45-330 - Frequently Asked Questions About the Listed Issuer Financing Exemption (National Notice)

45-330 - Frequently Asked Questions About the Listed Issuer Financing Exemption (National Notice)

• Frequently Asked Questions About the Listed Issuer Financing Exemption (Notice)

  Effective Date: June 1, 2023.
  Revised: May 14, 2025.

  The listed issuer financing exemption (the Exemption) was adopted by all securities regulatory authorities in Canada in November 2022. 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 purpose of this Notice is to answer some of the frequently asked questions (FAQs) on the Exemption including General Order 45-935 Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the Blanket Order) which comes into effect May 15, 2025. 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. Every member of the Canadian Securities Administrators (CSA) is providing substantively harmonized relief from certain conditions of the Exemption by implementing the relief through a local blanket order.

  The Notice was published on June 1, 2023, and on May 14, 2025, the CSA also updated CSA Staff Notice 45-330 (Revised), Frequently Asked Questions about the Listed Issuer Financing Exemption.

  45_330_faqs_about_life_may_14_2025.pdf