Toronto Stock Exchange Clarifies Normal Course Issuer Bid Rules


On January 15, 2016, the TSX issued frequently asked questions (“FAQ”) which provide guidance on Sections 628 and 629 of the TSX Company Manual (the “Manual”) for frequently asked questions in respect of normal course issuer bids (“NCIBs”).

The FAQ is quite extensive and covers questions such as timing, documents required, limitation calculations, interlisted issuers, public float calculations, executing purchases, amending the NCIB, and reporting obligations. The entire FAQ can be accessed here.

If you have questions about how to prepare a NCIB, contact any member of Clark Wilson LLP’s Corporate Finance & Securities Group.