TSX Private Markets Service to provide access to capital for
private and public companies
As the interest in equity based crowdfunding grows and
securities regulators in Canada make moves to allow investors and
issuers to take advantage of crowdfunding opportunities, TMX Group
held a market open ceremony in Toronto to celebrate the launch of
TSX Private Markets, a new business designed to support efficient
capital raising and secondary trading within Canada's exempt
market. This new service is designed to provide (1) enhanced access
to capital for private and public issuers, and (2) exempt market
liquidity for approved dealers and their accredited investors.
What is TSX Private Markets?
The initial phase of the TSX Private Markets offering
encompasses a dealer-to-dealer voice-brokered service complemented
by an informational website (tsxprivatemarkets.com) (the Platform). TSX
Private Markets can enable:
Exempt market capital raising for domestic and international
private and public companies
Secondary trading of public company "hold period"
securities, issued pursuant to a private placement
Secondary trading of exempt market securities (including
various categories of debt and equity)
How does a company get access to TSX Private Markets?
To apply for use of the Platform, a company must complete and
submit a TSX Private Markets application package. Once approved,
the company's posting will be accessible by "Approved
Participants" through the website.
IIROC member dealers and exempt market dealers that are
domiciled in Canada, as well as other registered firms as defined
in National Instrument 31-103 Registration Requirement,
Exemptions and Ongoing Registrant Obligations, may apply with
TSX Private Markets to become an Approved Participant.
A private company that wishes to post a capital formation
offering on TSX Private Markets must first obtain the sponsorship
of an Approved Participant who is registered either as an IIROC
member dealer or exempt market dealer in the applicable Canadian
jurisdictions, and whose registration is in good
How does an individual investor get access to TSX Private
Individual investors can get partial access to TSX Private
Markets by registering directly on tsxprivatemarkets.com. An
individual investor's view will be limited to general company
information and they will be able to see if a posted company has a
capital formation and/or secondary trading offering available, but
will not be able to directly view details of those offerings.
Ultimately, all transactions, including transactions by
individual investors, must be made through an Approved Participant
who is also registered as an IIROC member dealer or exempt market
dealer. The Approved Participant must also determine that the
individual investor meets the requirements of at least one of the
applicable exemptions for the relevant securities available under
National Instrument 45-106 Prospectus and Registration
Approved Participants on the Platform will have access to the
detailed company information, including tear sheets, offering
memoranda, available offerings, secondary market quotes and other
associated documentation posted by the company.
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