Regulatory Amendments

As a recognized exchange and self-regulatory organization, the Exchange, through its Regulatory Division, is responsible for regulating its markets and its participants on a day-to-day basis. This is achieved through the adoption and enforcement of Rules and Policies governing the Exchange’s markets and the conduct of approved participants.

The regulatory amendment process unfolds in three stages.

1. Internal approval

Any regulatory amendment proposal must first be approved by internal committees of the Exchange, the Special Committee – Regulatory Division and the Rules and Policies Committee, pursuant to the mandate of the Rules and Policies Committee and the Rules Regarding the Special Committee – Regulatory Division.

2. Request for comments

Once the regulatory amendment(s) have been approved be the internal committee(s), the Exchange will publish a rule amendment proposal along with a supporting analysis for a request for comments period of at least thirty (30) days. The Exchange also transmits the proposal to the Autorité des marchés financiers (AMF) who similarly publishes the rule amendment proposal for a comment period of at least thirty (30) days in its weekly bulletin. All comments must be sent to the Exchange and AMF jointly.

3. Self-certification

The implementation date of any proposed amendment is determined by the Exchange, pursuant to the self-certification process as determined by the Derivatives Act (R.S.Q., chapter I-14.01). The Rules of the Exchange are submitted to the Autorité des marchés financiers, in accordance with this process.