The Ontario Securities Commission is seeking comments on proposed revisions to its fee model.

The OSC announced a 90-day comment period proposed amendments to its fee model in a note it published on Friday. The OSC says that the proposed rule would continue to require market participants to pay fees reflecting the commission’s costs of regulating the markets. It also maintains the two categories of fees: participation fees and activity fees.

The proposed changes include: relying on historical data, as opposed to forecasted data, in determining the size of market participants for the purpose of calculating participation fees; eliminating special participation fees for those becoming or ceasing to be reporting issuers; making changes governing the calculation of late fees; expanding the exemption from participation fees for reporting issuers that are subsidiaries; and, making adjustments to participation fees and late filing fees, among other things.

The proposed amendments do not include proposed fee changes that would be required if the reform of the registration requirements is implemented in Ontario. If that happens, further fee changes will need to be made.

Comments are due by Jan. 3, 2009.