Final Rule (effective March 28, 1997): OSC Rule - 91-503 - Trades in Commodity Futures Contracts and Commodity Futures Options Entered Into on Commodity Futures Exchanges Situated Outside Ontario

On March 13, 1997 the Minister of Finance approved Rule 91-503: Trades in Commodity Futures Contracts and Commodity Futures Options Entered Into onCommodity Futures Exchanges Situate Outside of Ontario (the "Rule"). The Rule came into force on March 28, 1997.

The subject matter of the Rule is currently dealt with by five existing blanket orders and rulings (the "Existing Orders") made by the Commission in the periodfrom 1980 to 1989 as identified in the Rule. The Existing Orders provide relief under both the Securities Act (the "Act") and the Commodity Futures Act (the"CFA"). The Rule revokes the Existing Orders in respect of the relief provided under the Act. The Existing Orders will continue to provide relief fromprovisions of the CFA.

PART I. DEFINITIONS

A. Definitions - In this Rule

"CFA means "the Commodity Futures Act";

"commodity futures contract", "commodity futures exchange" and "commodity futures option" have the respective meanings ascribed to them in the CFA;

"exempt exchange" means a commodity futures exchange that is not registered with or recognized by the Commission under the CFA and the forms of contractsof which are not accepted by the Director under the CFA; and

"exempt exchange contract" means a commodity futures contract or a commodity futures option entered into on an exempt exchange.

PART II. REGISTRATION AND PROSPECTUS EXEMPTIONS

A. Registration Exemption - Section 25 of the Act does not apply to a trade in, or advice given in respect of, an exempt exchange contract.

B. Prospectus Exemption - Section 53 of the Act does not apply to a trade in an exempt exchange contract.

PART II. REVOCATION OF BLANKET RULINGS

A. Revocation of Blanket Rulings - The following Blanket Rulings of the Commission are revoked only in respect of the relief provided under the Act:

1. In the Matter of Trading in Commodity Futures Contracts and Commodity Futures Options Entered Into On Commodity Futures Exchanges Situate OutsideCanada Other than Commodity Futures Exchanges in the United States of America (1980), 15 OSCB 7, as varied by (1984), 7 OSCB 995.

2. In the Matter of Trading in Commodity Futures Contracts Entered into on the Montreal Stock Exchange (August 25, 1980) OSCWS 15A, as varied by In theMatter of Trading in Commodity Futures Contracts and Commodity Futures Options Entered into on The Montreal Exchange (1989), 12 OSCB 3392.

3. In the Matter of Trading in Commodity Futures Contracts and Commodity Futures Options Entered into on Commodity Futures Exchanges in the UnitedStates of America (1984), 7 OSCB 4576.