OSC Adopts Amendments to Fee Model
TORONTO, Feb. 5, 2015 /CNW/ - The Ontario Securities Commission (OSC) today published final amendments to OSC Rules 13-502 Fees and 13-503 (Commodities Futures Act) Fees following careful consideration of comments received on the proposed amendments, which were initially published in September 2014.
Subject to Ministerial approval, the amendments will come into force on April 6, 2015, in time to avoid increases in participation fee rates that were scheduled under the existing rules, set in April 2013. As a result, participation fees will remain at the current rates.
"We believe that the rules provide a simplified and streamlined fee regime for our stakeholders," said Maureen Jensen, Executive Director and Chief Administrative Officer of the OSC. "We are pleased that there has been enough growth in the market to allow us to maintain participation fee rates at current levels and still cover our costs and deliver on our important mandate, over the term of the rule."
Market participants will calculate their participation fees based on their most recent fiscal year information (for registrants, the most recent fiscal year ending in the calendar year). Under the previous model, fees are calculated based on historical information from a market participant's reference fiscal year. By using the most recent fiscal year, fees will track more closely with the current fiscal situation.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in the capital markets. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.gov.on.ca
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SOURCE Ontario Securities Commission
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