Ontario Utilities Will Have to Retain Documents For Ten Years
A new Mandatory Record Retention Period has been published by the Ontario Energy Board (OEB). The requirement is that regulated entities (distributors, transmitters, generators, retailers, etc.) will have to retain a wide range of documents for nine years beyond the current year. This is a significant change from the current two year requirement. The OEB indicates that the change is necessary in order to ensure that the regulator has access to the specified types of documents that are "required for regulatory purposes and to discharge its statutory duties." The OEB does not specify why ten years of documents are required for these purposes.
The specifics of the OEB's new requirement are set out in a Notice of Proposal. Interested parties are invited to provide their comments before January 15, 2016.