Participation fees

All registered firms, unregistered investment fund managers and international dealers and international advisers are required to pay an annual participation fee. This fee attempts to represent the market participant’s use/benefit obtained from Ontario’s capital markets. Fees are calculated using an increasing tiered structure based on Ontario specified revenues for registrants and unregistered investment fund managers, international dealers and international advisers.

Under section 29 of Ontario’s Securities Act, if a firm does not pay its participation fees in full and on time, the registration of the firm and its registered individuals will automatically be suspended on January 31 of the year following the original due date.

If the firm wants to have its suspended registration reinstated, it will have to make an application to the OSC and pay applicable late fees. Terms and conditions may be imposed as a result of the late payment.

Corporate Finance participation fees for Issuers under the Ontario’s Securities Act

Category Participation Fee
Capitalization for the previous financial year (blank)
Under $10 million  $890
$10 million to under $25 million  $1,070
$25 million to under $50 million  $2,590
$50 million to under $100 million $6,390
$100 million to under $250 million  $13,340
$250 million to under $500 million $29,365
$500 million to under $1 billion $40,950
$1 billion to under $5 billion $59,350
$5 billion to under $10 billion $76,425
$10 billion to under $25 billion $89,270
$25 billion and over  $100,500

Corporate Finance participation fees for Class 3B Issuers under the Ontario’s Securities Act

Category Participation Fee
Capitalization for the previous financial year (blank)
Under $10 million  $890
$10 million to under $25 million  $1,070
$25 million to under $50 million  $1,195
$50 million to under $100 million $2,135
$100 million to under $250 million  $4,450
$250 million to under $500 million $9,780
$500 million to under $1 billion $13,650
$1 billion to under $5 billion $19,785
$5 billion to under $10 billion $25,460
$10 billion to under $25 billion $29,755
$25 billion and over  $33,495

All classes participation fees under the Ontario’s Commodity Futures Act

Participation fees under the Ontario’s Commodity Futures Act  Form 13-503F1 and Form 13-503F2 Capital Markets Participation Fee Calculation and Adjustment for Registrant Firms and Unregistered Exempt International Firms. 
 

Category Participation fee
Specified Ontario Revenues for the Previous Financial Year (blank)
under $250,000 $835
$250,000 to under $500,000 $1,085
$500,000 to under $1 million $3,550
$1 million to under $3 million $7,950
$3 million to under $5 million $17,900
$5 million to under $10 million $36,175
$10 million to under $25 million $74,000
$25 million to under $50 million  $110,750
$50 million to under $100 million $221,500
$100 million to under $200 million $367,700
$200 million to under $500 million $745,300
$500 million to under $1 billion $962,500
$1 billion to under $2 billion $1,213,800
$2 billion and over $2,037,000

Capital markets participation fees under the Ontario’s Securities Act

Participation fees under the Ontario’s Commodity Futures Act  Form 13-503F4 and Form 13-503F5 Capital Markets Participation Fee Calculation and Adjustment for Registrant Firms and Unregistered Exempt International Firms.
 

Category Participation fee
Revenue for the previous financial year (blank)
under $250,000 $835
$250,000 to under $500,000 $1,085
$500,000 to under $1 million $3,550
$1 million to under $3 million $7,950
$3 million to under $5 million $17,900
$5 million to under $10 million $36,175
$10 million to under $25 million $74,000
$25 million to under $50 million  $110,750
$50 million to under $100 million $221,500
$100 million to under $200 million $367,700
$200 million to under $500 million $745,300
$500 million to under $1 billion $962,500
$1 billion to under $2 billion $1,213,800
$2 billion and over $2,037,000

Specified regulated entities participation fees under Ontario’s Securities Act

Row Row Specified Regulated Entity (Column A) Participation Fee (Column B)
  A. Recognized exchange and recognized quotation and trade reporting system  
A1 A person or company with a Canadian trading share for the specified period of up to 5%. $30,000
A2 A person or company with a Canadian trading share for the specified period of 5% to up to 15%. $50,000
A3 A person or company with a Canadian trading share for the specified period of 15% to up to 25%. $135,000
A4 A person or company with a Canadian trading share for the specified period of 25% to up to 50%. $275,000
A5 A person or company with a Canadian trading share for the specified period of 50% to up to 75%. $400,000
A6 A person or company with a Canadian trading share for the specified period of 75% or more. $500,000
  B. Exchanges Exempt from Recognition under the Act  
B1 A person or company that is exempted by the Commission from the application of subsection 21(1) of the Act. $10,000
  C. Alternative Trading Systems  
C1 Each alternative trading system for exchange-traded securities only. Lesser of (a) The amount in A1 to A6 determined based on Canadian trading share of alternative trading system less capital markets participation fee paid in respect of previous year, and (b) $17,000
C2 Each alternative trading system only for unlisted debt or securities lending. Lesser of (a) $30,000 less capital markets participation fee paid in respect of the previous year, and (b) $8,750
C3 Each alternative trading system not described in Row C1 or C2. Lesser of (a) $30,000 less capital markets participation fee paid in respect of the previous year, and (b) $17,000
  D. Recognized Clearing Agencies - Services  
D1 Matching services, being the provision of facilities for comparing data respecting the terms of settlement of a trade or transaction. $10,000
D2 Netting services, being the provision of facilities for the calculation of the mutual obligations of participants for the exchange of securities and/or money. $20,000
D3 Settlement services, being services that ensure that securities are transferred finally and irrevocably from one participant to another in exchange for a corresponding transfer of money and/or vice versa. $20,000
D4 Acting as a central clearing counterparty by providing novation services, if the Commission does not place reliance on another regulator for direct oversight. $150,000
D5 Acting as a central clearing counterparty by providing novation services, if the Commission places reliance on another regulator for direct oversight. $70,000
D6 Depositary services, being the provision of centralized facilities as a depository for securities. $20,000
  E. Clearing Agencies Exempt from Recognition under the Act  
E1 Each clearing agency that is exempted by the Commission from the application of subsection 21.2(1) of the Act. $10,000
  F. Designated Trade Repositories  
F1 Each designated trade repository designated under subsection 21.2.2(1) of the Act. $30,000