2.2 (1) The Commission shall notify the Minister if, in its opinion, there are extraordinary circumstances that may require immediate action to be taken under this section in the public interest.  2009, c. 18, Sched. 26, s. 2. Criteria (2) For the purposes of this section, each of the following events constitutes extraordinary circumstances: 1. A major market disturbance characterized by or constituting sudden fluctuations of securities prices that threaten fair and orderly capital markets. 2. A major market disturbance characterized by or constituting a substantial disruption in the system for clearance and settlement of transactions. 3. A major disruption in the functioning of capital markets or of a significant segment of the markets, including a major disruption in the availability of capital to market participants. 4. A major disruption in the transmission, execution or processing of securities transactions. 5. A substantial threat of such a major market disturbance or major disruption.  2009, c. 18, Sched. 26, s. 2. Order to suspend trading (3) The Commission may, without notice or a hearing, make an order under this subsection to suspend trading in a security or related derivative or to suspend all trading on a recognized exchange or otherwise, (a) if, in the opinion of the Commission, there are extraordinary circumstances requiring immediate action to be taken in the public interest; and (b) if, in the opinion of the Commission, the order is necessary to maintain or restore fair and orderly securities markets, to ensure prompt, accurate and safe clearance and settlement of transactions in securities or to assist in doing so in another jurisdiction.  2009, c. 18, Sched. 26, s. 2; 2010, c. 26, Sched. 18, s. 2. Terms and conditions (4) The order may be subject to such terms and conditions as the Commission may impose.  2009, c. 18, Sched. 26, s. 2. Duration of order (5) The order takes effect immediately and expires no later than 10 days after the day on which it is made.  2009, c. 18, Sched. 26, s. 2. Notice and publication of order (6) The Commission shall promptly issue a news release describing the details of the order and shall publish the order in its Bulletin.  2009, c. 18, Sched. 26, s. 2. Opportunity to be heard (7) The Commission shall give an opportunity to be heard to persons and companies who are directly affected by the order and who consider themselves aggrieved by it, and the opportunity to be heard may be oral or in writing in the discretion of the Commission.  2009, c. 18, Sched. 26, s. 2. Revocation or variation of order (8) The Commission may make an order revoking or varying the order under subsection (3) but cannot vary it to provide for an expiry later than the date specified in subsection (5).  2009, c. 18, Sched. 26, s. 2. Commission regulation (9) Subject to the approval of the Minister, the Commission may make a regulation relating to any matter governed by Ontario securities law, despite any other provision of this Act, (a) if, in the opinion of the Commission, there are extraordinary circumstances requiring immediate action to be taken in the public interest; and (b) if, in the opinion of the Commission, the regulation is necessary to maintain or restore fair and orderly securities markets, to ensure prompt, accurate and safe clearance and settlement of transactions in securities or to assist in doing so in another jurisdiction.  2009, c. 18, Sched. 26, s. 2. Same (10) The Commission is not precluded from making a regulation under subsection (9) that has substantially the same effect as an order previously made under subsection (3) in respect of the same extraordinary circumstances.  2009, c. 18, Sched. 26, s. 2. Duration of regulation (11) Upon being approved by the Minister, the regulation comes into force immediately, despite section 22 of the Legislation Act, 2006, and it is revoked no later than 30 days after the day on which it comes into force.  2009, c. 18, Sched. 26, s. 2. Extension of duration of regulation (12) Despite subsection (11), an amendment to the regulation may provide that it remains in effect for a further period of up to 30 days, and the regulation may be so amended more than once.  2009, c. 18, Sched. 26, s. 2. Notice and publication of regulation (13) When the regulation comes into force, the Commission shall promptly issue a news release describing the details of the regulation and shall publish the regulation in its Bulletin together with a statement setting out the substance and purpose of the regulation and the nature of the extraordinary circumstances.  2009, c. 18, Sched. 26, s. 2. Same, amendment of regulation (14) Subsection (13) applies, with necessary modifications, with respect to any amendment to the regulation.  2009, c. 18, Sched. 26, s. 2. Additional information (15) As soon as practicable after the regulation comes into force, the Commission shall publish in its Bulletin a description of the particular circumstances upon which the Commission based its decision to make the regulation.  2009, c. 18, Sched. 26, s. 2. Regulation of the L.G. in C. (16) The Lieutenant Governor in Council may make a regulation relating to any matter governed by Ontario securities law, despite any other provision of this Act, (a) if, in the opinion of the Lieutenant Governor in Council, there are extraordinary circumstances requiring immediate action to be taken in the public interest; and (b) if, in the opinion of the Lieutenant Governor in Council, the regulation is necessary to maintain or restore fair and orderly securities markets, to ensure prompt, accurate and safe clearance and settlement of transactions in securities or to assist in doing so in another jurisdiction.  2009, c. 18, Sched. 26, s. 2. Regulation of L.G. in C. prevails (17) A regulation made under subsection (16) prevails over a regulation made under subsection (9), and a regulation made under subsection (16) may revoke a regulation made under subsection (9).  2009, c. 18, Sched. 26, s. 2. Interpretation (18) This section does not limit the authority of the Commission under any other section of this Act.  2009, c. 18, Sched. 26, s. 2. Section Amendments with date in force (d/m/y) 2009, c. 18, Sched. 26, s. 2 - 05/06/2009 2010, c. 26, Sched. 18, s. 2 - 08/12/2010