Investigations and reviews


The Market Surveillance Panel (MSP) is empowered under the Electricity Act, 1998, to conduct investigations into any activity related to the IESO-administered markets or the conduct of a market participant.

The framework for these investigations is set out in Articles 5 and 7 of OEB By-law #2 (pdf). In general:

  • The MSP can proceed on its own initiative. In addition, any person or entity can request an investigation, but must do so in writing, and provide details of the complaint or referral and any supporting information.
  • The MSP has the discretion to refuse to commence an investigation or terminate an investigation after it has begun. In either case it must have grounds and reasons to do so, and must report them to the Chair of the OEB who may review the decision.
  • When a market participant's behaviour is being investigated as a result of a complaint or referral, the participant must generally be notified that such an investigation is underway and, upon completion, of its outcome.
  • Should the investigation conclude that the market participant acted inappropriately, the MSP must discuss its findings with the market participant before including the findings in a report, and must provide the market participant with a reasonable opportunity to respond in writing to the allegations.

In conducting investigations, the Panel has access to formal powers in order to obtain information from any market participant.


A review into market rules or procedures, or market structure can only be undertaken by the MSP, with the concurrence of the Chair of the OEB. In these instances, the MSP will focus on impediments to market efficiency or effective competition and will recommend steps to mitigate them, such as a change in the market rules or procedures.

MSP Reports

The Market Surveillance Panel also publishes its decisions relating to investigations and reviews. See the market surveillance panel reports. 

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