TSX Venture Exchange Announces Implementation of V-File for Private Placement Filings
The TSX Venture Exchange (the “Exchange”) has introduced a web-based application for issuers to file private placement submissions with the Exchange. The system, named V-File, allows for the electronic filing of the information that is currently included in a Form 4B – Notice of Private Placement and automates certain components of the Exchange’s acceptance process for private placements.
V-File is intended to improve turnaround time and increase efficiencies in the review and approval process for private placement submissions. One way V-File does this is by allowing multiple users to work within the same document to prepare, review and file submissions, with the issuer having full control to grant access to users, manage roles and add or remove users. V-File also performs data and policy validation, providing instant feedback on missing data or non-compliance with Exchange policies, pre-populates certain information which is in the Exchange’s database and calculates filing fees. V-File also provides automatic e-mail notifications for all workflow events, such as submission receipts, approval and filing deadlines.
Although not mandatory at this time, issuers are encouraged by the Exchange to register for V-File by having a director or officer contact the Exchange. A principal contact, who must be an officer or a director, must first be registered for each issuer. Once a principal contact has been registered, he or she can add other users on the issuer’s account, such as the issuer’s lawyers who can then prepare and file all private placement materials for the issuer with the Exchange.
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