WINNIPEG (Staff) – The Canadian Grain Commission expects federal agriculture minister Ralph Goodale will seek early in 1997 to repeal the act which regulates the Winnipeg Commodity Exchange.
Speaking at the annual meeting of Manitoba Pool Elevators here last week, commissioner Doug Stow explained the Grain Futures Act won’t be appropriate when the exchange launches a proposed hog futures contract.
Stow said the act names the grain commission as overseer of the exchange. The commission recommended Parliament repeal the act to let the Manitoba Securities Commission become the new regulator.
The Manitoba government is waiting for royal assent for a provincial law that would allow the provincial securities commission to oversee the commodity exchange.
“We believe the interests of the Winnipeg Commodity Exchange and the public will be better served by one, well-equipped regulator,” Stow told delegates.
