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The Toronto Stock Exchange (TSX) has proposed a revamp of its listing requirements, including a new approach to industrial sector listings and revisions to requirements for resource issuers.

In a paper, the TSX suggests a new approach to listing industrial issuers, an updated approach to listing mining issuers and a modernized approach to listing oil & gas issuers, among other changes.

“The proposed amendments seek to increase predictability and transparency in the listing process by reducing the need for discretionary waivers and exemptions, thereby reducing issuer burden, while maintaining sound requirements to protect the quality of our market,” the paper said.

The exchange concluded that subcategorizing industrial issuers by business sector within the category “creates needless complexity and appears out of date” relative to rival exchanges.

Instead, the TSX is creating new listing categories based on the stage of the business, including new ventures, pre-income businesses, and senior issuers. Senior issuers are defined as those with at least $10 million in audited annual revenue, $750,000 in pre-tax income or a market cap of at least $100 million.

For mining companies, the TSX said the exchange has “a long and successful track record” of listing mining issuers. As such, it’s aiming only to clarify certain provisions and modernize requirements based on updates to securities regulators’ mining disclosure standards.

The TSX is also maintaining tailored listing requirements for the oil and gas sector, but is updating requirements regarding required reserves. The exchange said it is open to structuring the listing requirements for oil & gas companies in the way it’s proposing to for industrials.

Certain other changes are being proposed with a view to improving fairness, enhancing transparency and reducing needless regulatory burden.

The exchange added that it’s keeping the TSX Sandbox program and maintaining its discretion to provide waivers and exemptions in certain circumstances.

Comments on the proposed changes are due Sept. 16.