In a recent progress
report (the Report), the TSX Venture Exchange (TSXV)
has provided an update to the initiatives outlined in its December
2015 white paper which detailed a revitalization plan for the
exchange. The Report was released following a series of town hall
meetings hosted by the TSXV.
In addressing the TSXV's commitment to reducing clients'
administrative and compliance costs, the TSXV has, among other
things, made automated online filings available for private
placement transactions and it is expected that additional online
filings and electronic payments will be developed. In addition,
policy revisions with respect to the TSXV's sponsorship and
shareholder approval requirements are expected to be filed with the
regulators for approval in the first half of 2016. Relatedly, one
of the revisions that will be filed for approval, which was first
announced in a TSXV
Bulletin dated March 30, 2015, is the waiver in
certain circumstances of the shareholder approval requirement for
reverse takeovers and changes of business provided certain
conditions are met.
According to the Report, efforts have been made to
increase awareness of the TSXV and to promote TSXV-listed companies
through enhancing the TSX Venture 50 program, increasing the number
of TSX Investors Days scheduled for 2016, launching a European
roadshow and creating Investor webinars. Various programs have been
developed such as the TSX Discovery, a new stock screening tool to
help investors identify companies of interest and the TSX "investinit" website and app,
which streams financings of listed companies, to facilitate more
communication between issuers and investors.
Moreover, to increase the number of early-stage companies
listed, the TSXV has made a submission to the House of Commons
advocating for early-stage public companies to qualify for the
refundable investment tax credit under the
Scientific Research and Experimental Development Tax Incentive
Program. The submission also recommended that the
flow-through share program be directed towards technology sectors.
Finally, the TSXV has elevated the priority of two specific
initiatives: (1) examining filing procedures to save clients time
and money, and (2) addressing concerns related to market structure
and short selling rules.
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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