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Fairness for Canadian Growth Companies

April 23, 2020

I am writing today on behalf of TMX to pledge support to all of our issuers during the COVID-19 pandemic as the world comes to terms with this new and unfamiliar business environment. I also want to thank our listed companies for the leadership position so many have taken in helping our communities cope with this unprecedented crisis and to keeping people safe at a most vulnerable time.

Among our COVID-19 response initiatives, which included temporary blanket relief measures for TSX and TSXV issuers, TMX made some important progress in an initiative that we think has positive and long-lasting implications for the issuer community.

Last autumn, we launched a new issuer advocacy campaign called #Fairness4Growth. The goal of this ongoing campaign is to affect important policy change to ensure that all growth-stage Canadian companies - public and private - are treated equally when it comes to federal government support initiatives.

A few weeks ago as part of its COVID-19 response package, the Canadian government introduced a wage subsidy to help small and medium-sized businesses retain their employees. Unfortunately, the original design of that program specifically excluded public companies -- even those companies that are still at the crucial growth stage of their life cycle.

In keeping with #Fairness4Growth, TMX joined several other organizations from across the country in strongly advocating for amendments to this program to make these vital support measures available to public companies. You can view the letter to the federal Finance Minister here.

We were very pleased when the government responded earlier this month with a new wage subsidy program that will indeed include public companies. As you may already know, the Canada Emergency Wage Subsidy will provide substantial support for eligible employers. In this instance, eligible employers will include all companies - large and small, publicly-traded and privately-owned - that have experienced a significant revenue decrease from this time last year. If your business needs this subsidy and qualifies, we encourage you to use it to help retain and support your employees through this crisis. For more information on the program, we suggest visiting the government of Canada website.

Lastly, we want to reinforce our commitment. #Fairness4Growth is not over. TMX recognizes that the current COVID-19 response package may still exclude certain companies in the start-up or pre-revenue phase. The government has acknowledged a need to support these businesses too, and TMX will continue to advocate alongside other organizations across Canada for fair treatment.

If you would like to know more about our advocacy efforts during this crisis please do not hesitate to reach out to our Head of Government Affairs, David Clarke, at If this subsidy will help your business, we would love to hear about it; and if you have suggestions for further support mechanisms in this time of crisis, we would be happy to pass those along as part of our continued advocacy.

On behalf of TMX group, I wish you all a safe and happy Spring as we work through this crisis together.




John McKenzie

CFO and Interim CEO

TMX Group Limited