The Securities Commission granted an exemption to a filer from the requirement to prepare financial statements in accordance with Canadian GAAP as per section 3.2 of National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards. Instead, the filer is permitted to use U.S. GAAP, subject to conditions. This decision is based on the fact that the filer is a subsidiary of Fortis Inc., which is an SEC issuer and files its financial statements in U.S. GAAP. The exemption is valid until the earliest of January 1, 2027, the date the filer ceases to have rate-regulated activities, or two years after the IASB publishes a final version of a Mandatory Rate-regulated Standard. The decision is underpinned by the relevant securities legislation and regulations, including National Instrument 52-107 and Multilateral Instrument 11-102 Passport System.
