Toronto Stock Exchange (TSX) is providing notice today about the extension of temporary relief from TSX's listing and trading rules relating to Normal Course Issuer Bids (NCIBs) for U.S. interlisted issuers. The temporary relief first announced by TSX on September 22, 2008 is being extended to October 17, 2008 until 11:59 p.m. EDT.
On October 1, 2008, the United States Securities and Exchange Commission issued Release No. 58703 announcing the extension of the temporary easing of restrictions on issuers repurchasing their securities. Issuers listed on a U.S. national securities exchange (U.S. Exchange) are temporarily exempt from the application of certain share repurchase rules under the Exchange Act Rule 10b-18. TSX has granted and is extending similar temporary relief to TSX listed issuers that are also listed on a U.S. Exchange.
The relief permits NCIB purchases in the opening and closing of a trading session and modifies the daily NCIB purchase restriction from 25% to 100% of ADTV. The full text of the TSX Staff Notice is available on www.tsx.com under TSX Issuer Resources/Staff Notices.
