TSX examines the affairs and the performance of listed issuers to ensure that they are of a standard that merits the continued listing of such companies. If as a result of such examination, TSX determines that any of the delisting criteria outlined in Sections 708 to 717 has become applicable to a listed issuer or to its securities, TSX will notify the listed issuer (by telephone or telecopied letter) and the market (by trader note and bulletin) that the listed issuer is under a delisting review.
The delisting review process will be conducted through either the "Remedial Review Process" or the "Expedited Review Process", as follows:
(a) A listed issuer that has been notified that it is under delisting review because of the applicability of any of the delisting criteria set out in
Section 709, paragraphs (b) or (c) of
Section 710,
Section 711 or
Section 712 will normally be given up to 120 days from the date of such notification (the "
delisting review period") to correct the deficiencies that triggered the delisting review.
At any time prior to the end of the delisting review period, TSX will provide the listed issuer with an opportunity to be heard where the listed issuer may present submissions to satisfy TSX that all deficiencies identified in TSX's notice have been rectified. If the listed issuer cannot satisfy TSX at the conclusion of the hearing that the deficiencies identified have been rectified and that no other delisting criteria are then applicable to the listed issuer, TSX will determine to delist the listed issuer's securities.
Upon such determination, TSX will issue a written notice to the market to confirm the date that the delisting will be effective, which date will generally be the 30th calendar day after the issuance of such notice.
TSX may abridge the term of the delisting review period at any time upon written notice to the listed issuer, particularly after the occurrence of any of the events described in
Section 708, paragraph (a) of
Section 710 or Sections
713 to
717 inclusive. In any such case, the listed issuer that is under a delisting review will be provided with an opportunity to be heard on an expedited basis where the listed issuer may present submissions as to why its securities should not be delisted. If the listed issuer cannot satisfy TSX that a delisting is unwarranted, TSX will determine to suspend the listed issuer's securities from trading as soon as practicable after such hearing and the listed issuer's securities will be delisted on the 30th calendar day after the suspension date. During the period between the suspension date and delisting date, the listed issuer remains subject to all TSX requirements, including compliance with the provisions of Sections
501 and
602, regardless of whether the listed issuer had been exempted from the requirements of
Section 501 prior to suspension; or
(b) A listed issuer that has been notified that it is under delisting review:
i) because of the applicability of any of the delisting criteria in
Section 708, paragraph (a) of
Section 710 or Sections
713 to
716 inclusive; or
ii) because the listed issuer has failed to meet original listing requirements by the deadline set by TSX in connection with any of the events described in
Section 717; or
iii) because TSX believes that the expedited suspension from trading and delisting of the listed issuer's securities is warranted;
will be provided an opportunity to be heard, on an expedited basis, where the listed issuer may present submissions as to why its securities should not be suspended from trading immediately and delisted. If the listed issuer cannot satisfy TSX that an immediate suspension is unwarranted, TSX will determine to suspend the listed issuer's securities from trading as soon as practicable after such hearing and the listed issuer's securities will be delisted on the 30th calendar day after the suspension date. During the period between the suspension date and delisting date, the listed issuer remains subject to all TSX requirements, including compliance with the provisions of Sections
501 and
602, regardless of whether the listed issuer had been exempted from the requirements of
Section 501 prior to suspension.