The Ontario Securities Commission yesterday published a staff notice indicating that it would be open to providing participation fee relief, on an expedited basis, for certain small registered firms and reporting issuers.

Specifically, the relief would be available to registered firms and reporting issuers where: (i) the registered firm had specified Ontario revenues under $1 million, or the reporting issuer had a capitalization under $50 million; and (ii) the firm's or issuer's 2013 specified Ontario revenues or capitalization decreased by at least 50% from its specified Ontario revenues or capitalization in 2011. Registered firms and reporting issuers that meet such criteria are invited to apply for fee relief or a refund before March 31, 2014 using the expedited process set out in the notice. The OSC will consider a one-time 50% refund or reduction of the applicant’s participation fee, subject to payment of the minimum participation fee of $800 for registered firms and reporting issuers.

For more information, see OSC Staff Notice 13-704.