TORONTO, April 19,
2024 /CNW/ - The Ontario Securities Commission
(OSC) announced today the publication of final amendments to its
fee rules for restricted dealers, or firms that have been permitted
to carry on business under terms and conditions imposed by the
OSC.
The OSC published the proposed fee changes for public comment on
November 10, 2023.
The amendments introduce two new fees for restricted
dealers:
- an additional fee of $24,500 at
the time of OSC registration; and
- an additional exemptive relief application fee of $24,500 for restricted dealers operating as a
marketplace.
The fee changes are intended to address and recover additional
regulatory costs associated with registering restricted dealers,
which include the majority of crypto asset
trading platforms. The OSC continues to observe higher onboarding
costs for this registrant category when compared to most existing
market participants.
The final amendments also include changes to the definition of
"registered firm" in its fee rules to include individuals or
companies required to be registered under Ontario securities law. These changes, if
approved, would mean that a non-compliant, unregistered firm
operating in Ontario is
responsible for paying the same participation fees as a registered
firm.
The final amendments can be found on the OSC's website
and will come into force on July 2,
2024, pending Ministerial approval.
The mandate of the OSC is to provide protection to investors
from unfair, improper or fraudulent practices, to foster fair,
efficient and competitive capital markets, and confidence in the
capital markets, to foster capital formation, and to contribute to
the stability of the financial system and the reduction of systemic
risk. Investors are urged to check the registration of any persons
or company offering an investment opportunity and to review the OSC
investor materials available at https://www.osc.ca.
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SOURCE Ontario Securities Commission