Securities regulators have given the green light to new fees that will fund stepped up oversight of Canada’s debt markets.

The Investment Industry Regulatory Organization of Canada (IIROC) announced on Thursday it has received approval from the Canadian Securities Administrators (CSA) for its proposed fee model, which will finance its new debt market oversight efforts. Starting Nov. 1, IIROC’s new rule for debt transaction reporting will take effect, and the new fee model will kick in then, too.

The fees charged under the new model aim to recover the costs of IIROC’s oversight, including the operation of a new system to collect and analyze detailed debt trade reports. It imposes fees for all transaction types, which, IIROC notes, results in a low per-unit cost.

IIROC will review the fee model after one or two years to ensure it continues to adhere to its guiding principles of fairness, transparency and industry competitiveness, the regulator says in a statement.