Regulatory Alerts2026-07-23
Added · Updated
CSA proposes to codify higher limits for listed issuer financing exemption after strong uptake
The Canadian Securities Administrators proposes amendments to National Instrument 45-106 Prospectus Exemptions and Companion Policy 45-106P to codify increases to the Listed Issuer Financing Exemption (LIFE). The changes would raise the maximum amount qualified listed issuers can raise without a prospectus from $10 million to $25 million, or up to $25 million for larger companies, within a 12-month period, subject to conditions. The proposal also streamlines other conditions of the exemption in response to market participant feedback. Stakeholders have until October 21, 2026, to submit comments on the proposed amendments.
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