The Toronto Stock Exchange has implemented new fees for listing and other applications filed on or after January 1 2004, which could in some circumstances lead to significantly higher listing fees. Initial, additional and supplemental listing fees are now composed of a base charge and a variable fee that is assessed on the listing capitalization of the securities, subject to a maximum fee.
If three draft rules of Canada's securities regulators are adopted, most public issuers in Canada will have to provide CEO and CFO certifications and comply with audit committee rules that are substantially similar to comparable provisions of the US Sarbanes-Oxley Act.
Canadian securities regulators recently republished for comment proposed National Instrument 71-102, entitled "Continuous Disclosure and Other Exemptions Relating to Foreign Issuers". This rule will exempt many non-Canadian issuers from various continuous disclosure obligations set out in proposed National Instrument 51-102 as well as certain other securities law requirements.
Securities regulators have indicated that they will grant exemptions on a case-by-case basis to permit issuers to use US GAAP/GAAS financial statements for fiscal years beginning on or after January 1 2003. Currently, many Canadian corporate statutes still require that Canadian GAAP/GAAS financial statements be presented to shareholders.
Canadian securities regulators recently republished for comment proposed National Instrument 51-102, entitled "Continuous Disclosure Obligations". This rule will establish a uniform set of continuous disclosure requirements across the country and harmonize the Canadian rules with those of the United States.