Home Breadcrumb caret Industry News Breadcrumb caret Industry OSC temporarily scraps late fees The regulatory relief is expected to save industry participants more than $300K By James Langton | April 17, 2020 | Last updated on April 17, 2020 1 min read © Elizabeth Crego / 123RF Stock Photo In an effort to ease financial pressure on the securities industry, the Ontario Securities Commission (OSC) is scrapping late fees until June 1. The regulator estimated that the temporary relief will save industry firms, issuers and insiders more than $300,000. “The current pandemic has made it difficult for businesses, particularly smaller firms that manage Ontarians’ investments, to make filings and payments on time,” said Grant Vingoe, acting chair and CEO of the OSC. “To alleviate some of these pressures, we are not collecting late fees at this time,” he said. The relief waives all late fees between April 17 and June 1. The OSC also said that it will consider additional late fee relief due to the pandemic for fees incurred before April 17. The regulator noted that it “continues to monitor the situation and will reassess if further late fee relief is needed.” Earlier this week, the Investment Industry Regulatory Organization of Canada also announced it has deferred fee collections for small and mid-sized firms to provide them with some additional breathing room. James Langton James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994. Save Stroke 1 Print Group 8 Share LI logo