The Investment Industry Regulatory Organization of Canada (IIROC) Thursday published an updated version of its fee model guidance, which incorporates various changes recommended by the industry.

The updated Fee Model Guidelines are intended to serve as a single reference for all of IIROC’s fees. It sets out the various aspects of the dealer and marketplace fee models, which comprise the majority of the fees that IIROC collects. The self-regulatory organization also collects a number of activity-based fees that are set out in various places in IIROC’s rules and by-laws; which are now collected in the guidelines.

The latest version of the guidelines was published for comment earlier this year, and IIROC reports that it received comments from the Investment Industry Association of Canada (IIAC) and Casgrain & Co. Ltd. In response to those comments, it has made a number of changes to the guidelines, it says, including reducing a proposed cap on underwriting levies from 5% to 2.5% (which will take effect April 1, 2015); excluding deposit notes from being considered a distribution of securities; and, clarifying the definition of revenue in the guidelines.

IIROC also notes that both commenters recommended that the SRO review its framework for charging levies. In response, it says that it “will consider a framework review at a future date after evaluating the impact of these changes”; and, noting that such a review, “will take some time, and could have a significant impact on the allocation revenue IIROC receives (shifting more to fees and less from levies).”