The Securities Commission has granted an exemption to a filer from the requirement to prepare financial statements in accordance with Canadian GAAP, as outlined in section 3.2 of National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards. Instead, the filer is permitted to use U.S. GAAP for financial reporting. This exemption is conditional and will be revoked under certain circumstances, such as if the filer ceases to have rate-regulated activities or upon the adoption of a new IFRS standard specific to entities with rate-regulated activities. The exemption replaces a similar relief granted in 2018 and will expire on January 1, 2027, unless earlier termination conditions are met. The decision is based on the filer’s representations, including its status as an SEC issuer, its rate-regulated activities, and the need for sufficient time to transition to IFRS if required in the future. The Ontario Securities Commission, acting as the principal regulator, has made this decision, which also applies to multiple jurisdictions through the Passport System.
