Featured announcement
May 1, 2025
Proposed fee changes for Distributors—member comment period open until May 29
On April 16, 2024, Fundserv submitted a request to the Ontario Securities Commission (OSC) to:
- Update the tier ranges for tiered transaction fees for Manufacturers.
- Increase monthly network fees, file size fees, and file transfer fees for Manufacturers, Intermediaries, and Distributors.
Upon receiving feedback from the OSC and industry stakeholders, Fundserv withdrew the proposed increase to the monthly network fee for Distributors to engage in additional consultation on these changes with the industry. The remaining fee changes were approved by the OSC on November 19, 2024, and implemented on December 1, 2024.
Fundserv has now provided notice to members that Fundserv intends to:
- Eliminate the $100 minimum monthly network fee for Distributors and introduce a monthly fixed network fee for Distributors; and
- Increase the network connectivity fee for new Distributors joining the network following December 1, 2025.
These changes are subject to approval from the OSC.
These changes are intended to reflect the cost of establishing and maintaining secure, reliable network connectivity while continuing to support Fundserv’s cost-recovery model and ongoing investment in infrastructure and services.
Proposed monthly fixed network fee for Distributors
Currently, if fees incurred from file transfer and file size fees total less than the monthly minimum fee, the Distributor is charged the monthly minimum fee only. If the total of file transfer and file size fees is greater than the monthly minimum fee, the Distributor pays the total of file transfer and file size fees.
Fundserv proposes to replace the existing $100 monthly minimum network fee with a monthly fixed network fee for all Distributors. If approved by the OSC, the new Monthly Fixed Fee will be phased-in for Distributors. The proposed changes are set out below.
| Effective Date | Proposed Change |
|---|---|
| December 1, 2025 | Elimination of $100 monthly minimum fee for Distributors |
| December 1, 2025 | Implementation of $100 monthly fixed fee for Distributors |
| December 1, 2026 | Increase of monthly fixed fee to $200 per month for Distributors |
Under the proposed monthly fixed fee model for Distributors, each Distributor will pay the monthly fixed fee in addition to any file transfer and file size fees (including if no file transfer and file size fees are incurred).
Proposed network connectivity fee for new Distributors
For each new Distributor code issued following December 1, 2025, Fundserv proposes to increase the one-time network connectivity fee from $500 to $1,000. This fee is intended to support the establishment costs associated with connecting new Distributors to Fundserv’s network.
Changes to Fundserv’s existing fee schedule
Below we have reflected the proposed changes to Fundserv’s existing fee schedule.
Proposed fees (effective December 1, 2025)
Strike through text shows current pricing, which is proposed to change. New proposed fees are shown in blue.
Per each transaction
The minimum monthly network fee is $100. If fees incurred from file transfer and file size fees total less than $100, the Distributor will be charged the network minimum. If the total of file transfer and file size fees is greater than the minimum, the Distributor will pay the total.
Distributor
Code registration fee
1st Code – Free
Additional – $150
Network fee (monthly)
$100 min.
$100 fixed
File transfer fee
$0.30 / file
File size fee
$0.0117 / 1,000b
Connectivity fee
*One time only
$500
$1000
Intermediary
Code registration fee
1st Code – Free
Additional – $150
Network fee (monthly)
$1750 (full N$M participant)
$500 per quarter
(file transfer only)
File transfer fee
$0.30 / file
File size fee
$0.0077 / 1,000b
Connectivity fee
*One time only
$500
Manufacturer
Code registration fee
1st Code – Free
Additional – $150
Network fee
(monthly)
$1750
File transfer fee
$0.30 / file
File size fee
$0.0077 / 1,000b
Connectivity fee
*One time only
$2500
Transaction Fees (monthly)
1st – 500th
$1.10
501st – 5000th
$1.00
5,001st – 20,000th
$0.75
20,001st – 100,000th
$0.22
100,001st – 1,000,000th
$0.10
1,000,001 st – 2,000,000th
$0.05
2,000,001 on
$0.01
Proposed fees (effective December 1, 2026)
Strike through text shows current pricing, which is proposed to change. New proposed fees are shown in blue.
Per each transaction
The minimum monthly network fee is $100. If fees incurred from file transfer and file size feestotal less than $100, the Distributor will be charged the network minimum. If the total of file transfer and file size fees is greater than the minimum, the Distributor will pay the total.
Distributor
Code registration fee
1st Code – Free
Additional – $150
Network fee (monthly)
$100 min.
$200 fixed
File transfer fee
$0.30 / file
File size fee
$0.0117 / 1,000b
Connectivity fee
*One time only
$500
$1,000
Intermediary
Code registration fee
1st Code – Free
Additional – $150
Network fee (monthly)
$1750 (full N$M participant)
$500 per quarter
(file transfer only)
File transfer fee
$0.30 / file
File size fee
$0.0077 / 1,000b
Connectivity fee
*One time only
$500
Manufacturer
Code registration fee
1st Code – Free
Additional – $150
Network fee
(monthly)
$1750
File transfer fee
$0.30 / file
File size fee
$0.0077 / 1,000b
Connectivity fee
*One time only
$2500
Transaction Fees (monthly)
1st – 500th
$1.10
501st – 5000th
$1.00
5,001st – 20,000th
$0.75
20,001st – 100,000th
$0.22
100,001st – 1,000,000th
$0.10
1,000,001 st – 2,000,000th
$0.05
2,000,001 on
$0.01
Proposed network connectivity fee for new Distributors
For each new Distributor code issued following December 1, 2025, Fundserv proposes to increase the one-time network connectivity fee from $500 to $1000. The connection fee increase is intended to support the establishment costs associated with connecting new Distributors to Fundserv’s network.
Comment period
Fundserv members and members of the public are invited to review the proposed fee changes described above and submit their feedback to Fundserv by email at comments@fundserv.com by 5 pm ET May 29, 2025.
Copies of any comments should also be provided to the OSC by forwarding a copy to the Trading & Markets Division by email at tradingandmarkets@osc.gov.on.ca or by mail or fax as set out below:
Manager, Trading & Markets, Clearing
Trading & Markets Division
Ontario Securities Commission
Suite 1903, Box 55
20 Queen Street West
Toronto, Ontario, M5H 3S8
Fax: 416.595.8940
All comments will be posted on the OSC’s website and will be available to the public.
The proposed fee changes are subject to amendments based on comments received from the OSC, Fundserv members and members of the public. Any amendments to the fees set out above will be communicated to Fundserv members prior to implementation.
Subject to regulatory approval by the OSC, the first fee changes are expected to come into effect on December 1, 2025.
This notice is being provided to our members in accordance with Fundserv’s Recognition Order. This notice is also being provided to our members in accordance with Fundserv’s customer contract, which requires not less than 90 days prior notice of an increase in fees.
Past announcements
Fundserv extends TCR solution to ETFs, and other affected assets – January 7, 2025