Today we released a new edition of Directive 068: Security Deposits. This edition includes administrative updates that reflect our shift from the ERCB to the AER and our new mandate under the Responsible Energy Development Act. Other administrative clarifications and changes include correcting outdated references and numbering unique requirements.
Directive 068 now contains process requirements and a form to enable licensees to designate which liability program or application number a security deposit is to be allocated to. Licensees can fill out the form and submit it with their financial instruments to ensure that we have a correct record of a licensee’s security deposits. Alternatively, the licensee may submit the letter of notification of security owed with their financial instrument.
We have clarified the process licensees must use to request a security deposit refund. Changes were made to align the directive with current practices, increase consistency, and offer greater transparency about how refunds are issued and to whom. There are a number of administrative and process criteria that licensees must meet in order to successfully request and be issued a refund of their security deposit, including the following:
- The request must be sent by courier, mail service, or email to Directive068@aer.ca.
- The request must include the contact information of the individual submitting the request and be submitted on company letterhead.
- The licensee must describe in their refund request how they meet AER liability management program or policy-specific criteria for a security refund.
To support the AER’s mandate expansion into the regulation of geothermal resources, the directive was also amended to enable security deposits to be collected and refunded for geothermal projects.
Directive 068 is available on our website, www.aer.ca > Regulating Development > Rules and Directives > Directives > Directive 068. Questions about the directive should be directed by email to Directive068@aer.ca.
