May 30, 2005 - The McGuinty government is appointing an advisory committee to review Ontario's Commodity Futures Act (CFA), as required by statute, to ensure Ontario benefits from a modern regulatory regime with strong investor confidence and protection. 

The purposes of the act are to provide protection to investors from unfair, improper or fraudulent practices, and to foster fair and efficient commodity futures markets and confidence in those markets. 

Carol D. Pennycook, Partner at Davies Ward Phillips & Vineberg LLP and chair 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 said. "The government is taking an important first step in moving forward with updating and modernizing the commodity futures regulatory regime." 

The government expects that the review committee will focus on reforms that will strengthen the legislative framework in Ontario and ensure that 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 September 30, 2006. 

The Minister will table the report in the Legislature, as the act requires that 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 to the Legislative Assembly regarding amendments to the act. 

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