TSX Venture Exchange offers companies a flexible, two-tiered system. The tiers have minimum listing requirements based on a company's financial performance, resources and stage of development. The industry segments within each tier recognize the different financial and operating needs of companies operating in different industry sectors.
Tier 1 is for senior companies with the most significant resources. Tier 1 issuers have fewer filing requirements.
Tier 2 is for early-stage companies. This is a rapidly growing segment of the venture market in all industry sectors. Most TSX Venture Exchange listed companies are Tier 2 companies.
Tier 3 is a special purpose tier for companies previously quoted on the Canadian Dealing Network.
Companies may apply to move from Tier 2 to Tier 1 once they meet Tier 1 minimum listing requirements. Tier 1 companies will be moved to Tier 2 if they can't maintain Tier 1 requirements.
Company classifications
TSX Venture Exchange classifies Tier 1 and Tier 2 companies by the following industry segments and applies specific requirements to each:
mining
oil and gas
technology or industrial
research and development
real estate or investment.
TSX Venture Exchange divides each industry segment into categories. Click here for an overview of the listing requirements for each segment and category.
Ongoing requirements
Companies must continue to meet minimum standards, called tier maintenance requirements, to remain listed on TSX Venture Exchange. These requirements relate to the company's financial situation, activity and shareholder distribution.
Once your company is listed on TSX Venture Exchange, it becomes a reporting issuer with periodic reporting and disclosure obligations. Reporting issuers must provide shareholders with meaningful information regarding the business, management, operations and financial position of the company.
For more information, please see TSX Venture Policy 3.2 – Filing Requirements and Continuous Disclosure.
Once your company is listed, you must file information about transactions on an ongoing basis, such as private placements, the issuance of stock options and acquisitions. See the TSX Venture Exchange Corporate Finance Manual for complete information on these requirements.
