Canadian mining exploration issuers now have a new and efficient
way to access Latin American capital markets. On May 5, 2015, the
Santiago Stock Exchange, Venture ("Santiago Venture
Exchange") commenced operations. This new exchange is
a culmination of an initiative by the TSX Venture Exchange
("TSXV") and the Santiago Stock Exchange
to streamline dual listing procedures and provide TSXV-listed
companies with access to public venture capital markets in both
Chile and Canada. Initially, the Santiago Venture Exchange will
focus on capital formation for small and medium-sized issuers in
the mining sector, but may expand to other sectors in the
The Santiago Venture Exchange seeks to encourage the listing and
financing of exploration-stage mining companies which are also
compliant with the Canadian securities regulatory regime. Companies
listed on the Santiago Venture Exchange must also be listed on the
In the past two decades, Chile has grown to become one of Latin
America's largest and most prosperous economies. Dual-listed
issuers will not only have access to Chilean venture capital, but
also to the wider Latin American Integrated Market (MILA), a
program that integrates the major stock exchanges of Chile, Mexico,
Colombia, and Peru.
In response to the Santiago Venture Exchange initiative, the
securities regulators in British Columbia, Alberta, Saskatchewan,
Quebec, Nova Scotia and New Brunswick have adopted substantially
similar blanket orders that permit Santiago Venture
Exchange-listed issuers to continue to benefit from tailored venture issuer disclosure requirements, which we
discussed in April 2015. Without the blanket orders, dual-listed
issuers would be caught by foreign listing restrictions and would
not meet the definition of "venture issuer" in National
Instrument 51-102 Continuous Disclosure Obligations and
other regulatory instruments. We note that TSXV-listed issuers that
wish to become dual-listed, and are reporting issuers in Ontario,
will have to apply to the Ontario Securities Commission for
exemptive relief to retain their "venture issuer" status
and continue to benefit from the new disclosure regime.
The foregoing provides only an overview and does not
constitute legal advice. Readers are cautioned against making any
decisions based on this material alone. Rather, specific legal
advice should be obtained.
Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
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