jswizzle3737/ontario_laws_and_regs huggingface dataset:
1.1 (1) The purposes of this Act are, (a)  to provide protection to investors from unfair, improper or fraudulent practices; (b)  to foster fair, efficient and competitive commodity futures markets and confidence in those markets; (b.1)  to foster capital formation; and (c)  to contribute to the stability of the financial system and the reduction of systemic risk. 1999, c. 9, s. 23; 2017, c. 34, Sched. 7, s. 2; 2021, c. 8, Sched. 9, s. 39 (8). Principles to consider (2) In pursuing the purposes of this Act, the Commission shall have regard to the following fundamental principles: 1.  Balancing the importance to be given to each of the purposes of this Act may be required in specific cases. 2.  The primary means for achieving the purposes of this Act are, i.  requirements for timely, accurate and efficient disclosure of information, ii.  restrictions on fraudulent and unfair market practices and procedures, and iii.  requirements for the maintenance of high standards of fitness and business conduct to ensure honest and responsible conduct by market participants. 3.  Effective and responsive commodity futures regulation requires timely, open and efficient administration and enforcement of this Act by the Commission. 4.  The Commission should, subject to an appropriate system of supervision, use the enforcement capability and regulatory expertise of recognized self-regulatory organizations. 5.  The integration of commodity futures markets is supported and promoted by the sound and responsible harmonization and co-ordination of commodity futures regulation regimes. 6.  Business and regulatory costs and other restrictions on the business and investment activities of market participants should be proportionate to the significance of the regulatory objectives sought to be realized. 7.  Innovation in Ontario’s commodity futures markets should be facilitated.  1999, c. 9, s. 23; 2019, c. 7, Sched. 10, s. 1. Section Amendments with date in force (d/m/y) 1999, c. 9, s. 23 - 14/12/1999 2017, c. 34, Sched. 7, s. 2 - 14/12/2017 2019, c. 7, Sched. 10, s. 1 - 29/05/2019 2021, c. 8, Sched. 9, s. 39 (8) - 27/04/2021 PART I (s. 2) Repealed:  2011, c. 9, Sched. 5, s. 1. 2. Section Amendments with date in force (d/m/y) 1999, c. 9, s. 21 - 14/12/1999 2002, c. 18, Sched. H, s. 1 (1, 2) - 26/11/2002 2011, c. 9, Sched. 5, s. 1 - 12/05/2011 Part I.1   Commission
2.1 (1) The Commission is responsible for the administration of this Act.  1999, c. 9, s. 24. (2) Repealed: 2021, c. 8, Sched. 9, s. 39 (9). Section Amendments with date in force (d/m/y) 1999, c. 9, s. 24 - 14/12/1999 2021, c. 8, Sched. 9, s. 39 (9) - 29/04/2022 Authority in extraordinary circumstances
2.3 (1) The Commission may delegate any of the Commission’s powers and duties under this Act to the Chief Executive Officer of the Commission or to another Director. 2021, c. 8, Sched. 9, s. 39 (10). Same (2) The Chief Executive Officer of the Commission may delegate powers or duties under this Act to another Director, other than powers and duties delegated to the Chief Executive Officer of the Commission by the Commission under subsection (1). 2021, c. 8, Sched. 9, s. 39 (10). Revocation of delegation (3) The Commission may revoke, in whole or in part, a delegation made under subsection (1), and the Chief Executive Officer of the Commission may revoke, in whole or in part, a delegation made under subsection (2). 2021, c. 8, Sched. 9, s. 39 (10). Terms and conditions (4) A delegation under this section is subject to any terms or conditions set out in the delegation. 2021, c. 8, Sched. 9, s. 39 (10). Section Amendments with date in force (d/m/y) 2021, c. 8, Sched. 9, s. 39 (10) - 29/04/2022 PART II   APPOINTMENT OF EXPERTS
3 (1) The Commission may appoint one or more experts to assist the Commission in such manner as it may consider expedient.  R.S.O. 1990, c. C.20, s. 3 (1). Submissions to experts (2) The Commission may submit any agreement, contract, financial statement, report or other document to one or more experts appointed under subsection (1) for examination, and the Commission has the like power to summon and enforce the attendance of witnesses before the expert and to compel them to produce documents, records and things as is vested in the Commission, and subsection 9 (1) applies with necessary modifications.  R.S.O. 1990, c. C.20, s. 3 (2); 1999, c. 9, s. 25. Payment of experts (3) An expert appointed under subsection (1) shall be paid such amounts for services and expenses as the Lieutenant Governor in Council may determine.  R.S.O. 1990, c. C.20, s. 3 (3). Section Amendments with date in force (d/m/y) 1999, c. 9, s. 25 - 14/12/1999 PART II.1 (s. 3.1, 3.2) Repealed: 2021, c. 8, Sched. 9, s. 39 (11). 3.1, 3.2 Repealed: 2021, c. 8, Sched. 9, s. 39 (11). Section Amendments with date in force (d/m/y) 1999, c. 9, s. 26 - 14/12/1999 2021, c. 8, Sched. 9, s. 39 (11) - 29/04/2022 PART III   ADMINISTRATIVE PROCEEDINGS, REVIEWS AND APPEALS
4 (1) Repealed: 2021, c. 8, Sched. 9, s. 39 (12). Review of Director’s decisions (2) Any person or company directly affected by a decision of the Director may, by notice in writing sent by registered mail to the Tribunal within thirty days after the mailing of the notice of the decision, request and be entitled to a hearing and review thereof by the Tribunal.  R.S.O. 1990, c. C.20, s. 4 (2); 2021, c. 8, Sched. 9, s. 39 (13). Extension by Tribunal (2.1) Despite subsection (2), the Tribunal may extend the time limit for filing notice of the request if an extension is not prejudicial to the public interest. 2021, c. 8, Sched. 9, s. 39 (14). Power on review (3) Upon a hearing and review, the Tribunal may by order confirm the decision under review or make such other decision as the Tribunal considers proper.  R.S.O. 1990, c. C.20, s. 4 (3); 2021, c. 8, Sched. 9, s. 39 (15). Stay (4) Despite the fact that a person or company requests a hearing and review under subsection (2), the decision under review takes effect immediately, but the Tribunal may grant a stay until disposition of the hearing and review.  R.S.O. 1990, c. C.20, s. 4 (4); 2021, c. 8, Sched. 9, s. 39 (15). Section Amendments with date in force (d/m/y) 1999, c. 9, s. 27 - 14/12/1999 2021, c. 8, Sched. 9, s. 39 (12-15) - 29/04/2022
5 (1) A person or company directly affected by a final decision of the Commission may appeal to the Divisional Court within 30 days after the later of the making of the final decision or the issuing of the reasons for the final decision.  1999, c. 9, s. 28 (1). Stay (2) Despite the fact that an appeal is taken under this section, the decision appealed from takes effect immediately, but the Commission or the Divisional Court may grant a stay until disposition of the appeal.  R.S.O. 1990, c. C.20, s. 5 (2). Certification of documents (3) The Chief Executive Officer of the Commission shall certify to the Divisional Court, (a)  the decision that has been reviewed by the Commission; (b)  the decision of the Commission, together with any statement of reasons therefor; (c)  the record of the proceedings before the Commission; and (d)  all written submissions to the Commission or other material that is relevant to the appeal.  R.S.O. 1990, c. C.20, s. 5 (3); 1999, c. 9, s. 28 (2); 2021, c. 8, Sched. 9, s. 39 (16). Respondent on appeal (4) The Commission is the respondent to an appeal under this section.  1999, c. 9, s. 28 (3). Minister (4.1) The Minister is entitled to be heard by counsel or otherwise on the argument of an appeal under this section, whether or not the Minister is named as a party to the appeal.  1999, c. 9, s. 28 (3). Powers of court on appeal (5) Where an appeal is taken under this section, the court may by its order direct the Commission to make such decision or to do such other act as the Commission is authorized and empowered to do under this Act or the regulations and as the court considers proper, having regard to the material and submissions before it and to this Act and the regulations, and the Commission shall make such decision or do such act accordingly.  R.S.O. 1990, c. C.20, s. 5 (5). Further decisions (6) Despite an order of the court on an appeal, the Commission may make any further decision upon new material or where there is a significant change in the circumstances, and every such decision is subject to this section.  R.S.O. 1990, c. C.20, s. 5 (6). Section Amendments with date in force (d/m/y) 1999, c. 9, s. 28 (1-3) - 14/12/1999 2021, c. 8, Sched. 9, s. 39 (16) - 29/04/2022
6 (1) The Chief Executive Officer of the Commission or a person or company directly affected by a final decision of the Tribunal, other than a decision under section 60.0.1 or 60.0.2, may appeal to the Divisional Court within 30 days after the later of the making of the final decision or the issuing of the reasons for the final decision. 2021, c. 8, Sched. 9, s. 39 (17); 2023, c. 21, Sched. 1, s. 1. Stay (2) Despite the fact that an appeal is taken under this section, the decision appealed from takes effect immediately, but the Tribunal or the Divisional Court may grant a stay until disposition of the appeal. 2021, c. 8, Sched. 9, s. 39 (17). Certification of documents (3) The Chief Adjudicator shall certify to the Divisional Court, (a)  the decision that has been reviewed by the Tribunal; (b)  the decision of the Tribunal, together with any statement of reasons; (c)  the record of the proceedings before the Tribunal; and (d)  all written submissions to the Tribunal or other material that is relevant to the appeal. 2021, c. 8, Sched. 9, s. 39 (17). Minister (4) The Minister is entitled to be heard by counsel or otherwise on the argument of an appeal under this section, whether or not the Minister is named as a party to the appeal. 2021, c. 8, Sched. 9, s. 39 (17). Respondent to appeal (5) The Chief Executive Officer of the Commission is a respondent to an appeal under this section by a person or company mentioned in subsection (1). 2021, c. 8, Sched. 9, s. 39 (17). Powers of court on appeal (6) Where an appeal is taken under this section, the court may by its order direct the Tribunal to make such decision or to do such other act as the Tribunal is authorized and empowered to do under this Act or the regulations and as the court considers proper, having regard to the material and submissions before it and to this Act and the regulations, and the Tribunal shall make such decision or do such act accordingly. 2021, c. 8, Sched. 9, s. 39 (17). Further decisions (7) Despite an order of the court on an appeal, the Tribunal may make any further decision upon new material or where there is a significant change in the circumstances, and every such decision is subject to this section. 2021, c. 8, Sched. 9, s. 39 (17). Section Amendments with date in force (d/m/y) 1999, c. 9, s. 29 - 14/12/1999 2021, c. 8, Sched. 9, s. 39 (17) - 29/04/2022 2023, c. 21, Sched. 1, s. 1 - 04/12/2023 Part IV   Investigations and Examinations
7 (1) The Commission may, by order, appoint one or more persons to make such investigation with respect to a matter as it considers expedient, (a)  for the due administration of Ontario commodity futures law or the regulation of the commodity futures markets in Ontario; (b)  with respect to any other matter relating to trading in contracts; or (c)  to assist in the due administration of the commodity futures laws or the regulation of trading in contracts in another jurisdiction.  1999, c. 9, s. 30. Contents of order (2) An order under this section shall describe the matter to be investigated.  1999, c. 9, s. 30. Scope of investigation (3) For the purposes of an investigation under this section, a person appointed to make the investigation may investigate and inquire into, (a)  the affairs of the person or company in respect of which the investigation is being made, including any trades, communications, negotiations, transactions, investigations, loans, borrowings or payments to, by, on behalf of, or in relation to or connected with the person or company and any property, assets or things owned, acquired or alienated, in whole or in part, by the person or company or by any other person or company acting on behalf of, or as agent for, the person or company; and (b)  the assets at any time held, the liabilities, debts, undertakings and obligations at any time existing, the financial or other conditions at any time prevailing in or in relation to or in connection with the person or company, and any relationship that may at any time exist or have existed between the person or company and any other person or company by reason of trades in contracts, investments, commissions promised, secured or paid, interests held or acquired, the loaning or borrowing of money, stock or other property, the transfer or holding of stock, interlocking directorates, common control, undue influence or control or any other relationship.  1999, c. 9, s. 30. Right to examine (4) For the purposes of an investigation under this section, a person appointed to make the investigation may examine any documents or other things, whether they are in the possession or control of the person or company in respect of which the investigation is ordered or of any other person or company.  1999, c. 9, s. 30. Minister may order investigation (5) Despite subsection (1), the Minister may, by order, appoint one or more persons to make such investigation as the Minister considers expedient, (a)  for the due administration of Ontario commodity futures law or the regulation of the commodity futures markets in Ontario; (b)  with respect to any other matter relating to trading in contracts; or (c)  to assist in the due administration of the commodity futures laws or the regulation of trading in contracts in another jurisdiction.  1999, c. 9, s. 30. Same (6) A person appointed under subsection (5) has, for the purpose of the investigation, the same authority, powers, rights and privileges as a person appointed under subsection (1).  1999, c. 9, s. 30. Section Amendments with date in force (d/m/y) 1999, c. 9, s. 30 - 14/12/1999
8 (1) The Commission may, by order, appoint one or more persons to make such examination of the financial affairs of a market participant as it considers expedient, (a)  for the due administration of Ontario commodity futures law or the regulation of the commodity futures markets in Ontario; (b)  with respect to any other matter relating to trading in contracts; or (c)  to assist in the due administration of the commodity futures laws or the regulation of trading contracts in another jurisdiction.  1999, c. 9, s. 30. Contents of order (2) An order under subsection (1) shall describe the matter to be examined.  1999, c. 9, s. 30. Right to examine (3) For the purposes of an examination under this section, a person appointed to conduct the examination may examine any documents or other things, whether they are in the possession or control of the market participant or any other person or company.  1999, c. 9, s. 30. Section Amendments with date in force (d/m/y) 1999, c. 9, s. 30 - 14/12/1999
10 (1) Anything seized or produced under this Part shall be made available for inspection and copying by the person or company from which it was obtained, if practicable.  1999, c. 9, s. 30. Return (2) Anything seized or produced under this Part shall be returned to the person or company from which it was obtained when, (a)  retention is no longer necessary for the purposes of an investigation, examination, proceeding or prosecution; or (b)  the Commission so orders.  1999, c. 9, s. 30. Section Amendments with date in force (d/m/y) 1999, c. 9, s. 30 - 14/12/1999
11 (1) A person appointed under subsection 7 (1) or 8 (1) shall, at the request of the Chair of the Commission or of a member of the Commission involved in making the appointment, provide a report to the Chair or member, as the case may be, or any testimony given and any documents or other things obtained under section 9.  1999, c. 9, s. 30. Same (2) A person appointed under subsection 7 (5) shall, at the request of the Chair of the Commission, provide a report to the Chair or any testimony given and any documents or other things obtained under section 9.  1999, c. 9, s. 30. Report privileged (3) A report provided under this section is privileged.  1999, c. 9, s. 30. Section Amendments with date in force (d/m/y) 1999, c. 9, s. 30 - 14/12/1999
12 (1) Except in accordance with subsection (1.1) or section 13, no person or company shall disclose at any time, (a)  the nature or content of an order under section 7 or 8; or (b)  the name of any person examined or sought to be examined under section 9, any testimony given under section 9, any information obtained under section 9, the nature or content of any questions asked under section 9, the nature or content of any demands for the production of any document or other thing under section 9 or the fact that any document or other thing was produced under section 9.  1999, c. 9, s. 30; 2019, c. 15, Sched. 7, s. 1 (1). Exceptions (1.1) A disclosure by a person or company is permitted if, (a)  the disclosure is to the person’s or company’s counsel; or (b)  the disclosure is to the person’s or company’s insurer or insurance broker, and the person or company, or their counsel, (i)  gives written notice of the intended disclosure to a person appointed by the order under section 7 at least 10 days before the date of the intended disclosure, (ii)  includes in that written notice the name and head office address of the insurer or insurance broker and the name of the individual acting on behalf of the insurer or insurance broker to whom the disclosure is intended to be made, as applicable, and (iii)  on making the disclosure, advises the insurer or insurance broker that the insurer or insurance broker is bound by the confidentiality requirements in subsection (2) and obtains a written acknowledgement from the insurer or insurance broker of this advice. 2019, c. 15, Sched. 7, s. 1 (2). Confidentiality (2) Any report provided under section 11 and any testimony given or documents or other things obtained under section 9 shall be for the exclusive use of the Commission and shall not be disclosed or produced to any other person or company or in any other proceeding except in accordance with subsection (1.1) or section 13.  1999, c. 9, s. 30; 2019, c. 15, Sched. 7, s. 1 (3). Section Amendments with date in force (d/m/y) 1999, c. 9, s. 30 - 14/12/1999 2019, c. 15, Sched. 7, s. 1 (1-3) - 10/12/2019
14 (1) Every market participant shall keep the following records: 1.  Such books, records and other documents as are necessary for the proper recording of its business transactions and financial affairs and the transactions it executes on behalf of others. 2.  Such books, records and other documents as may otherwise be required under Ontario commodity futures law. 3.  Such books, records and other documents as may reasonably be required to demonstrate compliance with Ontario commodity futures law. 4.  Such books, records and other documents as may be prescribed by the regulations for the purpose of detecting, identifying or mitigating systemic risks related to the capital markets. 2015, c. 20, Sched. 6, s. 1; 2017, c. 34, Sched. 7, s. 3 (1). Record of transaction (2) Without limiting the generality of subsection (1), every registered commodity futures exchange shall keep a record of the time at which each transaction on such commodity futures exchange took place and shall supply to any client of a member of such commodity futures exchange, on production of a written confirmation of a transaction with the member, particulars of the time at which the transaction took place and verification or otherwise of the matters set forth in the written confirmation.  1999, c. 9, s. 30. Provision of information to Commission (3) Every market participant shall, at the time and in the form specified by the Commission or by any member, employee or agent of the Commission, deliver to the Commission, (a)  any of the books, records and other documents required to be kept by subsection (1); and (b)  except where prohibited by law, any filings, reports or other communications made to any other regulatory agency whether within or outside of Ontario. 2017, c. 34, Sched. 7, s. 3 (2). Section Amendments with date in force (d/m/y) 1999, c. 9, s. 30 - 14/12/1999 2017, c. 34, Sched. 7, s. 3 (1, 2) - 14/12/2017
14.1 (1) The Commission may designate in writing one or more persons to review the books, records and documents of a market participant for the purpose of determining whether Ontario commodity futures law is being complied with. 1999, c. 9, s. 30; 2014, c. 7, Sched. 5, s. 2 (1). Powers of compliance reviewer (2) A person conducting a compliance review under this section may, on production of his or her designation, (a)  enter the business premises of any market participant during business hours; and (b)  inquire into and examine the books, records and documents of the market participant and make copies of the books, records and documents. 1999, c. 9, s. 30; 2014, c. 7, Sched. 5, s. 2 (2). Fees (3) A market participant in respect of which a compliance review is conducted under this section shall pay the Commission such fees as may be prescribed by the regulations.  1999, c. 9, s. 30. Section Amendments with date in force (d/m/y) 1999, c. 9, s. 30 - 14/12/1999 2014, c. 7, Sched. 5, s. 2 (1, 2) - 24/07/2014 Part VI   Self-Regulation
16 (1) The Commission may, on application of a self-regulatory organization, recognize the self-regulatory organization if the Commission is satisfied that to do so would be in the public interest and that the self-regulatory organization has satisfied or can satisfy all conditions with respect to self-regulatory bodies prescribed under the regulation.  1999, c. 9, s. 30. Same (2) A recognition under this section shall be made in writing and shall be subject to such terms and conditions as the Commission may impose.  1999, c. 9, s. 30. Standards and conduct (3) A recognized self-regulatory organization shall, subject to Ontario commodity futures law, regulate the operations and the standards of practice and business conduct of its members and their representatives in accordance with its by-laws, rules, regulations, policies, procedures, interpretations and practices.  1999, c. 9, s. 30. Commission’s powers (4) The Commission may, if it is satisfied that to do so would be in the public interest, make any decision with respect to any by-law, rule, regulation, policy, procedure, interpretation or practice of a recognized self-regulatory organization.  1999, c. 9, s. 30. Section Amendments with date in force (d/m/y) 1999, c. 9, s. 30 - 14/12/1999
17 (1) The Commission may, on the application of a person or company carrying on or proposing to carry on the business of a clearing house for a commodity futures exchange registered pursuant to subsection 15 (2), recognize the clearing house, if the Commission is satisfied that to do so would be in the public interest and that the clearing house has satisfied or can satisfy all conditions with respect to clearing houses prescribed under the regulation.  1999, c. 9, s. 30. Same (2) A recognition under this section shall be made in writing and shall be subject to such terms and conditions as the Commission may impose.  1999, c. 9, s. 30. Filings (3) Every recognized clearing house shall file with the Commission copies of all constating documents, and any general agreement with its members, and copies of all by-laws, rules, regulations, procedures and policies, and any amendments thereto, relating to trading in contracts, as soon as practicable and in any event within five days of the date on which the by-law, rule, regulation, procedure or policy, or any amendment thereto, is approved by the Board of Directors of the recognized clearing house and prior to approval by its membership.  1999, c. 9, s. 30. Commission’s powers (4) The Commission may, if it is satisfied that to do so would be in the public interest, make any decision, (a)  with respect to any constating document, general agreement with its members, by-law, rule, regulation, procedure, policy, interpretation or practice of a recognized clearing house; or (b)  with respect to the manner in which any recognized clearing house carries on its business.  1999, c. 9, s. 30. Note: On a day to be named by proclamation of the Lieutenant Governor, section 17 of the Act is repealed and the following substituted: (See: 2017, c. 8, Sched. 5, s. 2) Clearing houses 17 (1) No person or company shall carry on business in Ontario as a clearing house unless the person or company is recognized by the Commission under this section as a clearing house. 2017, c. 8, Sched. 5, s. 2. Recognition (2) The Commission may, on the application of a clearing house, recognize the clearing house if the Commission is satisfied that to do so would be in the public interest. 2017, c. 8, Sched. 5, s. 2. Same (3) A recognition under this section shall be made in writing and shall be subject to such terms and conditions as the Commission may impose. 2017, c. 8, Sched. 5, s. 2. Commission’s powers (4) The Commission may make decisions with respect to any of the following matters if the Commission is satisfied that it is in the public interest to do so: 1.  Any by-law, rule, regulation, policy, procedure, interpretation or practice of a recognized clearing house. 2.  The manner in which a recognized clearing house carries on its business. 2017, c. 8, Sched. 5, s. 2. Section Amendments with date in force (d/m/y) 1999, c. 9, s. 30 - 14/12/1999 2017, c. 8, Sched. 5, s. 2 - not in force
18 (1) A registered commodity futures exchange or a recognized self-regulatory organization may, with the prior approval of the Commission and on such terms and conditions as the Commission may determine to be necessary or appropriate in the public interest, establish a council, committee or other ancillary body to which it delegates regulatory or self-regulatory powers or responsibilities, or both.  1999, c. 9, s. 30; 2021, c. 8, Sched. 9, s. 39 (20). Same (2) A council, committee or ancillary body that exercises the powers or assumes the responsibilities of a registered commodity futures exchange or recognized self-regulatory organization is also included in, (a)  the registration or recognition of the registered commodity futures exchange or recognized self-regulatory organization; (b)  any suspension, restriction or termination of the registration or recognition of the registered commodity futures exchange or recognized self-regulatory organization; and (c)  any imposition of terms or conditions on the registration or recognition of the registered commodity futures exchange or recognized self-regulatory organization.  1999, c. 9, s. 30. Same (3) The provisions of Ontario commodity futures law that apply to registered commodity futures exchanges and recognized self-regulatory organizations also apply with necessary modifications to the council, committee or ancillary body.  1999, c. 9, s. 30. Section Amendments with date in force (d/m/y) 1999, c. 9, s. 30 - 14/12/1999 2021, c. 8, Sched. 9, s. 39 (20) - 29/04/2022
19 On application by a registered commodity futures exchange, recognized self-regulatory organization or recognized clearing house, the Commission may accept, on such terms and conditions as it may impose, the voluntary surrender of the registration of the commodity futures exchange, or of the recognition of the self-regulatory organization or clearing house, if the Commission is satisfied that the surrender of the registration or recognition would not be prejudicial to the public interest.  1999, c. 9, s. 30. Section Amendments with date in force (d/m/y) 1999, c. 9, s. 30 - 14/12/1999
20 (1) The Commission may, on such terms and conditions as it may impose, delegate to a registered commodity futures exchange or recognized self-regulatory organization any of the powers and duties of the Commission under Part VIII or the regulations related to that Part. 2021, c. 8, Sched. 9, s. 39 (21). Same (2) The Chief Executive Officer of the Commission may, with the approval of the Commission, delegate to a registered commodity futures exchange or recognized self-regulatory organization any of the powers and duties of the Director under Part VIII or the regulations related to that Part. 2021, c. 8, Sched. 9, s. 39 (21). Revocation of delegation (3) The Commission or, with the approval of the Commission, the Chief Executive Officer of the Commission, may at any time revoke, in whole or in part, a delegation made under this section. 2021, c. 8, Sched. 9, s. 39 (21). Section Amendments with date in force (d/m/y) 1999, c. 9, s. 30 - 14/12/1999 2021, c. 8, Sched. 9, s. 39 (21) - 29/04/2022
21 No by-law, rule, regulation, policy, procedure, interpretation or practice of a registered commodity futures exchange, recognized self-regulatory organization or recognized clearing house shall contravene Ontario commodity futures law, but a registered commodity futures exchange, recognized self-regulatory organization or recognized clearing house may impose additional requirements within its jurisdiction.  1999, c. 9, s. 30. Section Amendments with date in force (d/m/y) 1999, c. 9, s. 30 - 14/12/1999
21.1 (1) The Chief Executive Officer of the Commission or a person or company directly affected by, or by the administration of, a direction, decision, order or ruling made under a by-law, rule, regulation, policy, procedure, interpretation, direction or practice of a registered commodity futures exchange, recognized self-regulatory organization or a recognized clearing house may apply to the Tribunal for a hearing and review of the direction, decision, order or ruling.  1999, c. 9, s. 30; 2021, c. 8, Sched. 9, s. 39 (22). Procedure (2) Section 4 applies to the hearing and review of the direction, decision, order or ruling in the same manner as it applies to a hearing and review of a decision of the Director.  1999, c. 9, s. 30. Section Amendments with date in force (d/m/y) 1999, c. 9, s. 30 - 14/12/1999 2021, c. 8, Sched. 9, s. 39 (22) - 29/04/2022
21.2 (1) Every registered commodity futures exchange shall appoint an auditor for the exchange.  1999, c. 9, s. 30. Recognized self-regulatory organization auditor (2) At the request of the Commission, a recognized self-regulatory organization shall appoint an auditor for the self-regulatory organization.  1999, c. 9, s. 30. Section Amendments with date in force (d/m/y) 1999, c. 9, s. 30 - 14/12/1999
21.3 (1) Every registered commodity futures exchange and every recognized self-regulatory organization shall cause each of its members to appoint an auditor.  1999, c. 9, s. 30. Selection of auditor (2) The auditor of a member shall be chosen from the panel of auditing firms selected under subsection (3).  1999, c. 9, s. 30. Panel of auditors (3) Every registered commodity futures exchange and every recognized self-regulatory organization shall select a panel of auditing firms for their members.  1999, c. 9, s. 30. Auditor (4) No person shall be appointed as an auditor under subsection (1) unless the person has practised as an auditor in Canada for five years or more.  1999, c. 9, s. 30. Examination and report (5) The auditor of a member shall make an examination, in accordance with generally accepted auditing standards, of the annual financial statements and regulatory filings of the member as called for by the by-laws, rules, regulations, policies, procedures, interpretations, directions or practices applicable to the member, and shall report on the financial affairs of the member to the registered commodity futures exchange or recognized self-regulatory organization, as the case may be, in accordance with professional reporting standards.  1999, c. 9, s. 30. Section Amendments with date in force (d/m/y) 1999, c. 9, s. 30 - 14/12/1999
21.4 (1) Every registered dealer and registered adviser that is not subject to section 21.3 shall appoint an auditor who satisfies such requirements as may be established by the Commission.  1999, c. 9, s. 30. Examination and report (2) The auditor of a registered dealer or registered adviser that is not subject to section 21.3 shall make an examination of the annual financial statements and other regulatory filings of the registered dealer or registered adviser, in accordance with generally accepted auditing standards, and shall prepare a report on the financial affairs of the registered dealer or registered adviser in accordance with professional reporting standards.  1999, c. 9, s. 30. Filing with Commission (3) The registered dealer or registered adviser shall file the report with the Commission, together with its annual financial statements and other regulatory filings.  1999, c. 9, s. 30. Delivery of financial statements (4) A registered dealer or registered adviser that is not subject to section 21.3 shall deliver to the Commission annual audited financial statements, prepared in accordance with generally accepted accounting principles, and other regulatory filings as prescribed by the regulations, within 90 days after the end of its financial year or as otherwise prescribed by the regulations.  1999, c. 9, s. 30. Certification of financial statements (5) The annual financial statements and regulatory filings delivered to the Commission shall be certified by the registered dealer or registered adviser or an officer or partner of the registered dealer or registered adviser.  1999, c. 9, s. 30. Additional information (6) The registered dealer or registered adviser shall deliver to the Commission such other information as the Commission may require in such form as it may require.  1999, c. 9, s. 30. Section Amendments with date in force (d/m/y) 1999, c. 9, s. 30 - 14/12/1999 Part VII   Benchmarks
21.5 (1) A benchmark administrator, or the Director, may apply to the Commission to request the designation of a benchmark or a benchmark administrator. 2018, c. 17, Sched. 7, s. 2. Director’s application (2) If the Director applies for a designation, the Commission shall give the affected benchmark administrator the opportunity to be heard before making a decision under subsection (3). 2018, c. 17, Sched. 7, s. 2. Commission’s powers (3) After receiving the application, the Commission may, if it considers it in the public interest to do so, designate the benchmark as a designated benchmark or designate the benchmark administrator as a designated benchmark administrator of a designated benchmark, as appropriate. 2018, c. 17, Sched. 7, s. 2. Terms and conditions (4) A designation under subsection (3) may be made subject to any terms and conditions the Commission considers advisable. 2018, c. 17, Sched. 7, s. 2. Cancellation or change (5) The Commission may, if it considers it in the public interest to do so, cancel the designation of a designated benchmark or a designated benchmark administrator or impose or change the terms and conditions of the designation. 2018, c. 17, Sched. 7, s. 2. Opportunity to be heard (6) The Commission shall not refuse to designate a benchmark or benchmark administrator, cancel the designation of a designated benchmark or designated benchmark administrator or impose or change the terms and conditions to which a designation is subject without giving the benchmark administrator an opportunity to be heard. 2018, c. 17, Sched. 7, s. 2. Category (7) The Commission may, if it considers it in the public interest to do so, assign a designated benchmark to a prescribed category or categories of designated benchmarks. 2018, c. 17, Sched. 7, s. 2. Section Amendments with date in force (d/m/y) 2018, c. 17, Sched. 7, s. 2 - 06/12/2018
21.6 (1) The Commission may, in response to an application by the Director, require a person or company to provide information to a designated benchmark administrator in relation to the designated benchmark if the Commission considers it in the public interest to do so. 2018, c. 17, Sched. 7, s. 2. Opportunity to be heard (2) The Commission shall give the affected person or company and benchmark administrator the opportunity to be heard before making the order. 2018, c. 17, Sched. 7, s. 2. Terms and conditions (3) An order under subsection (1) may be made subject to any terms and conditions the Commission considers advisable. 2018, c. 17, Sched. 7, s. 2. Cancellation or change (4) The Commission may, if it considers it in the public interest to do so, cancel or change an order made under subsection (1) or impose or change the terms and conditions of the order. 2018, c. 17, Sched. 7, s. 2. Opportunity to be heard (5) The Commission shall not cancel or change an order made under subsection (1) or impose or change the terms and conditions of the order without giving the person or company and the benchmark administrator an opportunity to be heard. 2018, c. 17, Sched. 7, s. 2. Section Amendments with date in force (d/m/y) 2018, c. 17, Sched. 7, s. 2 - 06/12/2018 Duty to comply
21.7 (1) A benchmark administrator shall comply with such requirements as may be prescribed by the regulations, including requirements, (a)  relating to benchmarks, benchmark administrators, benchmark contributors and benchmark users; and (b)  relating to the establishment, publication and enforcement of a code of conduct by a benchmark administrator. 2018, c. 17, Sched. 7, s. 2. Benchmark contributor (2) A benchmark contributor shall comply with such requirements as may be prescribed by the regulations, including requirements relating to benchmarks, benchmark administrators, benchmark contributors and benchmark users. 2018, c. 17, Sched. 7, s. 2. General (3) Benchmark administrators, benchmark contributors and their respective directors, officers and employees, and any of their service providers or security holders that are in a prescribed class, shall comply with, (a)  any code of conduct established by a benchmark administrator in accordance with the regulations; (b)  requirements established by the regulations relating to the prohibitions against and procedures regarding conflicts of interest involving a benchmark and benchmark administrators, benchmark contributors and their respective directors, officers and employees, and any of their service providers or security holders that are in a prescribed class; and (c)  requirements established by the regulations relating to the prohibition or restriction of any matter or conduct involving a benchmark. 2018, c. 17, Sched. 7, s. 2. Benchmark user (4) A benchmark user shall comply with such requirements as may be prescribed by the regulations, including requirements, (a)  relating to benchmarks, benchmark administrators, benchmark contributors and benchmark users; (b)  prohibiting the use of a non-designated benchmark; and (c)  relating to disclosure and other requirements relating to the use of a benchmark. 2018, c. 17, Sched. 7, s. 2. Section Amendments with date in force (d/m/y) 2018, c. 17, Sched. 7, s. 2 - 06/12/2018 PART VIII   REGISTRATION FOR TRADInG, ACTING AS ADVISER
22 (1) No person or company shall, (a)  trade in a contract unless such person or company is registered as a dealer or is registered as a salesperson or floor trader or as a partner or as an officer of a registered dealer and is acting on behalf of such dealer; (b)  act as an adviser unless such person or company is registered as an adviser, or is registered as a representative or as a partner or as an officer of a registered adviser and is acting on behalf of such adviser, and such registration has been made in accordance with Ontario commodity futures law and such person or company has received written notice of such registration from the Director and, where such registration is subject to terms and conditions, the person or company complies with such terms and conditions.  R.S.O. 1990, c. C.20, s. 22 (1); 1997, c. 19, s. 1 (1); 1999, c. 9, s. 31. Termination re salesperson and floor trader (2) The termination of the employment of a salesperson or floor trader with a registered dealer shall operate as a suspension of the registration of the salesperson or floor trader until notice in writing has been received by the Director from another registered dealer of the employment of the salesperson or floor trader by such other registered dealer and the reinstatement of the registration has been approved by the Director.  R.S.O. 1990, c. C.20, s. 22 (2); 1997, c. 19, s. 1 (1). Non-trading employee (3) The Director may designate as non-trading any employee or class of employees of a registered dealer that does not usually trade in contracts, but the designation may be cancelled as to any employee or class of employees where the Director is satisfied that any such employee or any member of such class of employees should be required to apply for registration as a salesperson.  R.S.O. 1990, c. C.20, s. 22 (3); 1997, c. 19, s. 1 (1). Section Amendments with date in force (d/m/y) 1997, c. 19, s. 1 (1) - 10/10/1997; 1999, c. 9, s. 31 (1, 2) - 14/12/1999
23 (1) The Director shall grant registration, renewal of registration, reinstatement of registration or amendment to registration to an applicant except where, (a)  having regard to the applicant’s financial position, the applicant cannot reasonably be expected to be financially responsible to conduct business; (b)  the past conduct of the applicant, or the officers, directors or partners of the applicant, affords reasonable grounds for belief that the business of the applicant will not be carried on in accordance with law and with integrity and honesty; or (c)  the applicant is or will be carrying on activities that are in contravention of this Act or the regulations.  R.S.O. 1990, c. C.20, s. 23 (1). Terms and conditions (2) The Director may in his or her discretion restrict a registration by imposing terms and conditions thereon and, without limiting the generality of the foregoing, may restrict the duration of a registration and may restrict the registration to trades in a certain class of contracts.  R.S.O. 1990, c. C.20, s. 23 (2). Refusal (3) The Director shall not refuse to grant, renew, reinstate or amend registration or impose terms and conditions thereon without giving the applicant an opportunity to be heard.  R.S.O. 1990, c. C.20, s. 23 (3).
24 On application by a registrant, the Commission may accept, subject to such terms and conditions as it may impose, the voluntary surrender of the registration of the registrant if the Commission is satisfied that the financial obligations of the registrant to his, her or its clients have been discharged and the surrender of the registration would not be prejudicial to the public interest.  1999, c. 9, s. 32. Section Amendments with date in force (d/m/y) 1999, c. 9, s. 32 - 14/12/1999
25 A further application for registration may be made upon new or other material or where it is clear that material circumstances have changed.  R.S.O. 1990, c. C.20, s. 25.
26 An application must be in the form approved by the Commission.  1997, c. 19, s. 1 (2). Section Amendments with date in force (d/m/y) 1997, c. 19, s. 1 (2) - 10/10/1997
27 Every applicant shall state in the application an address for service in Ontario and, except as otherwise provided in this Act, all notices under this Act or the regulations are sufficiently served for all purposes if delivered or sent by prepaid mail to the latest address for service so stated.  R.S.O. 1990, c. C.20, s. 27.
28 The Director may require any further information or material to be submitted by an applicant or a registrant within a specified time and may require verification by affidavit or otherwise of any information or material then or previously submitted or may require the applicant or the registrant or any partner, officer, director, governor or trustee of, or any person performing a like function for, or any employee of, the applicant or of the registrant to submit to examination under oath by a person designated by the Director.  R.S.O. 1990, c. C.20, s. 28. 29 Repealed:  1999, c. 9, s. 33. Section Amendments with date in force (d/m/y) 1999, c. 9, s. 33 - 14/12/1999 30 Repealed:  1999, c. 9, s. 34. Section Amendments with date in force (d/m/y) 1999, c. 9, s. 34 - 21/02/2003 PART IX   EXEMPTIONS FROM REGISTRATION REQUIREMENTS
31 Registration as an adviser is not required to be obtained by, (a)  a bank listed in Schedule I or II to the Bank Act (Canada), or the Business Development Bank of Canada continued as a body corporate under the Business Development Bank of Canada Act (Canada), or a trust corporation registered under the Loan and Trust Corporations Act, or a credit union or central to which the Credit Unions and Caisses Populaires Act, 2020 applies, or an insurance company licensed under the
Insurance Act; (b)  a lawyer, accountant, engineer, teacher or employee of the Ministry of Agriculture, Food and Rural Affairs; (c)  a registered dealer, or any partner, officer or employee thereof; (d)  a person or company registered as an adviser under the Securities Act, or any partner, officer or employee thereof; (e)  a publisher of or any writer for any newspaper, news magazine or business or financial publication of general and regular paid circulation distributed only to subscribers thereto for value or to purchasers thereof, who gives advice as an adviser only through such publication and has no interest either directly or indirectly in any of the contracts upon which the advice is given and receives no commission or other consideration for giving the advice, where the performance of the service as an adviser is solely incidental to their principal business or occupation, or (f)  such other persons or companies as are designated by the regulations. R.S.O. 1990, c. C.20, s. 31; 1999, c. 9, s. 35; 2009, c. 33, Sched. 1, s. 8; 2020, c. 36, Sched. 7, s. 300. Section Amendments with date in force (d/m/y) 1999, c. 9, s. 35 - 14/12/1999 2009, c. 33, Sched. 1, s. 8 - 15/12/2009 CTS 30 SE 11 - 1 2020, c. 36, Sched. 7, s. 300 - 01/03/2022
32 Subject to the regulations, registration is not required in respect of, (a)  a trade in a contract by a hedger through a dealer; (b)  a trade in a contract by a person or company acting solely through an agent who is a registered dealer; (c)  a trade in a contract to be executed on an exchange situate outside Ontario resulting from an order placed with a dealer who does not carry on business in Ontario, not involving any solicitation by or on behalf of the dealer; or (d)  a trade in a contract in respect of which a preliminary prospectus and a prospectus have been filed and receipts therefor obtained from the Director under the Securities Act.  R.S.O. 1990, c. C.20, s. 32. PART X   RECOGNITION OF COMMODITY FUTURES EXCHANGES AND ACCEPTANCE OF FORM OF CONTRACT
33 No person or company, except a hedger, shall trade in contracts on the person’s or company’s account or on behalf of any other person or company except, (a)  contracts traded on a commodity futures exchange, registered by the Commission or recognized by the Commission under this Part, if the form of the contracts has been approved by the Director under this Part; (b)  contracts for which a preliminary prospectus and a prospectus have been filed and receipts therefor obtained from the Director under the Securities Act; and (c)  a contract traded on a commodity futures exchange situate outside Ontario as the result of an order placed with a dealer who does not carry on business in Ontario, not involving any solicitation by or on behalf of the dealer.  R.S.O. 1990, c. C.20, s. 33.