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

Capitalization for the Previous Financial Year Participation Fee

Under $10 million

$750

$10 million to under $25 million

$1,000

$25 million to under $50 million

$2,400

$50 million to under $100 million

$6,100

$100 million to under $250 million

$12,700

$250 million to under $500 million

$27,900

$500 million to under $1 billion

$38,900

$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

Capitalization for the Previous Financial Year Participation Fee

under $10 million

$750

$10 million to under $25 million

$1,000

$25 million to under $50 million

$1,110

$50 million to under $100 million

$2,030

$100 million to under $250 million

$4,225

$250 million to under $500 million

$9,300

$500 million to under $1 billion

$13,000

$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 Participation Fee Calculation.  

Capitalization for the Previous Financial Year Participation Fee

under $250,000

$700

$250,000 to under $500,000

$975

$500,000 to under $1 million

$3,200

$1 million to under $3 million

$7,150

$3 million to under $5 million

$16,100

$5 million to under $10 million

$34,300

$10 million to under $25 million

$70,000

$25 million to under $50 million

$105,200

$50 million to under $100 million

$217,000

$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 Securities Act  Form 13-503F4 Participation Fee Calculation.

Capitalization for the Previous Financial Year Participation Fee

under $250,000

$700

$250,000 to under $500,000

$975

$500,000 to under $1 million

$3,200

$1 million to under $3 million

$7,150

$3 million to under $5 million

$16,100

$5 million to under $10 million

$34,300

$10 million to under $25 million

$70,000

$25 million to under $50 million

$105,200

$50 million to under $100 million

$217,000

$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

Derivatives Participation Fee

Form 13-502F9 Derivatives Participation Fee for reporting counterparties required to pay the derivatives participation fee.

Average Quarterly Notional Amount Outstanding during Derivatives Fee Year
Or
Notional Amount Outstanding on the Last Business Day of the Derivatives Fee Year Commencing July 1, 2022 and Ending June 30, 2023		Participation Fee
under $3 billion$0
$3 billion to under $7.5 billion$3,000
$7.5 billion to under $15 billion$7,500
$15 billion to under $50 billion$15,000
$50 billion to under $100 billion$50,000
$100 billion to under $300 billion$100,000
$300 billion to under $500 billion$200,000
$500 billion to under $1 trillion$450,000
$1 trillion to under $4 trillion$750,000
$4 trillion to under $10 trillion$1,350,000
$10 trillion and over$1,900,000

Specified regulated entities participation fees under Ontario’s Securities Act

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
(a) is exempted by the Commission from the application of subsection 21.2(1) of the Act,
(b) does not have a clearing member resident in Ontario, and
(c) has at least one customer, as defined in National Instrument 94-102 Derivatives: Customer Clearing
and Protection of Customer Collateral and Positions, resident in Ontario.

.

$7,500
E2 Each clearing agency that
(a) is exempted by the Commission from the application of subsection 21.2(1) of the Act, and
(b) has at least one clearing member resident in Ontario.

$10,000
 

 

 F. Designated Trade Repositories

 

F1

Each designated trade repository designated under subsection 21.2.2(1) of the Act.

$30,000