Industry

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ICE FUTURES

APPLICATION FOR EXEMPTIVE RELIEF

NOTICE OF COMMISSION ORDER

On September 1, 2006, the Commission granted ICE Futures an exemption from (i) the requirement to be recognized as a stock exchange under section 21 of the Securities Act (Ontario); and (ii) the requirement to be registered as a commodity futures exchange under section 15 of the Commodity Futures Act (Ontario)(CFA). The Commission also granted an exemption from section 33 of the CFA for trades in contracts on ICE Futures by registered futures commission merchants and an exemption from the registration requirements in section 22 of the CFA for trades in contracts on ICE Futures for "hedgers, as defined in the CFA. Relief from section 33 of the CFA was granted as the section 33 relief specified in the deemed rule "In The Matter Of Trading In Commodity Futures Contracts and Commodity Futures Options Entered Into On Commodity Futures Exchanges Situate Outside Canada Other Than Commodity Futures Exchanges In The United States Of America" is for trades "by and with registered futures commission merchants" which is possibly too restrictive for trades made on ICE Futures. Relief granted for trades in contracts on ICE Futures by registered futures commission merchants.

The Commission published the ICE Futures application and proposed exemption order for comment on July 21, 2006. No comments were received.

A copy of the exemption order is published in Chapter 2 of this Bulletin.