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  • Notice 2010-001 - Proposed Changes - Rule 1-101 and Rule 11-102
    Box 55 Toronto ON M5H 3S8 Attention Manager Market Regulation Fax 416 595 8940 Impact of the Proposed Changes The proposed changes will not require any technological changes or development by CNSX Dealers or issuers currently listed on CNSX There will be no direct costs associated with compliance The substantive changes to the rules relating to Alternative Market securities expand the range of securities that may be traded in the Alternative Market by adding those of another recognized exchange CNSX There are no additional obligations or costs imposed on CNSX Dealers or Issuers but the change could provide additional competition in the listings area which could provide benefits to both groups There will be minor costs to service providers in adding new securities to those eligible for trading on the Alternative Market but these are the same as for any new securities added at present The rest of the changes were for clarification purposes and should ensure that the qualification criteria for Pure Trading are easily understood Consultation Some consultation was carried out with a small group of specialty issuers on a confidential basis to understand their needs in the current environment Flexibility was a key factor and this led in part to the proposed changes to the definition of Alternative Market Security Alternatives The proposed changes to the Rules are minor technical changes necessary to broaden the provisions to accommodate future business strategies clarify qualification and disqualification provisions and ensure consistency in drafting among the rules and the recognition order No alternatives were considered Comparable Rules The proposed changes to Alternative Market Security do not have comparable provisions in the rules of other stock exchanges because of the unique structure of CNSX Markets facilities i e that the Alternative Market is a facility of the exchange Unlisted trading privileges are allowed in US markets pursuant to the Securities Exchange Act of 1934 subparagraph 12f 1 A which states generally that any national securities exchange in accordance with the requirements of this subsection and the rules hereunder may extend unlisted trading privileges to i any security that is listed and registered on a national securities exchange Proposed Amendments Proposed changes to the definition of Alternative Market security were first published with proposed amendments to Policy 2 and related changes in CNSX Notice 2009 001 As the Rules changes are related to changes to the Alternative Market qualification provisions in the recognition order the amendments are now being re published contemporaneously with a varied and restated recognition order Blacklined and clean versions of the Rule 1 definition and the text of Rule 11 102 are provided below Blacklined proposed changes to Alternative Market security definition in Rule 1 and proposed changes to Rule 11 102 1 Rule 1 Definitions Alternative Market security means a security other than a CNSX listed security that is listed on another Canadian stock exchange and approved designated for trading on CNSX the Alternative Market in accordance with Rule 11 102 Qualification for Alternative Market 2 Rule

    Original URL path: http://www.puretrading.ca/CNSX/Listing/Notices/2010/05/17/Notice-2010-001-Proposed-Changes-Rule-1-101-and-Rule-11-102-.aspx (2014-10-22)
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  • Notice 2009-001 Proposed Policy and Rule Changes
    CSE How to List on the CSE Fees Going Public For Listed Companies Forms Policies Login Services for Listed Companies Policies and Regulations CSE Trading Rules Issuer Policies Bulletins and Notices Regulatory Notices Bulletins Company Filings CSE Filings Listed Company

    Original URL path: http://www.puretrading.ca/CNSX/Listing/Notices/2009/10/23/Notice-2009-001-Proposed-Policy-and-Rule-Changes.aspx (2014-10-22)
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  • Notice 2008-004 - Updated Policies & Forms
    Trading Quotation System Inc or CNQ to Canadian National Stock Exchange or CNSX Where applicable the amendments to the Policies include updates to reflect new address or contact information and references to Market Regulation Services RS or the Investment Dealers Association IDA have been changed to reflect the new entity Investment Industry Regulatory Organization of Canada IIROC As there are no changes to the requirements set out in the Policies

    Original URL path: http://www.puretrading.ca/CNSX/Listing/Notices/2008/11/20/Notice-2008-004-Updated-Policies-Forms.aspx (2014-10-22)
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  • Notice 2008-003 - Trading System Changes
    the CSE How to List on the CSE Fees Going Public For Listed Companies Forms Policies Login Services for Listed Companies Policies and Regulations CSE Trading Rules Issuer Policies Bulletins and Notices Regulatory Notices Bulletins Company Filings CSE Filings Listed

    Original URL path: http://www.puretrading.ca/CNSX/Listing/Notices/2008/10/16/Notice-2008-003-Trading-System-Changes.aspx (2014-10-22)
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  • Notice 2008-002 - New Trading Fee Schedule
    3 2008 New Trading Fee Schedule CNQ will implement a new trading fee schedule concurrent with the migration of trading in CNQ listed securities to the X Stream trading system scheduled for October 17 2008 The new schedule introduces volume based fees similar to those charged in other marketplaces including Pure Trading It also includes new trading fee credits for Market Makers in their stocks of responsibility Trading Fees Equity Securities shares warrants rights Security Price Fee per Share Maximum Fee Minimum Fee 1 00 or above 0 0014 50 00 1 00 Below 1 00 0 0006 50 00 1 00 Odd lot trades will be charged at the same rate per side with the maximum fee per side reduced to 0 50 and with no minimum fee Crosses will be charged a flat fee of 9 75 per trade Designated Market Makers passive orders in the stocks for which they have responsibility will receive a credit of 0003 per share per trade for stocks trading below 1 00 and 0007 for stocks trading at or above 1 00 with a maximum credit of 25 per trade This credit will also be applied to any and all Market Maker

    Original URL path: http://www.puretrading.ca/CNSX/Listing/Notices/2008/10/02/Notice-2008-002-New-Trading-Fee-Schedule.aspx (2014-10-22)
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  • Comments - Expert Panel on Securities Legistlation
    Canada is a regulatory backwater because of the current arrangements We are of the opinion that Canada has a regulatory structure that is capable of responding to changing circumstances in the markets and that our current laws rules and policies are comparable to those of other countries with highly developed capital markets Because of this we are not anxious to see change for the sake of change or a regulatory construct that cannot respond to market developments in a timely and effective manner The efficiency of our capital markets is too important to be subjected to a new regime that is created out of political expediency or in response to media cries for emulation of other countries regulatory regimes that have much greener grass when viewed from across the fence With respect to your requests for comment on particular matters we offer the following Principles Based Securities Regulation All securities regulation should be based on principles but not be restricted to statements of principles There is often a need for clarity in rules that cannot be achieved by the espousal of principles But it is equally important to ensure that rules are grounded in principles that are enumerated by the rule making authorities This not only provides guidance to the regulators and the regulated alike but also lends legitimacy to the rules by establishing them on a proper foundation If the rules are not properly founded upon appropriate principles it will lead to a loss of confidence in the integrity of the regulatory system Rules that are developed without reference to underlying principles will tend to be overly prescriptive and difficult to comprehend Within our own stock exchange we have been able to create a relatively simple rule structure that is comprehensible to listed companies and enables investors to see that the companies are in compliance We do this by requiring enhanced disclosure online of the companies activities in management prepared progress reports requiring the companies to certify that they are in compliance with our rules and those of applicable securities regulatory authorities and posting this disclosure material on our website We also have been careful not to introduce rules in areas that overlap with the rules of other regulators instead we adopt them by reference or defer to them so as to simplify the overall regulatory environment for the listed companies Maximizing disclosure without creating an onerous burden on the listed companies benefits investors in those companies in two ways the company is not pre occupied with regulation to the detriment of their businesses and the investors are more informed Better informed investors are generally acknowledged to be better equipped to make investment decisions Proportionate Securities Regulation The CSA members currently impose proportionate regulation to a greater or lesser extent and this is a practice that should continue While there is a belief in some quarters that accommodating smaller companies is not worth the perceived risk because their market capitalization in aggregate is dwarfed by fewer than two hundred

    Original URL path: http://www.puretrading.ca/CNSX/Listing/Notices/2008/09/08/Comments-Expert-Panel-on-Securities-Legistlation.aspx (2014-10-22)
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  • Notice 2008-001 - Capital Structure and Builder Shares
    the primary purpose of increasing that principal s interest in the Issuer without a corresponding tangible benefit to the Issuer Pricing The Issuer cannot sell securities pursuant to an initial public offering for less than 0 10 per share or unit For Issuers not yet generating revenue from business activity the Exchange will not consider an application where Builder Shares have been issued for less than 0 005 in the previous 18 month period Capital Structure The ratio of shares in the post offering or reverse takeover capital structure must not exceed one Builder Share for every three non Builder Shares Prior to listing all securities issued to Related Persons of the Issuer are required to be escrowed with releases scheduled at periods specified in National Policy 46 201 In addition where convertible securities such as stock options common share purchase warrants special warrants convertible debentures or notes are issued before listing and are exercisable or convertible into listed shares at a price that is less than the issuance price per security under a Prospectus offering or other financing or acquisition taken contemporaneously with the listing application then the underlying security will be subject to escrow with releases scheduled at periods specified under National Policy 46 201 Where there is no concurrent financing the minimum permitted price at which the securities can be exercisable or convertible and not be subject to escrow is 0 10 The Exchange will not permit the exercise conversion or exchange price of any exercisable convertible or exchangeable security to be fixed until the security has been granted to a particular person Substantial Float The Exchange may consider exercising discretion if an issuer has a Substantial Float A Substantial Float means the Issuer post offering or reverse takeover meets or exceeds all of the following a

    Original URL path: http://www.puretrading.ca/CNSX/Listing/Notices/2008/03/24/Notice-2008-001-Capital-Structure-and-Builder-Shares.aspx (2014-10-22)
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  • 2014-1002 - Suspension - AFG Flameguard Ltd. (AFG)
    CSE Trading Rules Issuer Policies Bulletins and Notices Regulatory Notices Bulletins Company Filings CSE Filings Listed Company News Contact Us 2014 1002 Suspension AFG Flameguard Ltd AFG October 1 2014 AFG Flameguard Ltd is in default of CSE requirements Effective immediately AFG Flameguard is suspended pursuant to CSE Policy 3 The suspension is considered a Regulatory Halt as defined in National Instrument 23 101 Trading Rules Date Effective Immediately October

    Original URL path: http://www.puretrading.ca/CNSX/Listing/Bulletins/2014/10/01/2014-1002-Suspension-AFG-Flameguard-Ltd.-AFG-.aspx (2014-10-22)
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