As first reported in our November 2023 bulletin, the Ontario Securities Commission (OSC) was consulting on new fees applicable to certain dealers. The final amendments to OSC Rule 13-502 Fees and OSC Rule 13-503 (Commodity Futures Act) Fees have now been published. The amendments include the expected new fees for restricted dealers and firms that have been permitted to carry on business under terms and conditions, as follows:
- $24,500 at the time of registration as an additional fee; and
- An additional $24,500 for an exemptive relief application if the restricted dealer operates as a marketplace.
The fees address the costs the OSC faces when onboarding restricted dealers. As initially proposed, the final amendments also change the definition of a “registered firm” to include individuals and companies required to be registered under Ontario securities law, thus capturing non-compliant unregistered firms in the requirements to pay participation fees and late fees.
The final amendments are expected to come into effect July 2, 2024.
April 24, 2024