Ontario Securities Commission – s. 2.3(1) of the CFA
IN THE MATTER OF THE COMMODITY FUTURES ACT RSO 1990, C S.20 AND IN THE MATTER OF THE DELEGATION OF CERTAIN POWERS AND DUTIES OF THE ONTARIO SECURITIES COMMISSION
DELEGATION (subsection 2.3(1))
WHEREAS:
A. On proclamation of subsection 39(10) of the Securities Commission Act, 2021, subsection 2.3(1) of the Commodity Futures Act (the "Act") will come into force, authorizing the Ontario Securities Commission (the "Commission") to delegate any of the Commission's powers and duties under the Act to the Chief Executive Officer of the Commission or to another Director;
B. the Commission considers it desirable to issue a delegation of certain of its powers and duties to the Chief Executive Officer of the Commission and each Director pursuant to subsection 2.3(1) of the Act;
NOW THEREFORE:
1. The Commission hereby makes the following delegation (the "Delegation").
2. Pursuant to subsection 2.3(1) of the Act, the Commission assigns to each Director, acting individually, the powers and duties vested in or imposed on the Commission by
(a) subsections 38(1), 46(6), 60(1.1), 79(1), and sections 7, 8, 14.1, 21.4, 24, 54, 55, 60.2, 60.3, and 80 of the Act;
(b) Parts VI, VII and X of the Act but only in respect of matters that
(i) do not raise significant regulatory or public interest concerns, and
(ii) do not introduce a novel feature to the capital markets; and
(c) section 78 of the Act, to revoke or vary
(i) any decision described in paragraph (a),
(ii) and decision described in paragraph (b), but only if the decision to revoke or vary
1. does not raise significant regulatory or public interest concerns, and
2. does not introduce a novel feature to the capital markets; and
(iii) any decision made under section 78 of the Act, but only if at the time of revoking or varying that decision, the Director would have been authorized to make the decision being varied or revoked.
3. The Chief Executive Officer of the Commission shall from time to time determine which one or more other Directors, in each case acting alone, should, as an administrative matter, exercise each of the powers or perform each of the duties assigned by the Commission in paragraph 2 above, each of which powers and duties may also be exercised and performed by the Chief Executive Officer, acting alone.
4. Pursuant to subsection 2.3(1) of the Act, the Commission delegates to the Chief Executive Officer of the Commission the powers and duties vested in or imposed on the Commission by
(a) subsections 48(1), 59(1), 60(4), 60(4.1), and 75(2), and sections 63 and 85 of the Act; and
(b) section 78 of the Act, to revoke or vary
(i) any decision described under paragraph (a), and
(ii) Any decision made under section 78 of the Act, but only if at the time of revoking or varying that decision, the Chief Executive Officer would have been authorized to make the decision being varied or revoked.
5. No person or company shall be required to inquire as to the authority of a member of the staff of the Commission to sign a decision pursuant to this Delegation in the capacity of a Director, and a decision purporting to be signed pursuant to this Delegation by a member of the staff of the Commission in the capacity of a Director shall be conclusively deemed to have been signed by a Director authorized by this Delegation without proof of such authority.
6. This Delegation does not preclude the Commission from itself exercising or performing any of the delegated powers or duties.
7. This Order is effective on the day that subsection 39(10) of the Securities Commission Act, 2021 comes into force.
Board Approved: April 26, 2022