Proposed Rule: OSC Rule - 13-501 - Payment of Fees

 

NOTICE OF PROPOSED ONTARIO SECURITIES COMMISSION
RULE 13-501

PAYMENT OF FEES

 

Substance and Purpose of Proposed Rule

Since the coming into force of the relevant sections of the Job Growth and Tax Reduction Act (Ontario) the Commission has become a self-funded organization.Currently, the Regulation to the Securities Act (Ontario) (the "Act") requires that all fees be paid to the Minister of Finance in accordance with Schedule 1 of theRegulation to the Act. The purpose of the proposed Rule is to require that all fees payable under Ontario securities law be paid to the Ontario SecuritiesCommission.

Summary of Proposed Rule

Section 1.1 of the proposed Rule requires that all fees payable under Ontario securities law be paid to the "Ontario Securities Commission". All chequessubmitted in satisfaction of fees should be made payable to the "Ontario Securities Commission".

Authority for the Proposed Rule

The authority for the proposed Rule can be found in paragraph 143(1)43 of the Act which authorizes the Commission to make rules prescribing the fees payableto the Commission, including those for filing, for applications for registration or exemptions, for trades in securities, in respect of audits made by theCommission, and in connection with the administration of Ontario securities law.

Alternatives Considered

As it is necessary for fees payable under Ontario securities law to be paid directly to the Commission in order for the Commission to become a self-fundingorganization, no alternatives were considered to the proposed Rule.

Unpublished Material

In proposing this Rule, the Commission has not relied on any significant unpublished study, report or other material.

Anticipated Costs and Benefits

The proposed Rule imposes no additional costs on market participants. The Commission believes that self-funding will be beneficial to market participants.

Regulations to be Revoked

The Commission proposes to revoke subsection 162(1) of the Regulation as being in conflict with the proposed Rule.

Comments

Interested parties are invited to make written submissions with respect to the proposed Rule. Submissions received by February 20, 1998 will be considered.

Submissions should be made in duplicate to:

Daniel P. Iggers, Secretary
Ontario Securities Commission
20 Queen Street West
Suite 800, Box 55
Toronto, Ontario M5H 3S8

A diskette containing the submissions (in DOS for Windows format, preferably WordPerfect) should also be submitted. As the Act requires that a summary ofwritten comments received during the comment period be published, confidentiality of submissions cannot be maintained.

Questions may be referred to:

Tanis MacLaren
Associate General Counsel
Ontario Securities Commission
(416) 593-8259
Text of Proposed Rule

 

The text of the proposed Rule follows.

DATED: November 21, 1997.