User Group

Objective

The Regulatory Division (the "Division") of Bourse de Montréal Inc. (the "Bourse") has created the Regulatory User Group for the purpose of exchanging ideas, insights and perspective with approved participants and foreign approved participants (collectively, the "Participants") of the Bourse regarding regulatory matters.

Mandate

The mandate of the Regulatory User Group is for participants to provide input on regulatory policy initiatives, rule amendments and to present regulatory issues that are relevant to the Bourse users. Members of the Regulatory User Group are expected to provide input that is independent of their personal interests or the interests of the Participant they are representing; members of the Regulatory User Group are expected to represent the best interests of the market.

Membership

To become a member of the Regulatory User Group, an individual must be employed and authorized to act for a participant, the Investment Industry Association of Canada, or the Futures Industry Association. Should a member vacate a position during a term and is not replaced by another representative of the Participant, the President, Regulatory Division shall appoint a new member based on the existing pool of applicants. A term on the Regulatory User Group is for a period of two years with a limit of three terms.

Operating Mode

The Strategy and Regulatory Outreach service of the Division will be responsible for coordinating the activities of the Regulatory User Group including convening the meetings. The Regulatory User Group meets at a minimum of two times per calendar year. For any meeting held in person, a conference call-in will be available for the members unable to attend onsite.