Proposed Changes to Regulation 90 under the Commodity Futures Act, related to the Implementation of International Financial Reporting Standards
O. Reg. 490/10
Regulation - LGIC
Bill or Act:
Commodity Futures Act
Summary of Proposal:
The proposed changes to Regulation 90 under the Commodity Futures Act are technical changes intended to update financial terms and related provisions to make that Regulation consistent with International Financial Reporting Standards terminology.
Examples of the proposed changes include:
• In paragraph (f) of the definition of “financial institution” in subsection 7 (1) and in paragraph 15 (2) (b), replacing “balance sheet” with “statement of financial position”
• In paragraph 15 (2) (a), replacing the phrase “an income statement, a statement of surplus, and a statement of changes in financial position” with “a statement of comprehensive income, a statement of changes in equity, and a statement of cashflows”.
In addition, section 4, subsection 15(4) and Form 3 will be revoked as these parts of Regulation 90 no longer serve a purpose. As a consequence of the repeal of subsection 15(4), subsection 15(5) will also be repealed.
A number of packages of similar proposed terminology to Ontario Securities Commission rules were recently made by the Commission and delivered to the Minister of Finance for his approval at the end of September.
October 5, 2010
Comments Due Date:
November 19, 2010
Mr. Harvey Naglie
Senior Policy Advisor - Securities Policy
Industrial and Financial Policy Branch
Office of Economic Policy
Frost Bldg N
95 Grosvenor St
Toronto ON M7A1Z1