39Commission to be notified of amendments to rules

##### 39 Commission to be notified of amendments to rules (1) Where: (a) an amendment is made, by way of rescission, alteration or addition, to the business rules of a securities exchange; or (b) an amendment, by way of rescission, alteration or addition, to the listing rules of a securities exchange is made or adopted by the securities exchange; the securities exchange shall, forthwith after the making or adoption of the amendment, give written notice of the amendment to the Commission. (2) A notice under subsection (1) shall: (a) set out the text of the amendment; (b) specify the date on which the amendment was made or adopted; and (c) contain an explanation of the purpose of the amendment. (3) If the notice required to be given by subsection (1) is not given within 21 days after the amendment is made or adopted, the amendment ceases to have effect. (4) Where the Commission receives a notice under this section, the Commission shall forthwith send a copy of the notice to each member of the Ministerial Council. (5) The Ministerial Council may, within 28 days after the receipt by the Commission of a notice under this section, disallow the whole or a specified part of the amendment to which the notice relates. (6) Where the Ministerial Council disallows the whole or a part of an amendment to which a notice under this section relates, the Commission shall forthwith give notice of the disallowance to the securities exchange and, upon receipt by the securities exchange of the notice of disallowance, the amendment, to the extent of the disallowance, ceases to have effect.