OSC Requests Comments On Proposed Amendments To Rule 13-502 (OSC Fee Structure)

Shamarkay Hersi, articling student, assisted in the preparation of this article.

On August 23, 2012, the Ontario Securities Commission ("OSC") released a request for comments on proposed amendments to Rule 13-502 and Companion Policy 13-502CP, which deals with the OSC's fees model. The proposed amendments are aimed at adjusting the current fee structure under the Ontario Securities Act (the "OSA") and the Commodity Futures Act so that the fees charged by the OSC are aligned more closely with the OSC's actual costs.

With the proposed amendments, the OSC projects to increase revenues by 14.8% in 2013/2014.

The proposed amendments include, among others:

• the use of "reference fiscal year" (which is the last fiscal year ending before May 1, 2012) in determining participation fees, as opposed to the issuer's last completed fiscal year under the current rules;