On June 3, 2016, the Ontario Energy Board (OEB) issued a letter prescribing a Mandatory Record
Retention Period to be implemented by all regulated entities
effective on January 1, 2017. The Policy requires regulatory
records to be maintained for a period of at least six years,
calculated from the end of the last calendar year to which the
record relates. This is a significant change from the current
As we previously wrote, the OEB had earlier been proposing
moving to a 10-year record retention policy. The OEB's January
2016 Notice on this topic provided no explanation
about why 10 years of documents were needed to meet the stated goal
of ensuring that the OEB has access to the specified types of
documents that are "required for regulatory purposes and to
discharge its statutory duties."
According to the OEB's June 2016 letter, the decision to set the Mandatory
Record Retention Period at six years was made after considering stakeholder comments and taking into account
the fact that a six-year period is consistent with record keeping
requirements under the Ontario Business Corporations Act
and the Income Tax Act.
The OEB's June 2016 letter indicates that the necessary changes to
its "regulatory instruments" (including relevant Codes
and the RRRs) to implement the new Mandatory Record Retention
Period will be made later this year, to be effective on January 1,
2017. In the meantime, the OEB advises regulated entities "to
preserve all regulatory records in existence as of July 1, 2016 and
to suspend any regularly scheduled destruction of regulatory
records until after January 1, 2017 when the Mandatory Record
Retention Period is in effect."
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Canada is a constitutional monarchy, a parliamentary democracy and a federation comprised of ten provinces and three territories. Canada's judiciary is independent of the legislative and executive branches of Government.
The Government of Alberta recently announced a number of policy changes that will impact the Alberta Electricity Market, composed of its generators, transmitters, distributors, retailers, electricity consumers and wholesale electricity market.
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