Exemption Order 45-935 - Exemptions from Certain Conditions of the Listed Issuer Financing Exemption

Exemption Order 45-935 - Exemptions from Certain Conditions of the Listed Issuer Financing Exemption

• General Order 45-935 Exemptions from Certain Conditions of the Listed Issuer Financing Exemption

  Effective Date: May 15, 2025

  General Order 45-935 Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the Blanket Order) provides substantively harmonized relief from certain conditions of the listed issuer financing exemption (the Exemption) in Part 5A of National Instrument 45-106 Prospectus Exemptions (NI 45-106). The Exemption was adopted in November 2022 to provide a more efficient method of capital raising for reporting issuers that have securities listed on an exchange recognized by a securities regulatory authority in a jurisdiction of Canada and that have filed all timely and periodic disclosure documents required under Canadian securities legislation.

  The Blanket Order increases the capital raising limits, while adding some conditions on who an issuer can distribute securities to and is expected to allow listed reporting issuers to raise significantly more capital without impacting investor protection. The CSA is also updating the CSA Staff Notice 45-330 (Revised) Frequently Asked Questions about the Listed Issuer Financing Exemption (FAQ).

  45_935_go_may_15_2025.pdf
• CSA Noticecsa_notice_may_14_2025.pdf
• Revised CSA Staff Notice 45-330 (FAQs)45_330_faqs_about_life_may_14_2025.pdf