Common use of Policy Amendments Clause in Contracts

Policy Amendments. 1. Subject to section 4, CDNX will file any Policy Amendment for review and approval with the Primary Regulators, and CDNX will concurrently provide copies of the Policy Amendment to the other Commissions addressed to the persons identified in Appendix C. 2. Within 10 business days of receipt of the Policy Amendment, the other Commissions will endeavour to provide written notice to the Lead Regulator as to: (a) any comments on the Policy Amendments; or (b) advice that they have no comments on the Policy Amendments. 3. In the event that the Lead Regulator advises CDNX that a Commission objects to a Policy Amendment that would otherwise be approved by the Primary Regulators in accordance with the oversight program, such Policy Amendment will not take effect in the objecting Commission’s jurisdiction until such time as the Lead Regulator advises that the objection has been withdrawn. 4. Notwithstanding section 1, CDNX may make a Policy Amendment: (a) if that Policy Amendment involves only (i) the correction of mistakes with regard to spelling, punctuation, grammar, inaccurate cross-references or other similar merely typographical errors; (ii) stylistic reformatting, including in regard to headings and paragraph numbering; (iii) non-material amendments required to ensure consistency between CDNX policies and rules and applicable securities legislation or securities directions; or (iv) other non-material amendments agreed to by the Lead Regulator; or (b) if CDNX determines that the Policy Amendment is of an urgent nature, in which case: (i) prior to publishing the Policy Amendment, CDNX will notify the Lead Regulator, (ii) CDNX may immediately proceed to institute and publish the Policy Amendment, and (iii) CDNX will concurrently send the Policy Amendment to the Primary Regulators advising that the Policy Amendment has been published and requesting the Primary Regulators to review and approve the Policy Amendment. CDNX will also send a copy of the Policy Amendment concurrently to every other Commission addressed to the persons identified in Appendix C. 5. A Policy Amendment that is published in accordance with paragraph 4 (b) will cease to have any force and effect: (a) in all CPC Jurisdictions on the earlier of: (i) the date of receipt by CDNX of a notice of objection from the Lead Regulator on behalf of the Primary Regulators, or (ii) the 60th day following publication, if the Primary Regulators have failed to approve the Policy Amendment. (b) in a CPC Jurisdiction on the date of receipt by CDNX of notice from the Lead Regulator that a Commission objects to the implementation of the Policy Amendment in that Commission’s jurisdiction. In the event the Primary Regulators object or the Lead Regulator fails to provide notice of approval in accordance with section 5 (a) or notifies CDNX of an objection pursuant to section 5 (b), CDNX will promptly publish an Exchange Bulletin (as defined in CDNX Policies) advising that the Policy Amendment has no further force and effect in all or any particular CPC Jurisdiction.

Policy Amendments. 1. Subject to section 4, CDNX will file any Policy Amendment for review and approval with the Primary Regulators, and CDNX will concurrently provide copies of the Policy Amendment to the other Commissions addressed to the persons identified in Appendix C. 2. Within 10 business days of receipt of the Policy Amendment, the other Commissions will endeavour to provide written notice to the Lead Regulator as to: (a) any comments on the Policy Amendments; or (b) advice that they have no comments on the Policy Amendments. 3. In the event that the Lead Regulator advises CDNX that a Commission objects to a Policy Amendment that would otherwise be approved by the Primary Regulators in accordance with the oversight program, such Policy Amendment will not take effect in the objecting Commission’s jurisdiction until such time as the Lead Regulator advises that the objection has been withdrawn. 4. Notwithstanding section 1, CDNX may make a Policy Amendment: (a) if that Policy Amendment involves only (i) the correction of mistakes with regard to spelling, punctuation, grammar, inaccurate cross-cross- references or other similar merely typographical errors; (ii) stylistic reformatting, including in regard to headings and paragraph numbering; (iii) non-material amendments required to ensure consistency between CDNX policies and rules and applicable securities legislation or securities directions; or (iv) other non-material amendments agreed to by the Lead Regulator; or (b) if CDNX determines that the Policy Amendment is of an urgent nature, in which case: (i) prior to publishing the Policy Amendment, CDNX will notify the Lead Regulator, (ii) CDNX may immediately proceed to institute and publish the Policy Amendment, and (iii) CDNX will concurrently send the Policy Amendment to the Primary Regulators advising that the Policy Amendment has been published and requesting the Primary Regulators to review and approve the Policy Amendment. CDNX will also send a copy of the Policy Amendment concurrently to every other Commission addressed to the persons identified in Appendix C. 5. A Policy Amendment that is published in accordance with paragraph 4 (b) will cease to have any force and effect: (a) in all CPC Jurisdictions on the earlier of: (i) the date of receipt by CDNX of a notice of objection from the Lead Regulator on behalf of the Primary Regulators, or (ii) the 60th day following publication, if the Primary Regulators have failed to approve the Policy Amendment. (b) in a CPC Jurisdiction on the date of receipt by CDNX of notice from the Lead Regulator that a Commission objects to the implementation of the Policy Amendment in that Commission’s jurisdictionJurisdiction. In the event the Primary Regulators object or the Lead Regulator fails to provide notice of approval in accordance with section 5 (a) or notifies CDNX of an objection pursuant to section 5 (b), CDNX will promptly publish an Exchange Bulletin (as defined in CDNX Policies) advising that the Policy Amendment has no further force and effect in all or any particular CPC Jurisdiction.