OSC plans to raise fees

The OSC is seeking comment on its draft of OSC rules 13-502 and 13-503, which proposes amendments to its funding model for the next three years.

It plans to raise its fees to fund additional resources and efforts, such as enhanced oversight of emerging market issuers, derivatives and credit rating organizations.

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The model will include fee tiers to minimize increases for small and medium-sized participants.

Overall, the proposed changes will better align the fees paid by market participants with the resources employed by the OSC in regulating their activities, says the committee.

Read: IIROC rolls out new fees model

And while the OSC says it understands the financial challenges advisors face, capital markets are becoming increasingly complex and interconnected. It has limited regulatory resources, and is required to develop new approaches to properly oversee the industry.

To develop the proposal, the OSC surveyed the practices of select Canadian and international regulatory agencies.

If approved, the new model will be in effect for a three-year period, starting April 1, 2013. Copies of the proposed amendments are available at www.osc.gov.on.ca. The comment period is open until November 21, 2012.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.