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 |