10. Trading Halts
10.1 This section deals with trading halts in relation to timely disclosure in general. The process and duration of halts for specific transactions are dealt with in the policies dealing with those transactions. In addition, Policy 2.9 - Trading Halts, Suspensions and Delisting provides a detailed discussion of trading halts.

10.2 A halt in trading does not reflect on the reputation of management of an Issuer or the quality of its securities. Trading halts for announcements of Material Information by the Issuer are considered a normal occurrence and for the benefit of the public.

10.3 The determination that trading should be halted is made by the Regulation Services Provider. The Regulation Services Provider normally attempts to contact an Issuer before imposing a halt in trading, when the Regulation Services Provider notices unusual trading. The Regulation Services Provider co-ordinates halts with other North American marketplaces when an Issuer is interlisted. A convention exists among stock exchanges other markets and Nasdaq that trading in an interlisted security will be halted and resumed at the same time in each market. Failure to notify the Regulation Services Provider in advance of an announcement could disrupt this system.

10.4 The Regulation Services Provider determines the amount of time necessary for dissemination in any particular case. Such determination is dependent upon the significance and complexity of the announcement.

10.5 Trading will normally be halted if:
(a) depending on the nature and timing of the news release, the Regulation Services Provider may determine to halt trading until the news release is reviewed and disseminated appropriately. If an announcement is to be made during trading hours, trading in the securities of an Issuer may be halted until the announcement is properly disseminated;
(b) the Issuer requests a halt during trading hours before dissemination of a news release announcing Material Information that may immediately affect the value or price of the Issuer’s securities. The Regulation Services Provider must be advised of the Material Information and halt request as soon as possible, by telephone, so that it can consider whether to halt trading pending receipt and dissemination of the news release. Management of the Issuer should consult with the Regulation Services Provider in order to assess the expected impact of any announcement that might justify a temporary halt in trading; and POLICY 3.3 TIMELY DISCLOSURE Page 10
(as at June 14, 2010)
(c) unusual trading suggests that important information regarding Material Information is selectively available. The Regulation Services Provider may require that the Issuer either disseminate an initial news release if it has not yet done so, or issue a further news release to rectify the situation.

10.6 It is not appropriate for an Issuer to request a trading halt if a material announcement is not going to be made promptly. When an Issuer (or its advisers) requests a trading halt pending an announcement, the Issuer must assure the Regulation Services Provider that an announcement is imminent. The nature of this announcement and the current status of events must be disclosed to the Regulation Services Provider, so that the Regulation Services Provider may assess the need for and appropriate duration of a trading halt.

10.7 When a halt in trading is necessary, trading is normally interrupted for a period of less than two hours. In the normal course, the announcement should be made immediately after the halt is imposed and trading will resume within approximately one hour of the dissemination of the announcement through major news services.

10.8 A trading halt may be changed to a suspension if over a reasonable period of time, (usually ten trading days) the circumstances resulting in the imposition of the halt have not been addressed to the satisfaction of the Exchange.

10.9 If trading is halted but an announcement is not immediately forthcoming as expected, the Regulation Services Provider will establish a resumption time, which shall not be later than 24 hours after the time that the halt was imposed (excluding non-business days). If the Issuer fails to make an announcement, the Regulation Services Provider will issue a notice stating that trading was halted for dissemination of news or for clarification of abnormal trading activity, that an announcement was not immediately forthcoming, and that trading will therefore resume at a specific time.

10.10 When the Regulation Services Provider advises an Issuer that it will announce the resumption of trading, the Issuer must reconsider, in light of its responsibility to make timely disclosure of all Material Information, whether it should issue a statement prior to the resumption becoming effective to clarify why it requested a trading halt (if this is the case) and why it is not able to make an announcement prior to the resumption of trading.

http://www.tmx.com/en/pdf/Policy3-3.pdf