Regulation - LGIC

Compensation regulation under the Cap and Trade Cancellation Act, 2018 and French translation of O. Reg. 390/18

Regulation Number(s):
Bill or Act:
Cap and Trade Cancellation Act
Summary of Decision:
Cap and Trade Cancellation Act

The Cap and Trade Cancellation Act, 2018 (CTCA) provides for the wind down of the cap and trade program in a way that:
• Minimizes the impact on taxpayer dollars
• Offers some support for eligible participants of the program

The CTCA provides a framework for compensating eligible participants. This includes:
• A compensation formula
• Authority to develop regulations for compensation

Compensation Regulation

The Compensation regulation (O. Reg. 9/19) implements the compensation provisions in the CTCA by providing the:
• Process and timing for eligible participants to make requests for compensation
• Price at which each instrument would be compensated

The Minister must receive applications for compensation under this regulation by February 14, 2019.

Greenhouse Gas Emissions Regulation

The Greenhouse Gas Emissions: Quantification, Reporting and Verification regulation (O. Reg. 390/18) has been translated into French without changes to the regulation.

These regulations come into force upon filing.
Analysis of Regulatory Impact:
The compensation regulation is administrative in nature and does not impose additional regulatory requirements on the general business community. The compensation regulation sets out the administrative processes for payment of compensation as set out in the CTCA for those eligible participants who choose to apply for compensation.

There are no effects on business from the French translation of O. Reg. 390/18.
Further Information:
Proposal Number:
19-MECP001
Posting Date:
Summary of Proposal:
A Compensation regulation was developed under the Cap and Trade Cancellation Act, 2018 which sets out the process for requesting compensation and a price per instrument. Additionally, the Greenhouse Gas Emissions: Quantification, Reporting and Verification regulation (O. Reg. 390/18) has been translated into French.
Contact Address:
MECP
40 St.Clair Avenue
Toronto Ontario
Effective Date:
February 1, 2019
Decision:
Approved