​​​​​​​​Updates to Rule 023 – Rules Respecting Payment of Interest

 Status: Open

 Last updated: September 23, 2021


September 23, 2021

The AUC issued Bulletin 2021-17 seeking feedback on a number of proposed amendments to Rule 023Rules Respecting Payment of Interest.​ The proposed amendments simplify Rule 023 and ensure broad application of the rule. Specifically, the Commission is considering the following amendments:

  • Broad application of the rule to all outstanding balances and adjustments of rates, tolls or charges and any other costs that are subject to the Commission’s jurisdiction.
  • Simplification of the criteria applied to a request for the payment of interest.
  • Reduction of the period for which a balance must be outstanding.
  • Removal of a specific materiality threshold.
  • Use of the Bank of Canada policy rate instead of the Bank of Canada bank rate.

The following documents are related to the release​ of the draft Rule 023: