Compliance with the Act and Regulations. The Registration Statement, at the time it became effective complied in all material respects with the requirements of the Act and the Regulations. Each Preliminary Prospectus, at the time it was filed, complied as to form in all material respects with the Act and the Regulations. The Sale Preliminary Prospectus, at the time when it was filed, complied in all material respects with the Act and the Regulations. The Prospectus, at the time when it is filed, and all subsequent times through the Closing Time and any Option Closing Time, complied, or will comply, in all material respects with the Act and the Regulations.
Compliance with the Act and Regulations. ICE NGX reviewed the Amendments and determined that they comply with the requirements of the Act and the rules and regulations promulgated by the Commission in implementing the Act. In this regard, ICE NGX reviewed the derivatives clearing organizations core principles (“Core Principles”) and determined that the amendments are potentially relevant to the following Core Principles and the applicable regulations of the Commission thereunder. Compliance (Core Principle A): The Amendments are consistent with Core Principle A - Compliance and Commission Regulation 39.10, as the Amendments clarify and enhance ICE NGX’s policies and procedures for complying with Commission regulations. Risk Management (Core Principle D): The Amendments facilitate ICE NGX’s compliance with Core Principle D - Risk management and Commission Regulation 39.13(g)(5), as the Amendments enhance ICE NGX’s authority and ability to enforce the CPA requirement that a Contracting Party have a current, written risk management policy, in accordance with the requirements under § 39.13(g)(5). Rule Enforcement (Core Principle H): The Amendments facilitate ICE NGX’s compliance with Core Principle H - Rule enforcement and Commission Regulations • § 39.17(a)(2), as the Amendments enhance ICE NGX’s authority to discipline a Contracting Party due to a violation by the Contracting Party of certain prescribed requirements under the ICE NGX rulebook; and • § 39.17(b), as the Amendments specify that summary sanctions are to be imposed by the ICE NGX Chief Compliance Officer, in accordance with § 39.17(b). Public Information (Core Principle L): The Amendments facilitate ICE NGX’s compliance with Core Principle L and Commission Regulation 39.21(c)(9), as the Amendments provide for public disclosure of the summary sanctions framework, through the CPA; the prescribed amount of the summary sanction applicable to a violation, through the Summary Sanctions Schedule; and the appeals process, through the Summary Sanctions Hearing Procedures; all of which will be publicly disclosed on the ICE NGX website Legal Risk Considerations (Core Principle R): The Amendments facilitate ICE NGX’s compliance with Core Principle R - Legal risk considerations and Commission Regulation 39.27(b)(6), as the Amendments provide for a complete framework in respect of summary sanctions, including the authority to impose summary sanctions and the list of prescribed violations, through the CPA; the prescribed amount of the summary sanction...
Compliance with the Act and Regulations. ICE NGX reviewed the Amendments and determined that they comply with the requirements of the Act and the rules and regulations promulgated by the Commission in implementing the Act. In this regard, ICE NGX reviewed the derivatives clearing organizations core principles (“Core Principles”) and determined that the amendments are potentially relevant to the following Core Principles and the applicable regulations of the Commission thereunder. Participant and Product Eligibility (Core Principle C): The Amendments facilitate ICE NGX’s compliance with Core Principle C - Participant and Product Eligibility and Commission Regulation 39.12, as the Amendments relating to Contracting Party Financial Statements enhance ICE NGX’s ongoing monitoring of participants’ ongoing compliance with participation requirements. Risk Management (Core Principle D): The Amendments facilitate ICE NGX’s compliance with Core Principle D - Risk management and Commission Regulation 39.13, as the Amendments enhance ICE NGX’s ability to manage the risks associated with discharging ICE NGX’s responsibilities as a derivatives clearing organization. Specifically, the amendments strengthen ICE NGX’s authority to take appropriate action to manage risks in respect of a Contracting Party, and enhance ICE NGX’s authority to take action to protect the clearinghouse and its other participants against a potential default by a Contracting Party where an event of default has been declared at another clearinghouse in respect of that Contracting Party Affiliate, or any of its affiliates or Credit Support Providers. Default Rules and Procedures (Core Principle G): The Amendments facilitate ICE NGX’s compliance with Core Principle G - Default Rules and Procedures and Commission Regulation 39.16, as the Amendments relating to Contracting Party Affiliates, Set-off and Cross-Default enhance ICE NGX’s rules designed to allow for the efficient, fair and safe management of a default by a Contracting Party or Contracting Party Affiliate.
Compliance with the Act and Regulations. ICE NGX reviewed the Amendments and determined that they comply with the requirements of the Act and the rules and regulations promulgated by the Commission in implementing the Act. In this regard, ICE NGX reviewed the derivatives clearing organizations core principles (“Core Principles”) and determined that the amendments are potentially relevant to the following Core Principles and the applicable regulations of the Commission thereunder. Financial Resources (Core Principle B): The Amendments facilitate ICE NGX’s compliance with Core Principle B - Financial Resources and Commission Regulation 39.11, as the Amendments update ICE NGX’s certain definitions relating to financial resources. Public Information (Core Principle L): The Amendments facilitate ICE NGX’s compliance with Core Principle B - Financial Resources and Commission Regulation 39.21, as the Amendments will facilitate updating of ICE NGX’s public disclosure.
Compliance with the Act and Regulations. ICE NGX reviewed the Amendments and determined that they comply with the requirements of the Act and the rules and regulations promulgated by the Commission in implementing the Act. In this regard, ICE NGX reviewed the derivatives clearing organizations core principles (“Core Principles”) and determined that the amendments are potentially relevant to the following Core Principles and the applicable regulations of the Commission thereunder. Participant and Product Eligibility (Core Principle C): The Amendments facilitate ICE NGX’s compliance with Core Principle C - Participant and Product Eligibility and Commission Regulation 39.12(b)(1)(iii), as the Amendments refine the alternative reference price for certain Ontario financially settled power products, reflecting market changes anticipated to be implemented by the local independent system operator. Risk Management (Core Principle D): The Amendments facilitate ICE NGX’s compliance with Core Principle D - Risk management and Commission Regulation • 39.13(g)(5), as the Amendments make a number of changes to the CPA in Schedule “C” - Risk Management Policy that improve transparency and readability of ICE NGX’s rules; • 39.13(g)(10), (11) and (12), as the Amendments that recognize the full amount of letter of credit collateral until the expiry of the letter of credit reflect prudent valuation of collateral assets and appropriate management of credit and liquidity risks relating to letters of credit;
Compliance with the Act and Regulations. The EDOB hereby agrees to comply with all provisions of the Act and the regulations and guidance promulgated thereunder with respect to the use of the Program Funds. In particular, the EDOB will comply and will require any subgrantees to comply with the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (2 CFR 200) (the Uniform Guidance) to the extent applicable.
Compliance with the Act and Regulations. ICE NGX reviewed the Amendments and determined that they comply with the requirements of the Act and the rules and regulations promulgated by the Commission in implementing the Act. In this regard, ICE NGX reviewed the derivatives clearing organizations core principles (“Core Principles”) and determined that the amendments are potentially relevant to the following Core Principles and the applicable regulations of the Commission thereunder. Settlement Procedures (Core Principle E): The Amendments facilitate ICE NGX’s compliance with Core Principle E - Settlement procedures and Commission Regulation 39.14, as the Amendments clarify and strengthen ICE NGX’s settlement processes. Specifically, the Amendments harmonize and consolidate (and re-insert) the CPA provisions relating to invoicing including early payment of invoices and late payment of invoices. Default Rules and Procedures (Core Principle G): The Amendments facilitate ICE NGX’s compliance with Core Principle G - Default rules and procedures and Commission Regulation 39.16, as the Amendments reiterate ICE NGX’s authority to act in the case of a late or missed settlement payment by a Contracting Party (included in the CPA definition of “Failure to Pay” and thereby in the CPA definition of “Default”).
Compliance with the Act and Regulations. ICE NGX reviewed the Amendments and determined that they comply with the requirements of the Act and the rules and regulations promulgated by the Commission in implementing the Act. In this regard, ICE NGX reviewed the derivatives clearing organizations core principles (“Core Principles”) and determined that the amendments are potentially relevant to the following Core Principles and the applicable regulations of the Commission thereunder. Participant and Product Eligibility (Core Principle C): The Amendments facilitate ICE NGX’s compliance with Core Principle C - Participant and Product Eligibility and Commission Regulation 39.12(b), as the Amendments strengthen the availability of reliable prices in respect of Ontario financially settled power products, in light of potential market changes currently under consideration by the independent system operator. Settlement Procedures (Core Principle E): The Amendments facilitate ICE NGX’s compliance with Core Principle E - Settlement procedures and Commission Regulation 39.14, as the Amendments clarify and strengthen ICE NGX’s settlement processes. Specifically, the Amendments strengthen ICE NGX’s ability to confirm delivery performance of Assigned Delivery products, in order to reduce and mitigate the risk of ICE NGX arising from the lack of transparency on actual delivery including in the case of a default and liquidation.
Compliance with the Act and Regulations. ICE NGX reviewed the amendments and determined that they comply with the requirements of the Act and the rules and regulations promulgated by the Commission in implementing the Act. In this regard, ICE NGX reviewed the derivatives clearing organizations core principles (“Core Principles”) and determined that the amendments are potentially relevant to the following Core Principles and the applicable regulations of the Commission thereunder. Compliance (Core Principle C): The amendments are consistent with Core Principle C - Compliance and Commission Regulation 39.10, as the New Futures Contracts meet ICE NGX’s product eligibility standards, developed in accordance with Core Principle C, including, in particular, ICE NGX’s ability to manage the risk associated with the New Futures Contracts.
Compliance with the Act and Regulations. ICE NGX reviewed the Amendments and determined that they comply with the requirements of the Act and the rules and regulations promulgated by the Commission in implementing the Act. In this regard, ICE NGX reviewed the derivatives clearing organizations core principles (“Core Principles”) and determined that the amendments are potentially relevant to the following Core Principles and the applicable regulations of the Commission thereunder. Risk Management (Core Principle D): The Amendments facilitate ICE NGX’s compliance with Core Principle D - Risk management and Commission Regulation 39.13, as the Amendments enhance ICE NGX’s ability to access cash provided by a Contracting Party in the event of a default by that Contracting Party. Specifically, the “Step Two” amendments provide for the merging, into a single cash collateral account, both (a) cash provided by a Contracting Party to facilitate daily settlement of variation margin gains and losses on Financially Settled Canadian Power Products and (b) interest paid to a Contracting Party on its cash collateral balance, with (c) cash collateral, and deeming all cash in the cash collateral account to be Eligible Collateral Support as defined in the CPA. Settlement Procedures (Core Principle E): The Amendments facilitate ICE NGX’s compliance with Core Principle E - Settlement procedures and Commission Regulation 39.14, as the Amendments clarify and strengthen ICE NGX’s settlement processes. Specifically, the Amendments harmonize and consolidate the CPA provisions relating to invoicing, provide that payments of cash collateral and outstanding settlement amounts must be made wire payment only, and strengthen ICE NGX’s processes for settling daily variation margin gains and losses on Financially Settled Canadian Power Products. Treatment of Funds (Core Principle F): The Amendments facilitate ICE NGX’s compliance with Core Principle F - Treatment of funds and Commission Regulation 39.15, as the Amendments clarify the treatment, holding and return of cash collateral from ICE NGX’s clearing participants. Specifically, the Amendments strengthen ICE NGX’s ability to access cash collateral if required, and strengthen and clarify the processes and treatment of cash collateral received from clearing participants.
