The Securities Commission has granted an exemption to a filer from the requirement to prepare financial statements in accordance with Canadian GAAP as stipulated by section 3.2 of National Instrument 52-107. Instead, the filer is permitted to use U.S. GAAP, subject to conditions. This exemption supersedes a previous relief granted in 2018 and will remain effective until the earliest of January 1, 2027, the date the filer ceases to have rate-regulated activities, or the date a new IFRS standard for rate-regulated entities becomes mandatory. The decision is based on the filer’s need for continuity and sufficient time to transition to IFRS once the new standard is finalized by the IASB. The exemption applies to financial statements filed after the order date and is contingent on the filer’s continued engagement in rate-regulated activities. The decision was made under the securities legislation of Alberta and Ontario, with Alberta Securities Commission as the Principal Regulator and is also applicable to other Canadian jurisdictions through the Passport System.
