AI-assisted research summary: The Commission must publish notice of a proposed rule and allow written representations, unless a stated exception applies.
Rule-Making Procedure Regulation, M.R. 246/97 The Securities Act , C.C.S.M. c. S50 Regulation 246/97 Registered December 11, 1997 bilingual version (HTML) Prior publication of notice of proposed rule 1 Subject to section 2, before making a rule under section 149.1 of The Securities Act , the Commission shall (a) publish a notice of the proposed rule in such manner as the Commission considers to be appropriate; and (b) within the period of time allowed under section 6, give an opportunity for interested persons and companies to make written representations to the Commission with respect to the proposed rule. Exemption 2 Despite section 1, the Commission may make a rule without complying with the requirements of that section (a) where (i) all of the persons and companies who would be subject to the proposed rule are named in it, (ii) the proposed rule is sent to each of those persons and companies, and to any other person or company that the Commission considers might reasonably be affected by the proposed rule, and (iii) within the period of time allowed under section 6, an opportunity is given to each of those persons and companies to make written representations to the Commission; (b) where (i) the rule grants an exemption or removes a restriction, and (ii) the Commission considers that the rule is not likely to have a substantial effect on the interests of persons or companies other than those who benefit under the rule; (c) where the rule is an amendment or variation of an existing rule that the Commission considers does not materially change that existing rule; or (d) where the Commission considers that it is in the public interest to enact the rule without delay because (i) there is an urgent need for the rule, and (ii) without the rule being made, there is a substantial risk of material harm to investors or to the integrity of the capital markets. Limited effect of rules under clause 2(d) 3 Subject to section 4, a rule made under clause 2(d) ceases to have effect 275 days after the day the rule came into force. Saving provision 4 If, prior to the expiration of the effect of a rule made under clause 2(d), the Commission publishes a notice of the rule that meets the requirements of section 1, the rule shall remain in force. Amendment or variation before making of rule 5 If, after a notice of a proposed rule has been published in accordance with section 1 but prior to the proposed rule being enacted, the Commission proposes to make an amendment to the proposed rule that the Commission considers to be a material change to the proposed rule, the Commission shall (a) publish a notice of the proposed rule as amended that meets the requirements of clause 1(a); and (b) within the period of time allowed under section 6 but not taking into account any time already given under clause 1(b) in relation to the unamended proposed rule, give an opportunity to interested persons and companies to make written representations to the Commission with respect to the proposed rule as amended. Time period for making representations 6 For the purposes of clauses 1(b) and 5(b) and subclause 2(a)⁠(iii), the Commission may set the period of time within which an interested person or company may make written representations to the Commission in respect of a proposed rule or an amended proposed rule but (a) the period of time set by the Commission must be a period of at least 60 days from the day that the notice of the proposed rule or amended proposed rule is published; or (b) if the Commission does not set a period of time for making written representations to it, the period of time shall be 60 days from the day that the notice of the proposed rule or amended proposed rule is published. 7 Repealed. M.R. 231/2002 Coming into force 8 This regulation comes into force on January 1, 1998.