MACD Issues Statement of Approach on Self Reporting Potential Market Rule Breaches
March 4, 2021
The Market Assessment and Compliance Division (MACD) of the IESO has issued a Statement of Approach on Self-Reporting Potential Market Rule Breaches. The document is available on the IESO’s Issued Compliance and Enforcement Guidance webpage.
A market participant that suspects it may have breached the market rules is not required under the market rules to inform MACD. However, whether a market participant submitted a self-report is one factor MACD will use to determine an appropriate sanction should it be found that a breach has occurred. A market participant that self-reports will usually receive a lesser financial penalty than it would have otherwise. Market participants are encouraged to have a strong Internal Compliance Program in place which includes mechanisms that help them recognize and report potential market rule breaches.
MACD launched the Compliance Enforcement Guidance program to help foster understanding of, and compliance with, the market rules. Under this program MACD may, upon request or on its own initiative, provide its view on a forward-looking basis of the meaning of specific market rule or market manual provisions and their potential application to compliance and other enforcement determinations. More information on the program is available here.