The Ontario Securities Commission (OSC) has approved CIRO’s proposed integrated fee model (Fee Model) and related amendments to the Mutual Fund Dealer Rules (Amendments). The Fee Model includes changes to the:
- Annual Dealer Member fee;
- Membership application fees and fees for Dealer Member business changes; and,
- Qualified Market Maker Discount within the Equity Market Regulation Fee Model.
The Fee Model will become effective April 1, 2025.
CIRO published the Fee Model and Amendments for comment on April 25, 2024. Fifteen comment letters were received. Non- material changes made to the Fee Model and the Amendments following the publication for comment were approved by CIRO’s President and Chief Executive Officer and are described in the CIRO Implementation Bulletin.
OSC staff advise that the Alberta Securities Commission; the Autorité des marchés financiers; the British Columbia Securities Commission; the Financial and Consumer Affairs Authority of Saskatchewan; the Financial and Consumer Services Commission of New Brunswick; the Manitoba Securities Commission; the Northwest Territories Office of the Superintendent of Securities; the Nova Scotia Securities Commission; the Nunavut Office of the Superintendent of Securities; the Office of the Superintendent of Securities, Digital Government and Services, Newfoundland and Labrador; the Office of the Yukon Superintendent of Securities; and the Prince Edward Island Office of the Superintendent of Securities have neither objected to or approved the Fee Model.
A summary of the public comments and CIRO’s responses to those comments, as well as the CIRO Implementation Bulletin, including the Fee Model and text of the Amendments are available for download from the website of the Ontario Securities Commission.
Notice of Commission Approval Integrated Fee Model Canadian Investment Regulatory Organization (CIRO) is available for download from the websites of the Ontario Securities Commission.
For more information, please call Barbara Hendrickson at BAX Securities Law (647) 403-4606.
This publication is not intended to constitute legal advice. No one should act on it or refrain from acting on it without consulting with a lawyer. BAX does not warrant or guarantee the accuracy or currency or completeness of the publication. No part of this publication may be reproduced without the prior written permission of BAX Securities Law.
