O. Reg. 162/15: IESO: ELIGIBLE INVESTMENTS AND BORROWING

Link to law: http://www.ontario.ca/laws/regulation/r15162
Published: 2015-06-19

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ontario regulation 162/15

made under the

Electricity Act, 1998

Made: June 17, 2015
Filed: June 19, 2015
Published on e-Laws: June 19, 2015
Printed in The Ontario Gazette: July 4, 2015


Amending O. Reg. 280/14

(IESO: ELIGIBLE INVESTMENTS AND BORROWING)

1. (1) Paragraph 1 of subsection 1 (3) of Ontario Regulation 280/14 is amended by striking out “or” at the end of subparagraph i, adding “or” at the end of subparagraph ii, and adding the following subparagraph:

iii. the United States of America.

(2) Section 1 of the Regulation is amended by adding the following subsection:

(7) Nothing in this section restricts the IESO’s authority to make long-term investments in portfolios of pooled funds.

2. Section 2 of the Regulation is revoked and the following substituted:

Ineligible investments

2. (1) The IESO shall not do the following:

1. Invest in an investment that fails to satisfy the requirements of section 1.

2. Invest in a security that is expressed or payable in any currency other than Canadian dollars or U.S. dollars.

3. Enter into financial agreements to manage its financial assets, liability or risks, except for the purpose of managing foreign exchange risk under contractual commitments that relate to its operations.

(2) Nothing in subsection (1) restricts the IESO’s authority to make long-term investments in portfolios of pooled funds.

3. Section 3 of the Regulation is revoked and the following substituted:

Authorized borrowing

3. (1) The IESO may borrow only for the purpose of funding corporate requirements and for liquidity purposes.

(2) Without limiting the generality of subsection (1), the IESO may borrow for the following purposes:

1. To fund the payment of amounts payable by the IESO under section 25.33 of the Act and any amounts payable under the regulations.

2. To provide such funds as may be necessary for the management of any variance account established and maintained under the Act by the IESO.

3. To provide such funds as may be necessary for the IESO to manage timing differences between the receipt of amounts and the payment of costs and expenses incurred by the IESO in exercising its rights and performing its duties under the Act.

4. To provide such funds as may be necessary for the IESO to manage timing differences between the receipt of payments in respect of procurement contracts that the IESO has entered into pursuant to Part II.2 of the Act and the payment of such amounts by the IESO under the procurement contracts referred to in that Part.

Commencement

4. This Regulation comes into force on the later of July 1, 2015 and the day it is filed.