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O. Reg. 219/21: SECTION 28 EXEMPTIONS - CERTAIN TRANSACTIONS INVOLVING THE MINISTER OF FINANCE, THE ONTARIO FINANCING AUTHORITY AND ONTARIO ELECTRICITY FINANCIAL CORPORATION

under Financial Administration Act, R.S.O. 1990, c. F.12

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current March 22, 2021 (e-Laws currency date)

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Financial Administration Act

ONTARIO REGULATION 219/21

SECTION 28 EXEMPTIONS - CERTAIN TRANSACTIONS INVOLVING THE MINISTER OF FINANCE, THE ONTARIO FINANCING AUTHORITY AND ONTARIO ELECTRICITY FINANCIAL CORPORATION

Consolidation Period: From March 22, 2021 to the e-Laws currency date.

No amendments.

This is the English version of a bilingual regulation.

Minister of Finance transactions

1. A financial arrangement, financial commitment, guarantee, indemnity or similar transaction is exempt from the application of subsection 28 (1) of the Act if one of the following conditions is met:

1.  The transaction is a borrowing of money authorized under the Act, or under the Act and any other applicable legislation.

2.  The transaction is entered into under section 3 of the Act.

3.  The transaction is included as an additional term in any of the following:

i.  A transaction exempted under paragraph 1 or 2.

ii.  An agreement that the Minister of Finance is authorized under the Act to enter into in connection with a transaction exempted under paragraph 1 or 2.

iii.  An agreement that relates to the management of the Consolidated Revenue Fund or the management of public money by the Minister of Finance, including,

A.  an agreement that relates to an account established by the Minister under subsection 2 (2) of the Act, or

B.  an arrangement that the Minister is authorized to enter into under subsection 11 (1.3) of the Act.

Ontario Financing Authority transactions

2. (1) A financial arrangement, financial commitment, guarantee, indemnity or similar transaction that is entered into by the Ontario Financing Authority is exempt from the application of subsection 28 (1) of the Act if the transaction relates to any of the following activities of the Province, the Authority or another public body:

1.  Borrowing.

2.  Debt management.

3.  Risk management.

4.  Cash management.

5.  Banking.

6.  Investing.

7.  The provision of services that are ancillary to the activities described in paragraphs 1 to 6, including the provision of advisory and information services.

(2) In this section, “public body” has the same meaning as in Part II of the Capital Investment Plan Act, 1993.

Ontario Electricity Financial Corporation transactions

3. A financial arrangement, financial commitment, guarantee, indemnity or similar transaction is exempt from the application of subsection 28 (1) of the Act if one of the following conditions is met:

1.  The transaction is included in or related to,

i.  a borrowing or lending transaction authorized under section 66, 67 or 68 of the Electricity Act, 1998, or a commitment, arrangement, agreement or instrument relating to any such borrowing or lending, or

ii.  an agreement to guarantee authorized under section 69 of the Electricity Act, 1998.

2.  The transaction is included in or related to a purchase, acquisition, holding or entering into of a security, bill, financial agreement, evidence of indebtedness, investment or other instrument referred to in a by-law of Ontario Electricity Financial Corporation.

Certain limited-value transactions

4. A financial arrangement, financial commitment, guarantee, indemnity or similar transaction that is included in or related to an agreement entered into by the Ontario Financing Authority or Ontario Electricity Financial Corporation is exempt from the application of subsection 28 (1) of the Act if the following conditions are met:

1.  The agreement has a total value that is less than or equal to $5 million.

2.  The agreement complies with,

i.  all applicable policies of the Authority or the Corporation,

ii.  all applicable government directives, and

iii.  all applicable Canadian and Ontario laws.

Ontario Nuclear Funds Agreement transactions

5. (1) A financial arrangement, financial commitment, guarantee, indemnity or similar transaction is exempt from the application of subsection 28 (1) of the Act if the transaction is included in the Ontario Nuclear Funds Agreement or a custodial, trust, agency, investment management or other agreement related to any of the following:

1.  The Used Fuel Segregated Fund established pursuant to the Ontario Nuclear Funds Agreement.

2.  The Decommissioning Segregated Fund established pursuant to the Ontario Nuclear Funds Agreement.

3.  The Ontario NFWA Trust established by Ontario Power Generation Inc. as of November 15, 2002 in accordance with the Nuclear Fuel Waste Act (Canada).

(2) In this section, “Ontario Nuclear Funds Agreement” means the agreement entered into as of April 1, 1999 by Her Majesty the Queen in right of Ontario, Ontario Power Generation Inc. and certain subsidiaries of Ontario Power Generation Inc., including any amendment to the agreement.

6. Omitted (provides for coming into force of provisions of this Regulation).

 

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