Notice of Consultation on Proposed Changes to Regulation 90
under the Commodity Futures Act
The Ontario government is consulting on proposed changes to Regulation 90 under the Commodity Futures Act, related in part to the implementation of International Financial Reporting Standards (IFRS).
The Ontario Ministry of Finance (MOF) has posted, for a 45-day consultation period, on the Ontario Regulatory Registry a description of changes that MOF staff plan to propose to update accounting terms in Regulation 90 so they are consistent with IFRS terminology. A number of packages of similar proposed terminology changes were delivered to the Minister of Finance for his approval on September 29, 2010. The proposed changes to Regulation 90 also include the repeal of other parts of Regulation 90 on the basis that they are not necessary.
The consultation period on the proposed changes to Regulation 90 ends on November 19, 2010. In order to participate in these consultations, stakeholders should follow the procedure set out on the Ontario Regulatory Registry (which can be found at: www.ontariocanada.com/registry).
Any amendments to Regulation 90 will become law only if they are approved by the Lieutenant Governor in Council.