Securities Law & Instruments

Headnote

 

Subsection 144(1) of the OSA and Section 78 of the CFA – Application for an order revoking an order issued September 25, 2012, granting ICE Futures Canada, Inc, pursuant to section 147 of the OSA, an exemption from the requirement to be recognized as an exchange under section 21 of the OSA, and pursuant to section 80 of the CFA, an exemption from registration as a commodity futures exchange under section 15 of the CFA.

 

Statutes Cited

 

Securities Act, R.S.O. 1990, c. S. 5 as am., ss. 21.2, 144, 147.

Commodity Futures Act, R.S.O. 1990, c. C.20 as am., ss. 15, 22, 33, 38, 78, 80.

 

IN THE MATTER OF

THE SECURITIES ACT,

R.S.O. 1990, CHAPTER S.5, AS AMENDED

(OSA)

 

AND

 

IN THE MATTER OF

THE COMMODITY FUTURES ACT,

R.S.O. 1990, CHAPTER 20, AS AMENDED

(CFA)

 

AND

 

IN THE MATTER OF

ICE FUTURES CANADA, INC.

(IFCA)

 

REVOCATION ORDER

(Section 144 of the OSA and Section 78 of the CFA)

 

WHEREAS the Ontario Securities Commission (Commission) issued an order dated September 25, 2012 granting exemptions to IFCA:

 

a)             Pursuant to section 147 of the OSA, from the requirement to be recognized as an exchange under subsection 21 of the OSA and pursuant to section 80 of the CFA, from registration as a commodity futures exchange under section 15 of the CFA;

b)             Pursuant to section 38 of the CFA, from the requirements of section 33 of the CFA; and

c)             Pursuant to section 38 of the CFA, from the registration requirements under section 22 of the CFA (collectively, Exemption Order);

 

AND WHEREAS IFCA has notified the Commission that:

 

(i)             All futures and options on futures contracts (Contracts) listed for trading on IFCA were transitioned to its affiliate, ICE Futures U.S., Inc. (IFUS), over the time period July 27, 2018 to July 30, 2018 (Transition Weekend); 

(ii)            All open positions at ICE Clear Canada, Inc. (ICCA) the designated clearing agency for IFCA, were transitioned to ICE Clear US, Inc. (ICUS) the designated clearing agency for IFUS, on Monday July 30, 2018;

(iii)           Trading in the Contracts commenced on IFUS as at trade date Monday July 30, 2018;

(iv)           IFCA ceased operations as an exchange under the OSA and as a commodity futures exchange under the CFA;

(v)            IFCA had previously notified all stakeholders of the foregoing, including clearing participants, market participants, shareholders, regulators, and required government agencies of the matters set out above;

(vi)           IFCA intends, as soon as practicable after the Transition Weekend, and after fulfilling all statutory and other legal requirements, to dissolve as a corporation.

 

AND WHEREAS IFCA has requested that the Exemption Order be revoked as soon as practicable after July 31, 2018;

 

AND WHEREAS staff of the Manitoba Securities Commission (MSC), the lead regulator of IFCA, have confirmed that the MSC revoked its order recognizing IFCA as a self-regulatory organization and registering IFCA as a commodity futures exchange in Manitoba effective on August 21, 2018;

 

AND WHEREAS the Commission is of the opinion that it would not be prejudicial to the public interest to revoke the Exemption Order;

 

THE COMMISSION hereby revokes the Exemption Order pursuant to section 144 of the OSA and section 78 of the CFA.

 

DATED this 17th day of August 2018 and effective upon August 21, 2018.

 

“Deborah Leckman”

 

“Philip Anisman”