Securities Law & Instruments

 


NOTICE AND COMMISSION APPROVAL OF

RULE UNDER THE SECURITIES ACT
Rule 13-501
Payment Of Fees

PAYMENT OF FEES

Notice of Rule

The Commission has, under section 143 of the Securities Act (the "Act"), made Rule 13-501 Payment of Fees (the "Rule").

The Rule and the material required by the Act to be delivered to the Minister of Finance were delivered on March 11, 1998. If the Minister does not approve theRule, reject the Rule or return it to the Commission for further consideration, the Rule will come into force on May 25, 1998. If the Minister approves the Rule,the Rule will come into force 15 days after it is approved.

Substance and Purpose of 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 Rule is to require that all fees payable under Ontario securities law be paid to the Ontario Securities Commission.

Summary of Rule

Section 1.1 of the Rule requires that all fees payable under Ontario securities law be paid to the "Ontario Securities Commission". All cheques submitted insatisfaction of fees should be made payable to the "Ontario Securities Commission".

Summary of Written Comments Received by Commission

The Commission did not receive any written comments on the Rule

Regulations to be Revoked

The Commission has revoked subsection 162(1) of the Regulation as it conflicts with the Rule.

The revocation of subsection 162(1) of the Regulation is subject to the approval of the Minister of Finance and will not be effective until the Rule comes intoforce.

Text of Rule

The text of the Rule follows.

DATED: March 13, 1998.

ONTARIO SECURITIES COMMISSION RULE 13-501 - PAYMENT OF FEES

1.1 Fees - Fees payable under Ontario securities law shall be paid to the "Ontario Securities Commission".