On October 11, 2012, the Toronto Stock Exchange (“TSX”) issued a request for comments on proposed amendments (the “Amendments”) to the TSX Company Manual (the “Company Manual”) and the TSX Rule Book (the “TSX Rules”). The Amendments provide clarification to the process of appeal with respect to listing-related decisions. Furthermore, the Amendments offer consistency between the appeal rules under the Company Manual and those under the TSX Rules.

The Amendments, which will become effective upon approval by the Ontario Securities Commission (“OSC”), include the following:

  1. changes to the composition of the appeal panel. An appeal will be heard by at least one and up to three senior TSX executives;
  2. codification of the common practice of submitting written requests for appeals and written submissions;
  3. clarification of the decision making responsibilities that are delegated to listing managers;
  4. clarification of the timeline to appeal delisting decisions; and
  5. revision and clarification of the rules relating to the suspension and termination of participating organizations.

The TSX will publish the Amendments for a 30-day comment period. Written comments are accepted until November 12, 2012.

Ara Basmadjian, articling student, assisted in the preparation of this article.