NOTICE AND COMMISSION APPROVAL OF
RULE UNDER THE COMMODITY FUTURES ACT
ONTARIO SECURITIES COMMISSION RULE 33-506
(COMMODITY FUTURES ACT) AND COMPANION POLICY 33-506CP
The Commission has, under section 65 of the Commodity Futures Act (the "Act"), made Ontario Securities Commission Rule 33-506.
The rule and the material required by the Act to be delivered to the Minister of Finance were delivered on November 15, 2002. If the Minister approves the rule, does not reject the rule or return it to the Commission for further consideration, it will come into force on February 21, 2003.
The purpose of the rule is to consolidate and harmonize requirements regarding the initial submission of registration information and the updating of that information.
On December 14, 2001, the Commission published for comment drafts of the rule and companion policy. On June 14, 2002, the Commission republished for comment amended drafts of the rule and companion policy, together with a summary of the comments received during the first comment period and our responses. During the second comment period we received 5 submissions. A summary of these comments, together with our responses, is contained in Appendix "A" to the Notice and Commission Approval of Rule under the Securities Act Multilateral Instrument 33-109.
For additional background information on the rule and companion policy as well as a detailed summary of the contents of the drafts of previously published materials, please refer to the notices that were published with those drafts.
Summary of Changes
Section 2.3 has been added to the rule to clarify that an applicant for registration that is already registered under the Securities Act has more limited filing requirements.
Subsection 5.1(4) has been added to provide that if one registered firm has provided a notice in respect of a non-registered individual, other firms that also sponsor the non-registered individuals are not required to provide the notice.
The rule is scheduled to come into force on February 21, 2003. The June 2002 draft proposed an effective date of November 20, 2002.
The June 2002 draft of companion policy has been amended to clarify that in Ontario the Commission is of the view that a filer will have met a requirement to make a submission under the rule if the filer has made the identical submission under Multilateral Instrument 33-109.
Please refer your questions to:Dirk de Lint
Ontario Securities Commission
DATED: November 15, 2002