CSA proposes to codify higher listed issuer financing limits
The proposed amendments would mainly codify a 2025 blanket order that lifted the ceiling. Under that order, the maximum a company can raise climbed from $10 million to $25 million – or up to $50 million for larger companies – over a 12-month period, subject to conditions. The CSA said the amendments would also streamline other conditions of the exemption, responding to feedback from certain market participants.
The figures behind the proposal are what stand out. In its first year, the 2025 blanket order facilitated $3.7 billion in capital raised, a pace the CSA described as eight times higher than what had occurred under the original, lower limits.
“LIFE shows the CSA’s commitment to innovating to support the competitiveness of Canada’s capital markets, while protecting investors,” said Stan Magidson, CSA Chair and Chair and CEO of the Alberta Securities Commission. He added that the exemption, especially after the limit was raised, “has succeeded beyond our most optimistic expectations,” with public companies “eagerly taking advantage of it, to the benefit of their shareholders and the Canadian economy.”
The changes would apply to National Instrument 45-106 Prospectus Exemptions, along with changes to Companion Policy 45-106P. The CSA opened a 90-day comment period that closes October 21, 2026, and is encouraging stakeholders to submit comments using the method set out in the notice.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the country’s capital markets.
