On April 12, Toronto Stock Exchange (TSX) announced an initiative (TSX Sandbox) to support innovative issuers and financing models and provide a testing ground for certain policy initiatives. TSX Sandbox is, essentially, a framework for TSX staff to exercise their discretion in applying TSX’s original listing criteria and/or the listing standards for transactions involving changes in listed issuers’ capital structure. With respect to original listings, applicants from all industry sectors and stages of growth are welcome to apply. TSX emphasized that “first-mover applications” are encouraged and will benefit from TSX Sandbox, since subsequent, similar applications may not be accepted until enough time and/or seasoning has passed. The Notice describes eligibility criteria for TSX Sandbox, procedures for TSX Sandbox applications and examples of potential, special conditions that TSX may apply (such as enhanced disclosure requirements) to permit the listing.