MX REQUESTS APPROVAL TO TRANSFER OVERSIGHT OF THE REGULATORY DIVISION
The Montreal Exchange (MX) has requested approval from the Autorité des marchés financiers (AMF) to amend its Recognition Order to transfer oversight of the Regulatory Division of the MX. The existing oversight body is a Special Committee composed of industry experts and other individuals named by the MX Board of Directors.
The amendments propose to transfer oversight to a new committee known as the MX Self-Regulatory Oversight Committee (SROC). The SROC would be a standing committee of the MX Board comprised of a minimum of three directors, of which 50% must be residents of Quebec; 2/3rds must be independent directors; 2/3rds must have expertise in derivatives; and at least one member must have legal expertise in securities or derivatives. The most senior officer of the Regulatory Division of the MX would have the title of “President, Regulatory Division” and report solely and directly to the SROC.
The Amendments seek to strengthen outreach mechanisms by creating an advisory committee on Self-Regulation (the “ACS”) composed of a range of key stakeholders (primarily industry members and others with self-regulatory expertise) and appointed by the SROC.
Comments are due December 19, 2022 and can be submitted to:
Me Philippe Lebel
Secrétaire général et directeur général des affaires juridiques
Autorité des marchés financiers
Place de la Cité, tour Cominar
2640, boulevard Laurier, bureau 400
Québec (Québec) G1V 5C1