The TSX has announced the adoption of amendments to its Company Manual and to the TSX Rules to clarify matters related to appeals of listing-related decisions, and to ensure consistency between the Manual and the Rules with respect to appeals.

As we discussed when the changes were first proposed in 2012, the amendments (i) address the composition of appeal panels; (ii) codify the existing practice of requiring written requests for appeals and submissions; (iii) clarify that certain decisions may be delegated to listing managers; (iv) clarify the time frame for appeals; and (v) clarify the rules regarding suspension and termination of participating organizations.

The amendments are effective as of today.