Part IV and Part VI of the Company Manual.

May 2016

On May 26, 2016, the TSX issued for comment proposed amendments to its Company Manual that would introduce a requirement that listed issuers maintain a publicly accessible website posting current copies of certain documents.

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