Not A Fee Holiday – FSRA Consults On Fee Rule Once Again

The Financial Services Regulatory Authority of Ontario (FSRA) is proposing further amendments to Proposed Rule 2022–001 – Assessments and Fees (Fee Rule) in order to reduce variable annual fees payable by the Canadian Investment Regulatory Organization (CIRO) (currently referred to as the New Self-Regulatory Organization of Canada) once it becomes a credentialing body under FSRA's title protection framework. The exemption would apply to any self-regulatory organization (SRO) that has received a recognition order from the Ontario Securities Commission (OSC).

As the OSC already provides oversight of CIRO's activities, FSRA, the OSC and CIRO wish to ensure that CIRO's future status as a credentialing body does not result in regulatory duplication. FSRA believes that an entity's fair share of costs does not include costs for oversight already being provided by another regulator. A new methodology for the variable assessment that an SRO credentialing body would pay