(June 21 – 13:00 ET) – The Ontario Securities Commission has announced a 10% across-the-board fee cut for market participants, effective June 26.
This means a $25 saving per salesperson per year at a mutual fund company and $150 per year for a securities issuer, mutual fund dealer, investment counsel and portfolio manager.
The cost of filing a preliminary prospectus is down $100, it also means a saving of up to $200 per year for a public company filing its annual financial statements, and $500 per year for a money market mutual fund filing a preliminary or pro forma prospectus.
This marks the third fee reduction in as many years. “This is the latest step in the OSC’s commitment to reduce fees in stages to bring revenues and expenditures into equilibrium,” said OSC chairman David Brown. “This move is expected to save investors, registrants and issuers approximately $8 million on a full-year basis.”
The OSC implemented a 10% across-the-board cut effective August 3, 1999. The OSC says this provided market participants with $5.4 million in savings from August 1999 to March 2000. Another $2 million per year in savings was initiated in September 1997 by eliminating the secondary market fee and fees for certain registration terminations and transfers.
Later this year the OSC will be publishing for comment a proposal designed to re-engineer its fee structure to better align fees charged with services provided.
-IE Staff