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OSC Adopts Amendments to Fee Model
TORONTO, Dec. 20, 2012, 2012 (Canada NewsWire via COMTEX) --
The Ontario Securities Commission (OSC)
today published final amendments to OSC Rules 13-502 and 13-503 and their companion policies, which set the OSC's funding model for the
next three fiscal years.
This follows careful consideration of the public feedback received on
the proposal published in August 2012. In response, the OSC revised
its proposal while ensuring that fees are aligned more closely with
costs to the OSC in meeting its evolving regulatory responsibilities.
As a result, the OSC has reduced the percentage increases in
participation fees for both reporting issuers and registrants, and has
removed the component of these increases designed to build a surplus.
"The OSC's new funding model strikes the right balance between feedback
from market participants and the Commission's responsibility to respond
to evolving capital market demands," said Maureen Jensen, the OSC's
Executive Director and Chief Administrative Officer. "We have responded
appropriately with a funding model that will enable us to continue to
carry out our important regulatory work for the benefit of investors,
while recognizing the difficult environment for market participants."
The new fee model better aligns the fees paid by market participants
with the resources employed by the OSC in regulating their activities.
Under the new fee model, fees will remain unchanged or decrease for 45%
of issuers and 55% of registrants.
Although the OSC acknowledges that many of the entities under its
jurisdiction face difficult economic conditions, it has become
increasingly more costly for securities regulators to oversee the
capital markets. Additionally, enforcement actions have grown rapidly
in scope and complexity, requiring more resources in order to
investigate and prosecute.
The rule amendments have been delivered for approval to the Minister of
Finance. If approved by the Minister of Finance by February 19, 2013,
they come into force on April 1, 2013.
The new model is expected to be in effect for a three-year period,
starting April 1, 2013. Copies of the proposed amendments and the
OSC's response to the comments received are available on the OSC's
website: www.osc.gov.on.ca.
SOURCE: Ontario Securities Commission
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/December2012/20/c2781.html
SOURCE: Ontario Securities Commission
For Media Inquiries: Carolyn Shaw-Rimmington Manager, Public Affairs 416-593-2361
Alison Ford Media Relations Specialist 416-593-8307 For Investor Inquiries: OSC
Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
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