The Toronto Stock Exchange (TSX) is proposing rule amendments to clarify the procedure for appealing its decisions on listings and trading access.
In Thursday’s OSC Bulletin, the TSX proposes changes to its rules setting out its appeals procedure. The amendments aim to harmonize the appeal process for listings decisions and the decisions it makes under the trading rules, such as suspending or terminating trading firms.
It will clarify that listing decisions that are to be appealed may be considered by up to three of the exchange’s senior executives; and, clarify the timeline for hearing appeals of delisting decisions.
Additionally, it says the amendments will codify the existing practice of requiring written requests for appeals and written submissions in support of the appeal. “This practice is also aimed at preventing frivolous appeals and helps ensure the proper attention and use of time at the appeal,” it notes.
The proposed changes are out for a 30-day comment period, and are due by November 12.