[Last updated: 1 January 2024, unless otherwise noted]

All information submitted to the exchange should be in the English language.

Key differences in requirements for domestic companies

The TSX draws little distinction between the initial listing requirements of domestic and international interlisted issuers. The TSX Company Manual defines "international interlisted issuers" as entities already listed on another recognized exchange which is acceptable to the TSX, and are incorporated outside of Canada.

While international interlisted issuers are not subject to unique financial or management requirements, they are generally required to have some presence in Canada and must be able to demonstrate, as with all issuers, that they are able to satisfy all of their reporting and public company obligations in Canada. This may be satisfied by having a member of the board of directors or management, an employee or a consultant of the issuer situated in Canada.

The TSX does not impose any unique requirements on foreign companies that do not fit the description of "international interlisted issuers". Nevertheless, it has issued guidance to prospective issuers that have a higher risk profile as a result of significant connections to emerging market jurisdictions.

Generally, the TSX will consider the following factors in determining whether an applicant may be an emerging market issuer: (i) residency of "mind and management"; (ii) jurisdiction of the principal business operations and assets; (iii) jurisdiction of incorporation; (iv) nature of the business; and (v) corporate structure. The presence of any one or more of these factors may lead to an issuer being considered as an emerging market issuer. Like the Ontario Securities Commission, the TSX is focusing these considerations on jurisdictions outside of Canada, the United States, the United Kingdom, Western Europe, Australia and New Zealand. The TSX recognizes that there are other jurisdictions that are not emerging markets. The TSX will assess other jurisdictions on a country-by-country basis, taking into account factors such as: (i) the prevalence of the rule of law; (ii) the rating in corruption perception and transparency indices; (iii) a civil or common law system similar to Canada; (iv) usage of International Financial Reporting Standards and International Standards on Auditing; and (v) membership in key commercial and economic international organizations. The TSX strongly recommends such issuers arrange pre-filing meetings with the TSX to identify and address any potential concerns.