Government Notices — Other

Ontario Securities Commission

Local Amendments to National Instrument 45-106

Prospectus Exemptions

On December 4, 2025, local amendments to National Instrument 45-106 Prospectus Exemptions came into force under the Securities Act.

The purpose of the local amendments is to add self-certified investors that purchased securities under Ontario Instrument 45-510 Self-Certified Investor Prospectus Exemption or Ontario Instrument 45-507 Self-Certified Investor Prospectus Exemption to the list of purchasers that a private issuer can sell securities to under the private issuer exemption.

The full text of the local amendments is available in the Ontario Securities Commission’s Bulletin at (2025), 48 OSCB 8026 and on the Commission’s website at www.osc.ca.

(158-G227)

Amendments Relating to Well-known Seasoned Issuers

On November 28, 2025, the following came into force under the Securities Act:

• amendments to National Instrument 44-102 Shelf Distributions,
• the repeal of Ontario Securities Commission Rule 44-503 Exemption from Certain Prospectus Requirements for Well-known Seasoned Issuers,
• changes to Companion Policy 44-102CP to National Instrument 44-102 Shelf Distributions, and
• changes to National Policy 11-202 Process for Prospectus Reviews in Multiple Jurisdictions.

The full text of the amendments and changes are available in the Ontario Securities Commission’s Bulletin starting at (2025), 48 OSCB 7305 and on the Commission’s website at www.osc.ca.

(158-G228)

Ontario Energy Board

Notice of Amendments to the Distribution System Code

Amendments come into effect on November 25, 2025:

1. The Distribution System Code is amended by adding a new section 11 as follows:

   11 margin on payments incentive mechanism

   This section sets out the method for determining a rate-regulated distributor’s rates in respect of an incentive for the use of certain distributed energy resources as a non-wires solution to meet a distribution system need in circumstances where the distributor’s use of the distributed energy resource as a non-wires solution has been approved by the Board.

   11.1 Definitions

   For the purposes of this section 11:

   “BCA” means the benefit-cost analysis methodology that electricity distributors are to employ when assessing the economic feasibility of using DERs as an NWS to address defined electricity system needs, as set out in the Board’s Benefit-Cost Analysis Framework for Addressing Electricity System Needs;

   “DER” includes any resource or program, whether in-front or behind-the-meter, which could provide an alternative to traditional electricity distributor solutions to meet distribution system needs;

   “DST” means the Distribution Service Test to be employed by a distributor in conducting a BCA as set out in section 4.1 the Board’s Benefit-Cost Analysis Framework for Addressing Electricity System Needs;

   “Margin on Payments incentive” means a financial incentive to a distributor for the use of a third-party DER as an NWS, expressed as a percentage of the payments made to the third-party DER provider other than payments funded through a source other than rates;

   “Net benefit” means the net present value of the quantitative benefits minus the net present value of all quantitative costs associated with a third-party DER solution to meet a distribution system need, as evaluated using the DST;

   “NWS” means a non-wires solution;

   “Third-party DER” means a DER that is not owned by the distributor to whose distribution system the DER is or will be connected; and

   “Third-party DER provider” means a person who has connected, or requests to connect, a third-party DER to a distribution system.

   11.2 Timing of Margin on Payments Incentive Applications

   A distributor may apply for a Margin on Payments incentive in relation to the use of a third-party DER as an NWS to meet a distribution system need, either as a stand-alone rate application or as part of a broader rate application.

   11.3 Margin on Payments Incentive where all Requirements are met

   11.3.1 Where the Board is satisfied that an application for a Margin on Payments incentive meets the requirements of sections 11.3.3 to 11.4, a distributor’s rates shall be set by including a Margin on Payments incentive of 25%, or such lesser amount as may be requested by the distributor to meet the criteria in section 11.3.3 or for some other reason.

   11.3.2 The incentive term for the Margin on Payments incentive, being the effective date and duration of the Margin on Payments incentive, shall be determined as follows:

   1. where the Margin on Payments incentive application is part of a distributor’s rebasing application, the incentive term is the duration of the ensuing rate term or such shorter period as the distributor may specify; and,
   2. in any other case, the incentive term is the remainder of the current rate term or such shorter period as the distributor may specify.

   11.3.3 The following criteria must be met as a condition of obtaining a Margin on Payments incentive:

   1. the net present value of the forecast net benefit of the third-party DER, calculated in accordance with section 11.3.4 (f), must be a numerical value greater than zero; and
   2. the net present value of the forecast Margin on Payment incentive amount calculated under section 11.3.4 (e) cannot exceed 50 percent of the net present value of the forecast net benefit referred to in paragraph (a).

   11.3.4 An application for a Margin on Payments incentive shall include the following information:

   1. an overview of the third-party DER proposal;
   2. the incentive term determined in accordance with section 11.3.2;
   3. the forecast of annual payments to the third-party DER provider over the incentive term as well as the net present value of total payments to the third-party DER provider over the incentive term, broken down where applicable by costs proposed to be funded through rates and costs proposed to be recovered from any sources of funding other than rates;
   4. the requested percentage value of the Margin on Payments incentive, which cannot exceed 25%;
   5. the forecast of the net present value of the total Margin on Payments incentive, calculated as the percentage set out in paragraph (d) multiplied by the forecast net present value of the payments to the third-party DER provider other than any payments funded through a source other than rates;
   6. a completed BCA for the third-party DER that includes the quantitative net benefit result of the DST and that is completed for the same period as the incentive term referred to in paragraph (b); and
   7. the distributor’s proposed method for implementing and recovering the Margin on Payments incentive, having regard to section 2.4 of the Board’s Filing Guidelines for Incentives for Third-Party DERs as Non-Wires Alternatives;

   11.4 Margin on Payments Incentive where not all Requirements are met

   A distributor may apply for a Margin on Payments incentive that otherwise meets the requirements of this section 11 other than the criterion set out in section 11.3.3(b). The Board may approve the inclusion of such an incentive in the distributor’s rates if it is satisfied that the Margin on Payments is justified in the circumstances despite not meeting that criterion, provided for greater certainty that the Margin on Payments incentive shall not exceed 25%.

   11.5 Accounting and Reporting

   11.5.1 A distributor whose rates have been set to include a Margin on Payments incentive shall maintain a record of all payments made to the third-party DER provider for the third-party DER to which the Margin on Payments incentive relates.

   11.5.2 A distributor whose rates have been set to include a Margin on Payments incentive shall provide such information as may be required by the Board from time to time, both during and after the incentive term.

(158-G229)

Marriage Act

certificate of permanent registration as a person authorized to solemnize marriage in Ontario have been issued to the following:

November 17, 2025 to November 23, 2025

Re-Registrations

certificate of cancellation of registration as a person authorized to solemnize marriage in Ontario have been issued to the following:

November 17, 2025 to November 23, 2025

Sirad Mohamoud
Deputy Registrar General

(158-G230)