Market Regulation Services Inc. has approved a series of amendments to its disciplinary proceeding policies.

The amendments are characterized as “administrative, editorial or technical nature”, but they are necessary because the hearing panels formed to conduct hearings are not subject to the Statutory Powers Procedures Act. RS said “it has become desirable to clarify the application of a number of the provisions relating to practice and procedure”.

Before RS was recognized as a regulation services provider, each exchange maintained its own disciplinary rules and established the practice and procedure by which disciplinary hearings were conducted. In the case of the TSX, the practices and procedures were subject to the provisions of the Statutory Powers Procedures Act (Ontario). But the other exchanges it regulates weren’t subject to the SPPA.

The Rules Advisory Committee of RS reviewed the proposed amendments related to the practice and procedure in disciplinary proceedings and recommended their adoption by the board of directors.

The amendments will be effective upon approval of the changes by the recognizing regulators following public notice and comment. Comments on the proposed amendments should be in writing and delivered by May 31.