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While the final version of the amendments is generally
consistent with the earlier proposal, the OSC has taken steps
to address some of the concerns communicated during the public
comment process. For example, while the original proposals
contained increases in participation fees over a three-year fee
cycle of 7.9% per year for registrants and 15.5% for
issuers, the increases have been reduced to 4.7% and 11.65%
per year, respectively.
Of note, the OSC has exempted unregistered investment fund
managers that do not have a place of business in Ontario from the
requirement to calculate and pay capital market participation fees
where the investment fund manager does not have security holders
resident in Ontario or where there has been no active solicitation
of investors in Ontario after September 27, 2012. However, while
many commentators expressed opposition to the OSC's proposed
change to the calculation of fees based on a "reference fiscal
year", which for many market participants will result in the
fees payable over the next three years to be based on historical
market capitalization or revenue data rather than current data, the
OSC, citing the need for predictability in its fee revenues,
proceeded with this change.
Assuming Ministerial approval, the amendments to both rules will
come into force on April 1, 2013.
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