The Ontario government is appointing an advisory committee to review Ontario’s Commodity Futures Act, as required by statute.

The government expects the review committee to focus on reforms, which will strengthen the legislative framework in Ontario and ensure the commodity futures legislation is up to date. The committee has been asked to develop an interim report by March 31, 2006, and to deliver its final report no later than Sept. 30, 2006.

Carol Pennycook, partner at Davies, Ward, Phillips & Vineberg LLP and chairwoman of the Ontario Securities Commission’s commodity futures advisory board, has agreed to chair the committee conducting the first statutory review of the CFA. “I’m pleased to be part of the process designed to make sure that regulation keeps pace with market evolution and innovation and changes in other jurisdictions,” Pennycook says. “The government is taking an important first step in moving forward with updating and modernizing the commodity futures regulatory regime.”

The minister will table the report in the legislature, as the Act requires a select or standing committee of the legislative assembly be appointed to review the report, hear the opinions of interested persons or companies and make recommendations regarding amendments to the act.

“We are looking forward to the advisory committee’s recommendations,” Chairman of Management Board of Cabinet Gerry Phillips says. “Maintaining investor confidence in the integrity of our capital markets is vital for maintaining Ontario’s competitiveness, and commodity futures markets are an important part of our capital markets.”

“It is important to ensure that commodity futures legislation in Ontario is up to date,” he adds.

The other members of the committee are: Stephen Elgee, managing director equity derivatives products at BMO Nesbitt Burns; John Clark, chairman and CEO of JC Clark Ltd.; Margaret Grottenthaler, partner at Stikeman Elliott LLP; Paul Moore, vice chairman of the Ontario Securities Commission; and Roger Warner, director of operations at the Canadian Derivatives Clearing Corp.