The CBB may, subject to Paragraph MAE-3.3.7, within 21 days after the receipt of the notification referred to in Paragraph MAE-3.3.1, by notice in writing to the licensed exchange, disallow, alter or supplement the whole or any part of the proposed amendment and, thereupon such whole or part of the proposed amendment as the case may be:

(a) Where it is disallowed, shall not come into force; or
(b) Where it is altered or supplemented, shall come into force as altered or supplemented accordingly.