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Commodity Futures Act

The purposes of this Act are to protect investors from unfair, improper or fraudulent practices; and to foster fair and efficient commodity futures markets and confidence in those markets.

Mandates record-keeping of all trades/transactions, with Commission able to designate reviewers to verify compliance. Requires annual filing of certified financial statements. Specifies details of information on liquidated trades to be provided to customers.

The record keeping format, medium, and retention period shall comply with SEC Rule 17a-4.

Penalties:

Penalties for contravention can include a fine of not more than $5 million or imprisonment for a term of not more than five years less a day, or to both.

 

KOMpliance and KOMworx Compliance Commodity Futures Act

StandardSummary of RequirementsSolutions
Part V. 14.1
Record-Keeping
Every market participant shall keep such books, records and other documents as are necessary for the proper recording of its business transactions and financial affairs and the transactions that it executes on behalf of others and shall keep such other books, records and documents as may otherwise be required under Ontario commodity futures law. 1999, c. 9, s. 30. KOMworx® and KOMpliance® solution
Rules-based protection and retention policies are automatically applied to specified record types to help you meet applicable compliance regulations throughout the entire lifecycle of your data.
Part V. 14.1.1
Compliance Reviews
The Commission may designate in writing one or more persons to review the books, records and documents that are required to be kept by a market participant under section 14 for the purpose of determining whether Ontario commodity futures law is being complied with. Fully supported by KOMworx® and KOMpliance® solution
The files stored in the KOMworx Volume are readily available and fully accessible by authorized users and applications.

Additional Information:

http://www.e-laws.gov.on.ca/html/statutes/english/elaws_statutes_90c20_e.htm

 

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