TORONTO, Feb. 20, 2014 /CNW/ - The Ontario Securities Commission (OSC) announced today one-time relief on participation fees for certain small registered firms and reporting issuers.
The relief, outlined in OSC Staff Notice 13-704 Applications for Participation Fee Relief for Certain Small Registered Firms and Reporting Issuers, has been developed specifically for market participants dealing with challenging conditions that may have resulted in decreased revenues and market capitalization.
"We are confident that this targeted relief is appropriate and responsive to the difficulties faced by some of our stakeholders, but will still allow us to carry out our important regulatory work," said Maureen Jensen, the OSC's Executive Director and Chief Administrative Officer. "In response to input received, we also plan to re-examine our fee rule earlier than initially planned to ensure it remains appropriate."
The OSC expects to publish the results of its review of its fee rule and any amendments in the fall of 2014, for a 90-day comment period.
The limited fee relief announced today will reduce the OSC's 2013/2014 revenues and impact its ability to reach cost recovery by the end of fiscal 2016, as originally set out in 2013. Under this fee relief, the average market participant that meets the defined criteria will see relief ranging between $235 and $17,275 (for registered firms) and between $160 and $13,150 (for reporting issuers), with most participants entitled to relief closer to the lower end of both bands.
Eligible registered firms and reporting issuers must apply for relief using the relevant application form available on the OSC website. There is no cost for applying, and application forms must be submitted by March 31, 2014.
SOURCE: Ontario Securities Commission
For further information: For Media Inquiries: Carolyn Shaw-Rimmington, Manager, Public Affairs, 416-593-2361; Aly Vitunski, Senior Media Relations Specialist, 416-593-8263; Alison Ford, Media Relations Specialist, 416-593-8307; For Investor Inquiries: OSC Contact Centre, 416-593-8314, 1-877-785-1555 (Toll Free)