Common use of Rule Making Clause in Contracts

Rule Making. a. The Commission shall provide the Ministry with regular and timely overviews of the Commission's rule-making activity, specifying: i. Rules with the Minister for review and decision, pursuant to section 143.3 of the Securities Act and section 68 of the CFA; ii. Rules that have completed their public consultation period and are expected to be delivered for the Minister's review and decision; iii. Rules published for public comment, pursuant to section 143.2 of the Securities Act and section 67 of the CFA; and iv. Rules expected to be published for public comment within the next 180 days. b. The Commission shall, in deciding upon the need for a proposed rule, consider the purposes of the Statute under which the rule would be made, along with, where applicable, the qualitative and quantitative analysis of the anticipated costs and benefits. c. At least 30 days prior to the proposed date of publication of a proposed rule for public comment, unless the rule is urgent, the Commission shall provide the Ministry with a draft of the proposed rule and supporting information including: a summary of the reasons for making the rule, a summary of consultation, if any, undertaken during the development of the rule prior to its publication for comment, and a summary of the impact of the expected rule. d. If any material amendment is subsequently made to the proposed rule, the Commission shall as soon as practicable provide the Ministry with a copy of the amended rule and a reason for the amendment, including any stakeholder feedback that led to the amendment. e. At the request of the Minister and/or the Deputy Minister, the Chair and CEO shall make a presentation on the proposed rule. f. The Ministry may provide the Commission with written questions, comments and suggested revisions in respect of a proposed rule. The Ministry shall provide its questions, comments and suggested changes within 30 days of receiving a copy of the proposed rule and supporting information, unless the Ministry requires additional time to review the proposed rule, in which case the Ministry shall inform the Commission of when the Ministry will beable to provide the Commission with its questions, comments and suggested revisions. The Commission shall respond to the Ministry's questions and comments and consider the Ministry's suggested revisions to the proposed rule. g. Subject to article 10.3.d, in the case of a rule other than a Fee rule or an urgent rule, the Commission may publish the proposed rule for public comment if, after 30 days have elapsed from the delivery to the Ministry of the draft proposed rule and supporting information, the Minister or the Deputy Minister has not objected to the draft of the proposed rule or the Ministry has not requested additional time to review the proposed rule. h. In the case of a Fee rule, the Commission shall not publish the proposed rule for public comment without consulting with the Deputy Minister or the Minister. i. If the Commission makes any material changes to the rule after the public comment period such that a notice of the proposed changes is required under subsection 143.2(7) of the Securities Act or subsection 67(7) of the CFA, the Commission shall, at least two weeks prior to the proposed date of publication of the revised rule for public comment, notify the Ministry of the proposed date of publication for the second comment period and providethe Ministry with a copy of the draft changes to the rule and the notice. j. The Commission shall, when delivering a rule to the Minister in accordance with section 143.3 of the Securities Act or section 68 of the CFA, provide the Minister with details of the Commission's response to the significant issues and concerns brought to the attention of the Commission during the comment periods. k. The Commission shall, in its notice of consultations concerning a proposed rule, acknowledge that the Minister's statutory period for review and approval of the rule is 60 days. l. In the case of an urgent rule, the preceding provisions of article 10.3 do not apply.