Commodity Futures Act

Bills that amended this Act0

No published amendment links yet for this Act.

Sections330

• 1Definitions

  1 (1) In this Act, “adviser” means a person or company engaging in or holding himself, herself or itself out as engaging in the business of advising others as to trading in contracts; (“conseiller”) “benchmark” means a price, estimate, rate, index or value that is, (a) determined, from time to time, by reference to an assessment of one or more underlying interests, (b) made available to the public, either free of charge or on payment, and (c) used for reference for any purpose, including, (i) determining the interest payable, or other sums that are due, under a contract, derivative, instrument or security, (ii) determining the value of a contract, derivative, instrument or security or the price at which it may be traded, (iii) measuring the performance of a contract, derivative, investment fund, instrument or security, or (iv) any other use by an investment fund; (“indice de référence”) …

• 1.
• 1.1Purposes

  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 …

• [s2]
• 2.

  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 COMMODITY FUTURES ADVISORY BOARD
• [s3]

  Part I.1 Commission

• 2.1Responsibility for administration of Act

  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 (2) Repealed: 2021, c. 8, Sched. 9, s. 39 (9).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

• PART I.1 COMMISSION
• [s5]
• 2.2Notice to Minister

  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. 6, s. 1. 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 commodity prices or contract prices that threaten fair and orderly commodity futures 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 commodity futures markets or of a significant segment of the markets. 4. A major disruption in the transmission, execution or processing of transactions in contracts or commodities. 5. A…

• [s6]
• 2.3Delegation

  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,…

• PART II APPOINTMENT OF EXPERTS
• [s7]

  PART II APPOINTMENT OF EXPERTS

• 3.
• [s8]
• 3Appointment 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…

• PART II.1 EXECUTIVE DIRECTOR AND SECRETARY
• [s9]
• 3.1
• 3.1, 3.2

  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

• [s10]

  PART III ADMINISTRATIVE PROCEEDINGS, REVIEWS AND APPEALS

• 3.2
• [s11]
• 4Review of decision

  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…

• PART III ADMINISTRATIVE PROCEEDINGS, REVIEWS AND APPEALS
• [s12]
• 4.
• 5Appeal

  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 i…

• 5.
• 6Appeal of Tribunal’s decision

  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 proc…

• [s14]

  Part IV Investigations and Examinations

• 6.
• [s15]
• 1999
• 7Investigation order

  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, commun…

• PART IV INVESTIGATIONS AND EXAMINATIONS
• 6 #16Appeal of Tribunal’s decision
• 7.
• 8Financial examination order

  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.…

• [s17]
• 8.
• 9Power of investigator or examiner

  9 (1) A person making an investigation or examination under section 7 or 8 has the same power to summon and enforce the attendance of any person and to compel him or her to testify on oath or otherwise, and to summon and compel any person or company to produce documents and other things, as is vested in the Superior Court of Justice for the trial of civil actions, and the refusal of a person to attend or to answer questions or of a person or company to produce such documents or other things as are in his, her or its custody or possession makes the person or company liable to be committed for contempt by the Superior Court of Justice as if in breach of an order of that court. 1999, c. 9, s. 30. Rights of witness (2) A person or company giving evidence under subsection (1) may be represented by counsel and may claim any privilege to which the person or company is entitled. 1999, c. 9, s. 3…

• 10Copying

  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

• 9.
• 10.
• 11Report of investigation or examination

  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

• 11.
• 12Non-disclosure

  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 writte…

• 12.
• 13Disclosure by Tribunal

  13 (1) If the Tribunal considers that it would be in the public interest, it may make an order authorizing the disclosure to any person or company of, (a) the nature and content of an order under section 7 or 8; (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; or (c) all or part of a report provided under section 11. 1999, c. 9, s. 30; 2021, c. 8, Sched. 9, s. 39 (18). Opportunity to object (2) No order shall be made under subsection (1) unless the Tribunal has, where practicable, given reasonable notice and an opportunity to be heard to, (a) per…

• [s22]

  Part V Record-Keeping and Compliance Reviews

• 13.
• [s23]
• 14Record-keeping

  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…

• 1999 #23
• PART V RECORD-KEEPING AND COMPLIANCE REVIEWS
• 14.
• 14.1Compliance reviews

  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…

• [s25]

  Part VI Self-Regulation

• [s26]
• 15Commodity futures exchanges

  15 (1) No person or company shall carry on business as a commodity futures exchange in Ontario unless registered by the Commission under this section. 1999, c. 9, s. 30. Registration (2) The Commission shall, on the application of a person or company proposing to carry on business as a commodity futures exchange in Ontario, register the person or company if the Commission is satisfied that to do so would be in the public interest. 1999, c. 9, s. 30. Same (3) A registration 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. Factors (4) In making its decision as to whether registration under this section is in the public interest, the Commission shall take into account whether, (a) the clearing and other arrangements made and the financial condition of the commodity futures exchange, its clearing ho…

• 1999 #26
• PART VI SELF-REGULATION
• 15.
• 16Self-regulatory organizations

  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. Com…

• [s28]
• 16.
• 17Clearing houses

  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, re…

• 17 #29Clearing 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…

• 17.
• 17 #30Clearing houses
• 18Council, committee or ancillary body

  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 commod…

• 18.
• 19Voluntary surrender

  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

• 19.
• 17 #32Clearing houses
• 20Delegation to registered commodity futures exchange, recognized self-regulatory organization

  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 Amendmen…

• 20.
• 21Contravention of Ontario commodity futures law

  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.
• 21.1Review of decisions

  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

• 21.2Registered commodity futures exchange auditor

  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

• 20 #36Delegation to registered commodity futures exchange, recognized self-regulatory organization
• 21.3Auditor of member

  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…

• [s37]
• 21.4Auditor of registrant

  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.…

• [s38]
• 19.-21.
• 21.4.1Definitions, sections 21.4.2 to 21.4.10

  21.4.1 In sections 21.4.2 to 21.4.10, “CIRO” means the Canadian Investment Regulatory Organization; (“OCRI”) “hearing panel” means a hearing panel established under CIRO’s rules; (“formation d’instruction”) “investigator” means a person appointed under subsection 21.4.3 (1). (“enquêteur”) 2025, c. 10, Sched. 3, s. 1. Section Amendments with date in force (d/m/y) 2025, c. 10, Sched. 3, s. 1 - 05/06/2025

• PART VII
• [s39]
• 21.4.2Application of certain sections

  21.4.2 Sections 21.4.3 to 21.4.5 and 21.4.8 only apply if CIRO is a self-regulatory organization recognized by the Commission under section 16. 2025, c. 10, Sched. 3, s. 1. Section Amendments with date in force (d/m/y) 2025, c. 10, Sched. 3, s. 1 - 05/06/2025

• PART VIII REGISTRATION FOR TRADING, ACTING AS ADVISER
• [s40]
• 21.4.3Appointment of investigators

  21.4.3 (1) CIRO’s Chief Executive Officer may, by order, appoint one or more of CIRO’s employees to make such investigation with respect to a matter as the Chief Executive Officer considers expedient, provided that CIRO is empowered under its by-laws or rules to make an investigation into the matter. 2025, c. 10, Sched. 3, s. 1. Contents of order (2) An order under subsection (1) shall describe the matter to be investigated. 2025, c. 10, Sched. 3, s. 1. Scope of investigation (3) For the purposes of an investigation under this section, an investigator may investigate and inquire into anything referred to in clauses 7 (3) (a) or (b). 2025, c. 10, Sched. 3, s. 1. Right to examine (4) For the purposes of an investigation under this section, an investigator may examine any documents or other things, whether they are in the possession or control of the person or company in respect of which th…

• 22.
• 21.4.4Power of investigator

  21.4.4 (1) An investigator has the same power to summon and enforce the attendance of any person and to compel him or her to testify on oath or otherwise, and to summon and compel any person or company to produce documents and other things, as is vested in the Superior Court of Justice for the trial of civil actions, and the refusal of a person to attend or to answer questions or of a person or company to produce such documents or other things as are in his, her or its custody or possession makes the person or company liable to be committed for contempt by the Superior Court of Justice as if in breach of an order of that court. 2025, c. 10, Sched. 3, s. 1. Rights of witness (2) A person or company giving evidence under subsection (1) may be represented by counsel and may claim any privilege to which the person or company is entitled. 2025, c. 10, Sched. 3, s. 1. Section Amendments with d…

• 23.
• [s42]
• 21.4.5Order prohibiting disclosure of investigation

  21.4.5 (1) CIRO’s Chief Executive Officer may make an order prohibiting a person or company from disclosing to any other person or company any or all of the following information: 1. The nature or content of an order or investigation under section 21.4.3. 2. The name of any person examined or sought to be examined under section 21.4.4. 3. Any testimony given under section 21.4.4. 4. Any documents and information obtained under section 21.4.4. 5. The nature or content of any questions asked under section 21.4.4. 6. The nature or content of any demands for the production of any document or other thing under section 21.4.4. 7. The fact that any document or other thing was produced under section 21.4.4. 2025, c. 10, Sched. 3, s. 1. Duration (2) The order applies for the period specified in the order. 2025, c. 10, Sched. 3, s. 1. Limitation, disclosure to lawyer (3) The order does not apply t…

• 24.
• [s43]
• 21.4.6Disclosure of information

  21.4.6 (1) CIRO shall not disclose or produce any testimony given to an investigator under section 21.4.4 or any documents or things obtained by an investigator under that section except for the purposes of an investigation or, (a) in connection with, (i) an examination of a witness, including an examination of a witness under section 21.4.4, (ii) a proceeding commenced or proposed to be commenced by CIRO or to which CIRO is a party, if the proceeding is related to a matter that is being or has been investigated, or (iii) the settlement of any proceedings or proposed proceedings related to a matter that is being or has been investigated; (b) to the Commission; or (c) as authorized by an order of the Tribunal issued under subsection (2). 2025, c. 10, Sched. 3, s. 1. Order by Tribunal (2) The Tribunal may make an order authorizing CIRO to disclose or produce any testimony, document or thin…

• 25.
• [s44]
• 21.4.7Disclosure to police

  21.4.7 Testimony given under subsection 21.4.4 (1) shall not be disclosed by CIRO or any person or company to any of the following persons without the written consent of the person from whom the testimony was obtained: 1. A member of a municipal, provincial, federal or other police service. 2. A person responsible for the enforcement of the criminal law of Canada or of any other country or jurisdiction. 2025, c. 10, Sched. 3, s. 1. Section Amendments with date in force (d/m/y) 2025, c. 10, Sched. 3, s. 1 - 05/06/2025

• 26.
• [s45]
• 21.4.8Power of hearing panel

  21.4.8 (1) If CIRO is empowered under its by-laws or rules to conduct hearings, a hearing panel may, by summons, (a) require any person to give evidence on oath or affirmation at an oral hearing or an electronic hearing; and (b) require any person or company to produce in evidence at an oral hearing or an electronic hearing documents and things specified by the hearing panel. 2025, c. 10, Sched. 3, s. 1. Limitation (2) A hearing panel may only require a person or company to give evidence or produce in evidence documents and things under subsection (1) if the evidence, documents or things are relevant to the subject-matter of the proceeding and admissible at the hearing. 2025, c. 10, Sched. 3, s. 1. Application of the SPPA (3) Subsections 12 (2) to (7) of the Statutory Powers Procedure Act apply, with necessary modifications, with respect to a summons under subsection (1) and, if a hearin…

• 27.
• [s46]
• 21.4.9No personal liability

  21.4.9 (1) No cause of action arises against any current or former director, officer, employee or agent of CIRO for any act done in good faith in the exercise or performance, or intended exercise or performance, of the person’s powers, duties or functions under an order recognizing CIRO under section 16, or that has been assigned to CIRO under section 20, or for any alleged neglect or default or other omission in the exercise or performance of those powers, duties and functions. 2025, c. 10, Sched. 3, s. 1. Canadian Investment Regulatory Organization vicariously liable (2) Subsection (1) does not relieve CIRO of liability to which it would otherwise be subject as a result of the acts or omissions of a person specified in subsection (1). 2025, c. 10, Sched. 3, s. 1. Proceedings by the Crown not prevented (3) This section does not apply with respect to proceedings brought by the Crown. 202…

• 28.
• [s47]
• 21.4.10Proceedings barred

  21.4.10 (1) No proceeding shall be commenced against any person specified in subsection 21.4.9 (1) in respect of a matter referred to in that subsection. 2025, c. 10, Sched. 3, s. 1. Same (2) Subsection (1) does not apply with respect to an application for judicial review or any proceeding that is specifically provided for under this Act, but does apply with respect to any other court, administrative or arbitral proceeding claiming any remedy or relief, including specific performance, an injunction, declaratory relief, a remedy in contract, restitution, unjust enrichment or tort, a remedy for breach of trust or fiduciary obligation or any equitable remedy, enforcement of a judgment, order or award made outside Ontario or any form of compensation or damages including loss of revenue or profit. 2025, c. 10, Sched. 3, s. 1. Proceedings by Crown not prevented (3) This section does not apply …

• 29.
• [s48]

  Part VII Benchmarks

• 30.
• [s49]
• 1999 #49
• 21.5Designation of benchmarks and benchmark administrators

  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,…

• PART IX EXEMPTIONS FROM REGISTRATION REQUIREMENTS
• [s50]
• 21.6Requiring information

  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…

• 31.
• [s51]
• 21.7Benchmark administrator

  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…

• 32.
• [s52]

  PART VIII REGISTRATION FOR TRADInG, ACTING AS ADVISER

• PART X RECOGNITION OF COMMODITY FUTURES EXCHANGES AND ACCEPTANCE OF FORM OF CONTRACT
• [s53]
• 22Registration for trading

  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,

• 33.
• [s54]

  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. …

• 34.
• [s55]
• 23Granting of registration

  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 r…

• 35.
• [s56]
• 24Surrender

  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

• 36.
• [s57]
• 25Subsequent applications

  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.

• 37.
• [s58]
• 26Form of application

  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

• 38.
• [s59]
• 27Address for service

  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.

• PART XI
• [s60]
• 28Further information

  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.

• PART XII TRADING GENERALLY
• [s61]
• 29Repealed

  29 Repealed: 1999, c. 9, s. 33. Section Amendments with date in force (d/m/y) 1999, c. 9, s. 33 - 14/12/1999

• 40.
• 30Repealed

  30 Repealed: 1999, c. 9, s. 34. Section Amendments with date in force (d/m/y) 1999, c. 9, s. 34 - 21/02/2003

• 41.
• [s63]

  PART IX EXEMPTIONS FROM REGISTRATION REQUIREMENTS

• 42.
• 31Exemptions of advisers

  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 …

• 43.
• [s65]

  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

• 44.
• [s66]
• 32Exemption of trades

  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.

• 45.
• [s67]

  PART X RECOGNITION OF COMMODITY FUTURES EXCHANGES AND ACCEPTANCE OF FORM OF CONTRACT

• 46.
• 33Registration or recognition of commodity futures exchange and acceptance of form of contracts required

  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.

• 47.
• [s69]
• 34Recognition of commodity futures exchange by Commission

  34 (1) Upon application by or on behalf of a commodity futures exchange that is situate outside Ontario, the Commission shall recognize such commodity futures exchange where it is satisfied that to do so would not be prejudicial to the public interest and in making its decision shall take into account whether, (a) the clearing and other arrangements made and the financial condition of the commodity futures exchange, its clearing house and its members are such as to provide reasonable assurance that all obligations arising out of contracts entered into on such commodity futures exchange will be met; (b) the rules and regulations applicable to exchange members and clearing house members are in the public interest and are actively enforced; (c) floor trading practices are fair and properly supervised; (d) adequate measures have been taken to prevent manipulation and excessive speculation; (…

• 48.
• 35Filing of by-laws, etc.

  35 Every commodity futures exchange recognized by the Commission under section 34 and its clearing house shall file with the Commission all by-laws, rules, regulations and policies forthwith after the by-law, rule, regulation or policy is approved by the board of directors of the commodity futures exchange or clearing house. R.S.O. 1990, c. C.20, s. 35.

• 49.
• 36Acceptance of form of contracts by Director

  36 (1) Upon application by or on behalf of a commodity futures exchange registered by the Commission, or recognized by the Commission under this Part, and the filing of a copy of all terms and conditions of a contract that it is proposed be traded in Ontario, the Director shall accept the form of contract where he or she is satisfied that to do so would not be prejudicial to the public interest and in making his or her decision shall take into account whether, (a) more than occasional use is made or can be reasonably expected to be made of the contract for hedging transactions; (b) with respect to a commodity futures contract each term or condition is in conformity with normal commercial practices of the trade in the commodity or if not in such conformity there is reasonable justification therefor; (c) with respect to a commodity futures contract satisfactory levels of margin, daily pric…

• 50.
• 37Terms and conditions of contracts to be filed with Commission and available through agent

  37 (1) It is a condition of acceptance of the form of a contract under section 36 that the commodity futures exchange, (a) file with the Commission copies of all current contract terms and conditions; and (b) unless the Director by order modifies the requirement, make copies of all current contract terms and conditions available to registrants through an agent in Ontario designated by the commodity futures exchange. R.S.O. 1990, c. C.20, s. 37 (1). Idem (2) Copies of amendments or additions to contract terms and conditions shall be filed with the Commission and supplied to the agent designated by the commodity futures exchange forthwith after the amendment or addition is approved by the board of directors of the commodity futures exchange. R.S.O. 1990, c. C.20, s. 37 (2). Idem (3) The Director shall not accept the form of a contract until advised by the commodity futures exchange of the …

• 51.
• [s73]
• 38Order exempting from registration for trading, acceptance of form of contract

  38 (1) The Commission may, upon the application of an interested person or company, rule that an intended trade is not subject to section 22 or 33 where it is satisfied that to do so will not be prejudicial to the public interest and may impose such terms and conditions as are considered necessary. R.S.O. 1990, c. C.20, s. 38 (1). Ruling final (2) A decision of the Commission under this section is final and there is no appeal therefrom. R.S.O. 1990, c. C.20, s. 38 (2). Part XI (s. 39) Repealed: 1999, c. 9, s. 36.

• 52.
• 39.

  39. Section Amendments with date in force (d/m/y) 1999, c. 9, s. 36 - 14/12/1999

• 53.
• [s75]

  PART XII TRADING GENERALLY

• 54.
• [s76]
• 40Statement to be furnished to prospective customer

  40 (1) Every registered dealer or adviser shall furnish each prospective customer prior to the opening of an account with a written statement in a form approved by the Commission which will, (a) explain the nature of, and risks inherent in trading in contracts and obligations assumed by the customer upon entering a contract; (b) advise the client to request and study the terms and conditions of the contract; and (c) furnish details concerning commissions and other charges levied by the dealer or adviser. R.S.O. 1990, c. C.20, s. 40 (1); 1997, c. 19, s. 1 (3). Terms and conditions (2) Except where the Director by order modifies the requirement, every registered dealer or advisor upon the request of a client shall furnish the client with a copy of all current terms and conditions of any contract the form of which has been accepted by the Director under Part X. R.S.O. 1990, c. C.20, s. 40 (…

• PART XIII ENFORCEMENT
• 41Minimum margin required

  41 (1) Subject to subsections (2) and (3), every registered dealer who acts as an agent in connection with a trade in a commodity futures contract shall require from the customer a margin of not less than the minimum prescribed under the by-laws, rules or regulations of the commodity futures exchange upon which the contract is traded. R.S.O. 1990, c. C.20, s. 41 (1). Idem (2) Subject to subsection (3), where the Commission has made an order with respect to levels of margin under section 20, every registered dealer who acts as an agent in connection with a trade in a commodity futures contract shall require from the customer a margin of not less than the minimum prescribed thereunder. R.S.O. 1990, c. C.20, s. 41 (2). Margin greater than minimum (3) Despite subsections (1) and (2), a registered dealer may require from the customer a margin greater than that prescribed under subsection (1) …

• 55.
• [s78]
• 42Confirmation of trade re commodity futures contract

  42 (1) Every registered dealer who has acted as an agent in connection with any trade in a commodity futures contract, including a trade upon the exercise of a commodity futures option, shall promptly send by prepaid mail or deliver to the customer a written confirmation of the transaction, setting forth, (a) the date of the transaction; (b) the commodity and quantity bought or sold; (c) the commodity futures exchange upon which the contract was traded; (d) the delivery month and year; (e) the price at which the contract was entered into; (f) the name of the dealer, if any, used by the registered dealer as its agent to effect the trade; and (g) the name of the salesperson, if any, in the transaction. R.S.O. 1990, c. C.20, s. 42 (1). Coded identification (2) For the purposes of clauses (1) (f) and (g), a person or company or a salesperson may be identified in a written confirmation by mea…

• 56.
• [s79]
• 43Statement of purchase and sale

  43 Every registered dealer who has acted as an agent in connection with a liquidating trade in a commodity futures contract shall promptly send by prepaid mail or deliver to the customer in addition to the written confirmation required under section 42, a statement of purchase and sale setting forth, (a) the dates of the initial transaction and liquidating trade; (b) the commodity and quantity bought and sold; (c) the commodity futures exchange upon which the contracts were traded; (d) the delivery month and year; (e) the prices on the initial transaction and on the liquidating trade; (f) the gross profit or loss on the transactions; (g) the commission; and (h) the net profit or loss on the transactions. R.S.O. 1990, c. C.20, s. 43.

• 57.