Saskatchewan coordinates TSX exemptions with oversight and bilingual service conditions

Saskatchewan’s securities regulator has coordinated conditional decisions exempting TSX Inc. and TSX Venture Exchange Inc. from exchange-recognition requirements in several provinces and territories, while retaining their existing lead regulators and imposing governance, bilingual-service and information-sharing conditions.

The decisions in TSX Inc. (Re), 2026 CanLII 68606 and TSX Venture Exchange Inc. (Re), 2026 CanLII 68603 took effect July 10, 2026. The Financial and Consumer Affairs Authority of Saskatchewan acted as principal exempting regulator under the coordinated application process in National Policy 11-203. Each decision also records the decisions of the other participating regulators.

The relief concerns the requirement to be recognized as a stock exchange or exchange in those jurisdictions. It is not a blanket exemption from securities law, and it does not remove registration requirements for exchange participants who do not have their own exemption.

Nine jurisdictions for TSX and eight for TSX Venture

Both decisions cover Saskatchewan, New Brunswick, Newfoundland and Labrador, the Northwest Territories, Nova Scotia, Nunavut, Prince Edward Island and Yukon. The TSX decision also includes Manitoba, bringing its total to nine jurisdictions compared with eight for TSX Venture.

The difference is consistent with the existing arrangements described in the decisions. TSX Venture’s representations identify a Manitoba recognition exemption dating from November 20, 2000, as well as existing exemptions in Ontario and Quebec. TSX identifies existing exemptions in Alberta, British Columbia and Quebec.

Lead regulators remain in place

Saskatchewan’s role in the applications does not make it the exchanges’ ongoing lead regulator. TSX must remain recognized by the Ontario Securities Commission, comply with its recognition order and remain subject to the OSC’s oversight program under the regulators’ memorandum of understanding.

TSX Venture must instead remain recognized by both the Alberta Securities Commission and the British Columbia Securities Commission. It must comply with both recognition orders and remain subject to those regulators’ oversight program. The decision identifies Alberta and British Columbia as its lead regulators.

Both applications were dated February 6, 2026. The decisions record representations that the relief is not novel and that neither applicant was in default of securities laws in the participating jurisdictions or any other Canadian province. These are exemptive-relief decisions, not enforcement sanctions.

Governance and bilingual services are conditions of relief

Each exchange must ensure fair, meaningful and diverse representation on its board and board committees. That includes appropriate representation of independent directors and a proper balance among the interests of people and companies using the exchange’s services and facilities. The decisions do not prescribe a particular percentage of independent directors.

Both exchanges must communicate and offer a broad range of services to their issuers and dealers in English and French, with the same quality in each language. The listed services include listing, continued listing, follow-up and membership services.

Information documents issued to the public, issuers or dealers must be published concurrently in both languages. The requirement includes forms, releases and notices. If the Saskatchewan authority requests them, the exchanges must provide those documents immediately upon publication.

The French version of each exchange’s website must be updated at the same time as its English version and consist solely of French documents. The decisions impose these requirements as conditions of relief; they do not establish that bilingual services are being introduced for the first time.

Information access remains subject to privacy law

Subject to the memorandum of understanding, each exchange must promptly supply requested information to the participating regulators, either directly or through its lead regulator or regulators, as applicable. The obligation covers information held or controlled by the exchange or affiliated entities concerning dealers, issuers, shareholders, market operations and compliance with the decision. Examples include dealer lists, products, trading information and disciplinary decisions.

That access is qualified by applicable securities legislation, privacy legislation and other laws governing information collection, use, disclosure and personal-information protection. The exchanges must also protect the confidentiality of issuer and participant information supplied in connection with their operations, in accordance with applicable law.

TSX must notify the OSC of securities-law violations in the participating jurisdictions that it becomes aware of in its ordinary business or otherwise. TSX Venture has the corresponding obligation to notify its Alberta and British Columbia lead regulators.

Written access standards and continued compliance

Each exchange must establish and maintain written standards for access to its services. Those standards must ensure that participants are appropriately registered under the participating regulators’ securities laws or exempt from those requirements. Both exchanges must continue to comply with applicable securities legislation in the jurisdictions covered by their decisions.

The relief remains conditional. If an exchange fails to comply with one or more conditions, the participating regulators may amend, suspend or revoke its decision, in whole or in part. The July decisions grant recognition relief without removing the oversight and compliance obligations attached to it.