The Securities Commission has granted an exemption to two filers, allowing them to prepare their financial statements in accordance with U.S. GAAP instead of Canadian GAAP applicable to publicly accountable enterprises. This decision is based on the fact that both filers are involved in rate-regulated activities and are not SEC issuers, which would otherwise permit them to use U.S. GAAP under section 3.7 of NI 52-107. The exemption is an extension of previous relief granted in 2018 and will be valid until the earliest of January 1, 2027, the date the filers cease to have rate-regulated activities, or the date a mandatory IFRS standard for rate-regulated entities is implemented by the IASB plus two years. This decision is made under the authority of section 5.1 of National Instrument 52-107 and is consistent with the securities legislation of the jurisdictions involved.
