The Ontario Securities Commission (OSC) is holding its regulatory fees steady for now.

In a notice, the OSC announced that it has decided not to make any changes to its existing fees, even as it anticipates an impact on its revenues due to Covid-19.

“Our analysis indicates that maintaining current fee levels and leveraging our cash position will ensure that we can continue to deliver on our priorities,” the OSC said.

The commission added that it expects to reassess its fees “once market conditions stabilize and when outcomes of the Ontario government’s Capital Markets Modernization Taskforce are known.”

The task force has signalled that it will recommend significant changes to the structure of the OSC itself — including expanding its mandate, separating its internal tribunal and revising its governance structure — along with myriad market reforms that the commission would be expected to implement.

The final report containing the task force’s recommendations is expected to be delivered next month, and then it will be up to the government to determine which recommendations are adopted.

In the meantime, the OSC said that its ongoing efforts to reduce regulatory burdens will continue, “including those expected to generate fee savings for market participants.”

The regulator typically reviews its fee levels every three years, and recently completed its review for its next fiscal year, which starts in April 2021.

“Recent conditions highlight the fragility of the market and the need to maintain an appropriate financial reserve to continue carrying out our mandate effectively during periods of market volatility,” the OSC said.

“To this effect, our existing cash position provides for an appropriate financial reserve.”