Principles and assumptions
 14. (1) The Financial Services Manager shall make reasonable assumptions regarding the following matters in preparing the Financing Plan: 1. The IESO deferral for future months, based on the most recent calculation of the fair allocation amount. 2. Future transfers of specified portions of the regulatory asset. 3. The maturities of funding obligations. 4. Cash flow requirements to meet contractual obligations associated with funding obligations. 5. Descriptions of current funding options, including terms and conditions. 6. Descriptions of currency and interest rate hedging programs, if applicable. 7. Financing entity expenses. 8. Interest rates. 9. The need for and the establishment of financing reserve accounts and capital accounts. (2) In addition to the principles set out in subsection 21 (3) of the Act, the Financial Services Manager shall have regard to the following principles in preparing the Financing Plan: 1. The Financial Services Manager should, i. seek the best terms available at the time of incurrence of a funding obligation, having regard to other financing transactions of the size and type contemplated by the Financing Plan, ii. apply the principal proceeds of a funding obligation for the purpose of repaying or redeeming debt or for the purposes of paying the purchase price for investment interests, iii. consider the interests of specified consumers with respect to stable and predictable electricity rates, iv. act as any reasonably prudent financial services manager would act in similar circumstances, and v. deal with related parties on arm’s length terms. 2. The Financing Plan should, i. identify the reference capital or finance markets in which the funding obligations are to be incurred, including markets outside of Canada, ii. describe how recovery amounts will be applied to funding obligations over time, iii. address the capitalization of proposed financing entities, iv. describe strategies to mitigate risk, including currency and interest rate hedging measures, if applicable, v. seek to minimize tax consequences associated with the incurrence of a funding obligation, and vi. articulate the principles by which the Financial Services Manager will make decisions regarding the following: A. Interest rates. B. The term to maturity of funding obligations. C. Refinancing. D. Deposits to and withdrawals from reserve accounts. E. Indemnifications. F. Fees. 3. Subject to subsection (2.1), if the fair allocation amount in respect of the reference period is either a negative amount or an amount that is less than the carrying costs of financing entities during the reference period, the Financial Services Manager may include all or a portion of the carrying costs in clean energy adjustments to be collected from specified consumers for the reference period. O. Reg. 206/17, s. 14 (2); O. Reg. 446/17, s. 5 (1). (2.1) Paragraph 3 of subsection (2) does not apply in respect of the carrying costs of financing entities that are paid by the IESO under section 9.1. O. Reg. 446/17, s. 5 (2). (3) The Financial Services Manager shall, no later than 90 days following the end of each fiscal year, submit to the Minister a report with respect to its affairs during the fiscal year, signed by an officer of the Financial Services Manager. (4) Despite subsection (3), for the fiscal year commencing in 2017, the Financial Services Manager shall submit the report by such time as may be specified by the Minister, which time shall be on or after the 30th day following the end of the fiscal year. The Regulatory Asset