The OSC sets new registration and application fees for restricted dealers to cover higher regulatory costs
The Ontario Securities Commission (OSC) today announced the implementation of final amendments to its fee rules, specifically targeting restricted dealers, including many crypto asset trading platforms.
These changes, first proposed for public feedback on November 10, 2023, are set to take effect on July 2, pending approval from the Minister.
Under the new amendments, restricted dealers will now face two additional fees: a $24,500 fee due at the time of registration with the OSC, and a similar fee for applications for exemptive relief when operating as a marketplace.
These fees aim to cover the higher regulatory costs associated with the onboarding of these entities, which the OSC notes are considerably more than those for most current market participants.
The amendments also modify the definition of “registered firm” in the fee rules to encompass any individual or company mandated to register under Ontario securities law.
This adjustment means that unregistered firms operating non-compliantly within Ontario will be liable for the same participation fees as their registered counterparts.
The OSC’s role is to safeguard investors against unfair, improper, or fraudulent practices, while also supporting fair, efficient, and competitive capital markets, and investor confidence.
It also aims to facilitate capital formation, contribute to the stability of the financial system, and reduce systemic risk. Investors are encouraged to verify the registration of any person or company offering investment opportunities and to consult OSC investor resources available on their website.
