Notice of Extension of Commission Order - Application for Interim Exemptive Relief - Natural Gas Exchange Inc.

 
NGX has submitted an application to the Commission for a permanent exemption (Permanent Exemption Application) from the requirement to be registered as a commodity futures exchange under section 15 of the Commodity Futures Act (Ontario) (CFA) and related relief. The Permanent Exemption Application is based in part on the regulatory oversight of NGX by the Alberta Securities Commission (ASC), however the form of this oversight has not been finalized and therefore the Commission is unable to proceed with the Permanent Exemption Application at this time. In order to allow NGX to continue to carry on business in Ontario while the Permanent Exemption Application is being processed and the form of oversight in Alberta is being reviewed, the Commission granted an interim order (Interim Order) dated November 17, 2006 for a period of a year. The Interim Order was extended by an order dated November 16, 2007 (First Extension Order).

As the form of oversight in Alberta has not been settled to date, the Commission is amending the Extension Order by replacing the May 17, 2008 expiry date and substituting an expiry date of “the date that is six months from the later of the date that an order recognizing NGX as an exchange and an order recognizing NGX as a clearing agency have been granted by the ASC” (Second Extension Order).

A copy of the Second Extension Order is published in Chapter 2 of this Bulletin.