Fundserv is providing notice of its intent to charge fees for the use of Fundserv Ad-Hoc Money Movement® (“A$M”) effective June 28, 2027.
A$M has been available to members free of charge since January 23, 2021.
Given the large number of transactions processed, rising costs and demand for other industry participants to use A$M, Fundserv proposes to charge the following users for the use of A$M:
- Members, including Distributors, Intermediaries and Manufacturers that trade investment funds on the Fundserv network.
- Associate Members, including Manufacturers of investment products not traded on the Fundserv network and those who currently send cheques to Fundserv members, but would like to use A$M instead in connection with the transfer of investment accounts).
Fundserv proposes to charge:
- Members: $0.15 per transaction (billed monthly) to cover banking fees and the cost of maintaining the product; and
- Associate Members on a tiered basis as outlined below (billed monthly). These fees cover banking fees and the cost of maintaining the product, as well as the costs of Associate Member servicing, technical support, cybersecurity, network functionality and related infrastructure required to provide Associate Members with access to A$M.
| A$M tiered fees for Associate Members | |
|---|---|
| Number of transactions | Tiered fee |
| 1 – 1,000 | $1.75 |
| 1,001 – 3,000 | $1.50 |
| 3,001 – 5,000 | $1.00 |
| 5,001 – 10,000 | $0.75 |
| 10,001 – 25,000 | $0.50 |
| 25,001+ | $0.15 |
Associate Members are charged based on the number of transactions completed in each tier. This means the fee per transaction applies only to the transactions that fall within that tier, and the applicable fee changes as the total monthly volume moves into the next tier.
Example: if an Associate Member completes 7,500 transactions in a month, the monthly fee would be calculated as follows: the first 1,000 transactions at $1.75 per transaction ($1,750), the next 2,000 transactions at $1.50 per transaction ($3,000), the next 2,000 transactions at $1.00 per transaction ($2,000), and the remaining 2,500 transactions at $0.75 per transaction ($1,875), for a total monthly fee of $8,625.
The tables below show the existing fee schedule with the proposed changes in blue:
| Distributor | |||||
|---|---|---|---|---|---|
| Code registration fee | Network fee (monthly) | File transfer fee | File size fee | Connectivity fee | A$M fee |
| 1st Code – Free Additional – $150 | $100 fixed Effective December 1, 2026: $200 fixed | $0.30 / file | $0.0117 / 1,000 bytes | *One time only $1,000 | $0.15 / transaction |
| Intermediary | |||||
|---|---|---|---|---|---|
| Code registration fee | Network fee (monthly) | File transfer fee | File size fee | Connectivity fee | A$M fee |
| 1st Code – Free Additional – $150 | $1750 (Full N$M Participant) $500 per quarter (file transfer only) | $0.30 / file | $0.0077 / 1,000 bytes | *One time only $500 | $0.15 / transaction |
| Manufacturer | |||||
|---|---|---|---|---|---|
| Code registration fee | Network fee (monthly) | File transfer fee | File size fee | Connectivity fee | A$M fee |
| 1st Code – Free Additional – $150 | $1750 | $0.30 / file | $0.0077 / 1,000 bytes | *One time only $2,500 | $0.15 / transaction |
| Transaction Fees (monthly) | ||||||
|---|---|---|---|---|---|---|
| 1st– 500th | 501st– 5,000th | 5,001st– 20,000th | 20,001st– 100,000th | 100,001st– 1,000,000th | 1,000,001st– 2,000,000th | 2,000,000th+ |
| $1.10 | $1.00 | $0.75 | $0.22 | $0.10 | $0.05 | $0.01 |
| Associate Members | |||
|---|---|---|---|
| Network fee (monthly) | File transfer fee | File size fee | Connectivity fee |
| $200 | $0.30 / file | $0.0117 / 1,000 bytes | *One time only $500 |
| A$M tiered fees (monthly) | ||||||
|---|---|---|---|---|---|---|
| Number of transactions | 1st– 1000th | 1001st– 3,000th | 3,001st– 5,000th | 5,001st– 10,000th | 10,001st– 25,000th | 25,001st |
| Tiered fee | $1.75 | $1.50 | $1.00 | $0.75 | $0.50 | $0.15 |
These changes are subject to approval from the Ontario Securities Commission.
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 on October 23, 2026.
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 fee changes are expected to come into effect on June 28, 2027.
This notice is being provided to our members in accordance with the Fundserv 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.