42(1)With the approval of the Commission and subject to such terms and conditions as the Commission considers to be necessary or appropriate in the public interest, an exchange, a self-regulatory organization or a quotation and trade reporting system may establish a council, committee or ancillary body for the purposes of this section.

42(2)With the approval of the Commission and subject to such terms and conditions as the Commission considers to be necessary or appropriate in the public interest, an exchange, a self-regulatory organization or a quotation and trade reporting system may delegate to the council, committee or ancillary body regulatory or self-regulatory powers or responsibilities or both.

42(3)With the approval of the Commission and subject to such terms and conditions as the Commission considers to be necessary or appropriate in the public interest, an exchange or a self-regulatory organization may subdelegate to the council, committee or ancillary body any powers or duties delegated to the exchange or self-regulatory organization under subsection 41(1) or (2).

42(4)Where, in making a decision, a council, committee or ancillary body is exercising or performing or intends to exercise or perform a power or duty subdelegated to it under subsection (3), the Commission may withdraw from the council, committee or ancillary body any matter that is before the council, committee or ancillary body for its decision, and the Commission may decide the matter or refer the matter to the Tribunal or the Executive Director for decision.

42(5)A decision, ruling, order or direction made by a council, committee or ancillary body established by an exchange, a self-regulatory organization or a quotation and trade reporting system under subsection (1) shall be deemed to be a decision, ruling, order or direction of the exchange, self-regulatory organization or quotation and trade reporting system, as the case may be.

42(6)A council, committee or ancillary body that exercises the powers or assumes the responsibilities of an exchange, a self-regulatory organization or a quotation and trade reporting system is also included in

42(7)The provisions of this Act and the regulations that apply to exchanges, self-regulatory organizations or quotation and trade reporting systems also apply with the necessary modifications to the council, committee or ancillary body.

42(1)With the approval of the Commission and subject to such terms and conditions as the Commission considers to be necessary or appropriate in the public interest, an exchange, a self-regulatory organization or a quotation and trade reporting system may establish a council, committee or ancillary body for the purposes of this section.

42(2)With the approval of the Commission and subject to such terms and conditions as the Commission considers to be necessary or appropriate in the public interest, an exchange, a self-regulatory organization or a quotation and trade reporting system may delegate to the council, committee or ancillary body regulatory or self-regulatory powers or responsibilities or both.

42(3)With the approval of the Commission and subject to such terms and conditions as the Commission considers to be necessary or appropriate in the public interest, an exchange or a self-regulatory organization may subdelegate to the council, committee or ancillary body any powers or duties delegated to the exchange or self-regulatory organization under subsection 41(1) or (2).

42(4)Where, in making a decision, a council, committee or ancillary body is exercising or performing or intends to exercise or perform a power or duty subdelegated to it under subsection (3), the Commission may withdraw from the council, committee or ancillary body any matter that is before the council, committee or ancillary body for its decision, and the Commission may decide the matter or refer the matter to the Executive Director for decision.

42(5)A decision, ruling, order or direction made by a council, committee or ancillary body established by an exchange, a self-regulatory organization or a quotation and trade reporting system under subsection (1) shall be deemed to be a decision, ruling, order or direction of the exchange, self-regulatory organization or quotation and trade reporting system, as the case may be.

42(6)A council, committee or ancillary body that exercises the powers or assumes the responsibilities of an exchange, a self-regulatory organization or a quotation and trade reporting system is also included in

42(7)The provisions of this Act and the regulations that apply to exchanges, self-regulatory organizations or quotation and trade reporting systems also apply with the necessary modifications to the council, committee or ancillary body.