Registrants in Ontario should have already received an email directly from the Ontario Securities Commission (OSC) reminding them of the changes in the deadlines to file 2023 Fee Forms and pay applicable capital markets participation fees. Along with all firms registered in Ontario under the Securities Act or the Commodity Futures Act, firms relying on international exemptions from the registration requirements will be required to pay a capital markets participation fee, calculated in accordance with the applicable fee form (for example, Form 13-502F4 Capital Markets Participation Fee Calculation under OSC Rule 13-502 Fees).

The deadline to file the applicable fee form has been moved up to November 1, 2023, with payment due no later than January 2, 2024. If the deadlines are not met, late fees will be imposed, and the registration of a firm will be automatically suspended if the fee is not paid more than 30 days after the due date.

If bank account information is included in the National Registration Database, fees will be automatically withdrawn, otherwise payment must be made by wire transfer.

As a result of recent changes to the fee rule, registrant firms must use the gross revenue from its “designated financial year” to calculate the applicable fees. If a firm is registered in Ontario, this would mean the most recently completed financial year for which audited financial statements are available, and for unregistered firms, either those same statements or the most recent completed financial year for which unaudited annual statements are available if that firm does not usually have audited statements.

OSC staff has also recommended, if a firm is considering surrendering its registration or notifying the OSC it is no longer relying on a registration exemption, to do so no later than December 8, 2023 in order to process it in time for the fee that would otherwise be due on January 2, 2024.

As the fee forms can be filed anytime after August 31, we encourage those who can do so to file well in advance of the November 1 deadline. Registrants with a compliance calendar (that AUM can assist with) should also update the filing deadlines in their calendars.

September 28, 2023