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The Bourse de Montréal Inc. has proposed changes to the rules that set out the powers of the derivative exchange’s regulatory division in overseeing the market.

According to a notice, the proposals were intended to update the rules “by either codifying current practices” or by adopting best practices of similar self-regulated organizations.

For instance, the exchange proposed to extend the limitation period on disciplinary proceedings from three years to five years, increase maximum fines from $1 million per infraction to $5 million, and alter the rules for appeals, among other things.

The revisions also aimed to clarify the powers of the exchange’s regulatory division, and the rights and obligations of traders and others overseen by the exchange.

Last year, the exchange proposed a set of measures to make the “investigative process of the division more transparent and predictable to market participants, and also improve efficiency during an investigation.”

These latest revisions incorporated the feedback it received in response to that effort.

The proposals are out for comment until July 26.