In an effort to cut red tape, the Toronto Stock Exchange (TSX) is adopting a streamlined process for listing ETFs and Canadian depositary receipts (CDRs).
In a staff notice, the exchange announced that it has implemented a new filing model for ETFs and CDRs that aims to reduce the administrative and compliance burden associated with new listings by allowing products that are listed under the same prospectus to be covered by a single filing — doing away with the current practice of requiring separate filings for every product.
Under the new model, firms will be able to file a single listing agreement, legal opinion and undertaking for all of the products covered by a prospectus, instead of separate filings for each product.
There are no changes to the filing requirements themselves, but the new process is expected to be faster and cheaper.
“This initiative is designed to reduce burden by streamlining the application process, save time and reduce legal costs,” it said in the notice — which called the new process a “significant enhancement” over the current filing practice.
“We believe this change will enhance the overall efficiency of our listing process, allowing new products to be introduced to the market more quickly without impacting the robustness of our review and approval process,” it added.
The new consolidated filing model is effective immediately, the exchange said.