On Jan. 30, 2025, CSA Que published Decision 2025-DPEMD-0001approving the integrated fee model and related amendments to the rules for mutual fund dealers.
Concurrently, CSA OSC published bulletin approving proposed integrated fee model.
On Apr. 25, CIRO requested comments on new integrated fee model.
CIRO issued Bulletin 24-0154 for comments on proposed new integrated fee model.
Integrated Fee Model
Proposed model comprised of annual dealer member fee, membership application fees and fees for dealer member business changes, and qualified market maker discount.
Developed following amalgamation of IIROC and the MFDA and review, see #149606.
Current proposal best meets guiding principles while minimizing impact to members.
Also published FAQs to further explain details and nuances of proposed fee model.
Includes red-lined Interim Fee Model Guidelines applicable to Investment Dealer Members and Marketplace Members and Mutual Fund Dealer Rules 1, 3, 7 and 8.
Also includes red-lined Integration Cost Recovery Fee Model for housekeeping amendments to reflect continuation to apply in relation to the integrated fee model.
CIRO will send communication to each dealer member with information on directional impact of the proposed integrated fee model on their annual dealer member fee.
Recognition Orders
Terms and conditions of CIRO's recognition orders require all fees be equitably allocated/proportionate; not have the effect of creating unreasonable access barriers.
Also process for setting fees must be fair and transparent; cost-recovery basis.
Mutual Fund Dealers operating in Quebec benefit from an adequate transition period.
During transitional period, fees reduced proportionate to the services offered to them.
CIRO developed overarching principles to help with evaluation of integrated fee model.
CIRO is proposing that the new integrated fee model be effective on Apr. 1, 2025.
Effectiveness
Comments on proposed amendments should be submitted in writing by Jun. 24, 2024.
In Jun. 2024, CAN IIAC issued responses to CIRO discussion questions, see #217076.
Jan. 2025 CIRO Rule Approval
On Jan. 30, 2025, CIRO approved proposed fee model, will be effective Apr. 1, 2025.
Jan. 30, 2025 CSA Que Rule Approval
On Jan. 30, 2025, CSA Que published Decision 2025-DPEMD-0001approving the integrated fee model and related amendments to the rules for mutual fund dealers.
Concurrently, CSA OSC published bulletin approving proposed integrated fee model.
Regulators
CIRO; CSA OSC; CSA Que
Entity Types
B/D; Depo; Exch; HF; IA
Reference
CSA OSC: Bul Vol. 48 Is. 4 p. 1175, 1/30/2025; CSA Que: Bul Vol. 22 No. 4, p. 251, Dec 2025-DPEMD-0001, 1/30/2025; CIRO: Bul 25-0017, 1/30/2025; Bul 24-0154, 4/25/2024
