Recommendations on Improving Regulatory Framework And Enhancing Investor
TORONTO, March 28 /CNW/ - Minister of Government Services and Minister
Responsible for Securities Regulation, Gerry Phillips today tabled the final
report of the Commodities Futures Act Review Committee.
"I want to thank all of the committee members for the hard work and
commitment that went into preparing this report," said Phillips. "They have
put forward recommendations designed to make our regulatory system more
efficient and to promote increased investor confidence and protection which
will be carefully reviewed and considered".
The committee, composed of leading practitioners, lawyers and regulators,
was appointed in May 2005 to undertake a comprehensive review of Ontario's
commodity futures legislation. It was chaired by Carol Pennycook, Partner at
Davies, Ward, Phillips & Vineberg LLP and former chair of the Ontario
Securities Commission's Commodity Futures Advisory Board. Other members
included John Clark (Chair, President and CEO, JCClark Ltd.); Stephen Elgee
(President, Faversham Holdings Inc.); Margaret Grottenthaler (Partner,
Stikeman Elliott LLP); Paul Moore (former Vice Chair, Ontario Securities
Commission) and Robert Warner (Director of Operations, Canadian Derivatives
Some of the report's key recommendations include:
- Ensure compatibility with regulatory regimes in other relevant
- Adopt a core principles approach to the regulation of exchanges and
other market participants; and
- A role for securities regulation of contracts that are not transacted
on an exchange (over-the- counter or OTC derivative transactions) and
that involve retail investors.
The committee's report will be referred to a legislative committee that
will review the report, hear the opinions of interested parties and report
"Since the Commodity Futures Act was originally introduced in 1979,
advances in technology together with the globalization of financial activities
have resulted in dramatic changes in capital and commodities markets. The
importance of keeping pace with these changes underscored the need to review
and update the Commodity Futures Act at this time," Minister Phillips said.
"This report supports our commitment to vibrant capital markets underpinned by
a regulatory system that serves today's and tomorrow's investors well".
To read the final report visit our website at www.mgs.gov.on.ca
Disponible en français
For further information:
For further information: Paul de Zara, Minister's Office, (416)
327-3072; Ciaran Ganley, Ministry of Government Services, (416) 325-8659