The deal commits regulators to dedicated support teams and new procedures for issuers
The OSC, AMF Québec, and AMF France have signed an agreement to support the cross-listing of equity securities between Canada and France.
Announced on April 20, 2026, the agreement between the Ontario Securities Commission, the Autorité des marchés financiers of Québec, and the Autorité des marchés financiers of France sets up a collaborative procedure between the three regulators - a formal channel for dialogue and information sharing between securities regulators in the two countries.
The deal gives Canadian and French issuers a more supported path to listing on each other's exchanges. A Canadian company already trading on a recognized exchange at home could tap into this framework to pursue a listing on a French regulated market. A French issuer could do the same in reverse.
It covers two scenarios: dual listings, where a company seeks admission on both a French regulated market and a Canadian recognized exchange at the same time, and subsequent listings, where a company already listed in one country seeks a first admission in the other. The agreement applies specifically to equity securities, and issuers would be expected to submit a prospectus for admission to trading of either their shares or depository shares evidenced by depositary receipts.
Worth noting for wealth management and investment professionals: this agreement could, over time, expand the pool of cross-listed equities accessible across both markets. It also signals that regulators on both sides of the Atlantic are actively working to facilitate cross-border capital markets activity.
None of this, though, means a lighter regulatory load. The agreement does not provide regulatory relief. Companies will still have to comply with the regulatory requirements of both countries and applicable exchange requirements. What changes is the level of support. Canadian and French companies will benefit from increased support and assistance from the AMF Québec, OSC, and AMF France throughout the prospectus review process.
And that support comes with specifics. Under Article 5 of the agreement, each host authority will offer issuers seeking a cross-listing support consisting of a dedicated team and/or contact person in charge of dealing with the issuer's application for approval of its draft or preliminary prospectus. That team will provide the issuer with appropriate assistance during the prospectus review phase. The host authority will also endeavour to provide general guidance on the regulations applicable to the admission to trading of their securities - though it will not provide legal advice.
The three regulators also agreed to share their prior supervisory experience with issuers seeking to cross-list, with the goal of facilitating the swift review and approval of draft prospectuses. They will endeavour to alert each other about any undisclosed material change reasonably expected to have a significant impact on the share price of issuers seeking to cross-list or which have cross-listed their securities, as well as enforcement actions that, in their reasonable opinion, may have a material impact on the share price of these issuers.
"Canada's capital markets are navigating a period of rapid change shaped by global economic uncertainty," said Yves Ouellet, President and CEO of the AMF Québec. "In this context, the AMF Québec and OSC continue supporting the competitiveness of Canada's capital markets, keeping with the commitment taken by the Canadian Securities Administrators in April 2025."
"Co-operation and information sharing across global jurisdictions is important to facilitate the regulation of cross-listed issuers," said Grant Vingoe, CEO of the OSC. "This agreement is another way we can support Canadian issuers by opening up new possibilities."
Marie-Anne Barbat-Layani, Chair of the AMF France, said the agreement "is of great importance and confirms both the competitiveness of the Paris financial centre and the excellent relationships we maintain with our Canadian counterparts at AMF Québec and the OSC."
The agreement was signed on April 16, 2026. The OSC has set up a dedicated email for issuers at [email protected], and the AMF France has designated [email protected] for the same purpose. Other Canadian provincial or territorial securities regulators can join the agreement by executing a counterpart with the AMF France and notifying the existing signatories.
Any authority can walk away from the arrangement by providing 30 days' written notice. Cooperation will continue for all requests made before the notice period expires, until those requests are fulfilled or formally withdrawn.
