Toronto-based FundServ Inc. is seeking comment on its proposed rules for processing applications from prospective service providers, the mutual fund industry clearing agency announced on Tuesday.

The Ontario Securities Commission (OSC) has published a notice that sets out Fundserv’s proposed rules.

The proposals aim to ensure that any industry organization that’s looking to connect to the Fundserv network understands the process.

They are designed to follow FundServ’s existing onboarding processes, and they aim to clarify how it decides to allow a service provider access to its network.

“We consider that the level of detail in the draft written procedures is necessary given the important function that service providers play in the Canadian investment fund industry, and their role in allowing members to access the network, use the Fundserv standards, and use the net settlement system,” Fundserv says in the notice.

The proposed rules are now out for comment until May 22.