O. Reg. 310/01: DEFINITIONS AND EXEMPTIONS

 

ontario regulation 310/01

made under the

electricity act, 1998

Made: August 8, 2001
Filed: August 8, 2001
Printed in The Ontario Gazette: August 25, 2001

Amending O. Reg. 160/99

(Definitions and Exemptions)

Note: Since the end of 2000, Ontario Regulation 160/99 has been amended by Ontario Regulation 164/01.  Previous amendments are listed in the Table of Regulations published in The Ontario Gazette dated January 20, 2001.

1. (1) Section 1 of Ontario Regulation 160/99 is amended by adding the following definition:

“independent director” means, with respect to the IMO, a person who,

(a) is not a director, officer or employee of,

(i) a generator, transmitter, distributor or retailer,

(ii) a person who sells electricity or ancillary services through the IMO-administered markets or directly to another person, other than a consumer,

(iii) an industrial consumer, or

(iv) an affiliate of a person referred to in subclause (i), (ii) or (iii); and

(b) does not have a direct or indirect legal or beneficial interest in or commercial affiliation with,

(i) a generator, transmitter, distributor or retailer,

(ii) a person who sells electricity or ancillary services through the IMO-administered markets or directly to another person, other than a consumer, or

(iii) an affiliate of a person referred to in subclause (i) or (ii);

(2) Section 1 of the Regulation is amended by adding the following subsections:

(2)  For the purpose of clause (b) of the definition of “independent director” in subsection (1),

(a) an interest held as the beneficiary of a trust that does not permit the beneficiary to have any knowledge of the holdings of the trust is not a legal or beneficial interest; and

(b) an interest in a mutual fund as defined in section 1 of the Securities Act is not a legal or beneficial interest unless the mutual fund is operated as an investment club where,

(i) its shares or units are held by not more than 50 persons and its indebtedness has never been offered to the public,

(ii) it does not pay or give any remuneration for investment advice or in respect of trades in securities, except normal brokerage fees, and

(iii) all of its members are required to make contributions in proportion to the shares or units each holds for the purpose of financing its operations.

(3)  For the purpose of clause (b) of the definition of “independent director” in subsection (1), a person has a commercial affiliation with another person if the person supplies goods or services to or receives goods or services from the other person, unless,

(a) the person receives the goods or services in the ordinary course of being a customer of a distributor or retailer or an affiliate of a distributor or retailer; or

(b) a person or committee appointed by the Minister for the purposes of this clause determines that the supply or receipt of the goods or services does not materially affect the independence of the person from,

(i) generators, transmitters, distributors and retailers,

(ii) persons who sell electricity or ancillary services through the IMO-administered markets or directly to another person, other than a consumer, or

(iii) affiliates of persons referred to in subclauses (i) and (ii).

2. This Regulation comes into force on the day subsection 1 (1) of Schedule F to the Government Efficiency Act, 2001 comes into force.