The Ontario Securities Commission (OSC) has announced that it is amending the fee rules (the Rules) for the submitting of annual capital market participation fee forms (the Fee Forms) to the OSC to allow market participants great flexibility.
All market participants are required on an annual basis to pay a participation fee to the OSC. This is done according to the fee calculation form (the Fee Calculation Form). Currently, it is the role of the firm’s Chief Compliance Officer (CCO) to certify the Fee Calculation Form for completeness and accuracy and to submit the Fee Form in a timely fashion to the OSC. In the case of an unregistered capital markets participant without a CCO, this is done by an individual acting in a similar capacity.
The Rule Amendments would change OSC Rules 13-502 and 13-503 to allow others identified in the Rule Amendments to certify the Fee Forms. Generally, this would mean that the CFO or other specified individual who might typically be responsible at the firm for preparing the fee calculation would now be allowed to submit the Fee Form directly to the Commission without requiring additional review by the CCO to certify the Fee Form. The OSC believes that this will result in a time savings for the submitting firm.
The regulator notes that it is still permissible for a firm to have its CCO certify its Fee Forms.
Notice of Amendments to Ontario Securities Commission Rule 13-502 Fees and OSC Rule 13-503 (Commodity Futures Act) Fees is available for download from the website of the Ontario Securities Commission.
For more information, please call Barbara Hendrickson at BAX Securities Law (416) 601 -1004.
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