Internal Compliance Programs
Compliance with the Market Rules is essential to the reliability of Ontario's power system and the efficiency of its wholesale electricity markets. The Market Assessment and Compliance Division (MACD) of the IESO is sharing its views on internal compliance programs (ICPs) in an enforcement context by issuing a Statement of Approach along with related documents. At a very high level, for the purpose of this Statement of Approach, an ICP is defined as a program that is intended to achieve the outcome of compliance with all applicable obligations under the Market Rules. It includes all the processes, people, infrastructure, technology and organizational activities required to achieve compliance with the Market Rules.
Although market participants in Ontario are not required to develop or implement an ICP according to the Market Rules, there is a requirement for market participants to manage their compliance with the rules. Furthermore, MACD is required to consider the "presence and quality" of a market participant's ICP under Chapter 3, section 126.96.36.199 of the Market Rules when determining a financial penalty and may request ICP information as part of an investigation.
In addition to the Statement of Approach, MACD has developed several other documents to ensure market participants understand its views on ICPs and the role they play in driving compliance with the Market Rules. If you have any questions, please contact MACD by email at firstname.lastname@example.org.