On January 15, 2015, the Toronto Stock Exchange (TSX) published for comment proposed amendments to the TSX Company Manual which would introduce listing requirements for non-corporate entities, such as exchange-traded products, closed-end funds and structured products, as those terms are defined in the proposed amendments.
The proposed amendments address the following, among other matters:
- minimum and continued listing requirements
- distribution requirements
- management
- net asset value calculation and website display
- additional listings (including the requirement for non-dilutive pricing in specified instances)
- management fees paid in securities
- securityholder approval requirements for changes to declarations of trust and other constating documents.
Comments on the proposed amendments are due on March 16, 2015.