Introduction
On April 30, 2026, the Ontario Securities Commission (the “OSC”) published a Notice and Request for Comment (the “Notice”) on proposed amendments to OSC Rule 13‑502 – Fees and OSC Rule 13‑503 (Commodity Futures Act) – Fees, together with corresponding changes to the respective companion policies (collectively, the “Proposed Amendments”).
This update summarizes the key elements of the Proposed Amendments and highlights practical considerations for issuers, registrant firms and other market participants.
The Proposed Amendments reflect the OSC’s first comprehensive review of participation fees, activity fees and late fees in more than a decade. The Notice indicates that the changes are intended to address a growing funding gap associated with the increasing complexity, scale and diversity of Ontario’s capital markets. If adopted substantially as proposed, the OSC estimates that the Proposed Amendments would increase average annual OSC revenues by approximately $16
