Base fee
 10.9 (1) The Financial Services Manager shall establish a proposed base fee mentioned in subsection 10.8 (1) for each month in a year by determining the amount that it considers to be consistent with market comparable fees, expressed as a percentage of the average monthly funding obligation for the preceding month. O. Reg. 415/17, s. 4. (2) The Financial Services Manager shall determine the amount that it considers to be consistent with market comparable fees by applying the following rules: 1. Subject to paragraph 2, the Financial Services Manager shall determine the average of at least five fees that satisfy the definition of “market comparable fees” in subsection 1 (1). 2. If the Financial Services Manager is not able to determine the average of at least five fees for the purposes of paragraph 1, the Financial Services Manager shall determine the average of as many fees as possible. 3. Subject to paragraph 4, the Financial Services Manager shall ensure that at least 80 per cent of the fees included in the average are fees charged by full-service managers of securitization vehicles. 4. If the Financial Services Manager is not able to ensure that at least 80 per cent of the fees meet the description set out in paragraph 3, the Financial Services Manager shall ensure that the highest percentage possible of the fees included in the average meets that description. O. Reg. 415/17, s. 4. (3) The Financial Services Manager shall use, for the purposes of making the determination under subsection (2), fees charged in Canada by full-service managers who are in Canada. O. Reg. 415/17, s. 4. (4)  Despite subsection (3), the Financial Services Manager may use the following fees if the Board consents to the use of such fees: 1. Fees charged in a North American jurisdiction other than Canada by full-service managers who are in Canada. 2. Fees charged by full-service managers who are in a North American jurisdiction other than Canada. O. Reg. 415/17, s. 4. (5) The Board may, (a) approve the proposed base fee; or (b) subject to subsection (6), refuse to approve the proposed base fee if the Board is of the view that the proposed base fee is materially inconsistent with market comparable fees. O. Reg. 415/17, s. 4. (6) When determining whether the proposed base fee is materially inconsistent with market comparable fees, the Board shall apply the rules set out in subsection (2) and may use market comparable fees other than those used by the Financial Services Manager for the purposes of that subsection including any fees that meet the description set out in paragraph 1 or 2 of subsection (4). O. Reg. 415/17, s. 4. (7) If the Board refuses to approve a proposed base fee, (a) the Board may make recommendations to the Financial Services Manager regarding the determination of a base fee that is consistent with market comparable fees; and (b) the Financial Services Manager shall submit to the Board, (i) a revised proposed base fee that takes into consideration the recommendations of the Board, if any,
and (ii) a description of the methodology that the Financial Services Manager has applied to determine the revised proposed base fee, including but not limited to details concerning the market comparable fees that the Financial Services Manager considered. O. Reg. 415/17, s. 4. (8) If the Financial Services Manager submits a revised proposed base fee, this section applies, with necessary modifications, to the submission as if it were the initial submission. O. Reg. 415/17, s. 4. (9) If the Board has not approved a proposed base fee by the first day of the year for which the proposed base fee would be charged, (a) the Financial Services Manager may continue to charge the base fee that was most recently approved by the Board, if any base fee was previously approved; and (b) the Financial Services Manager shall adjust the base fee in the month following the month in which the Board approves the proposed base fee, to reflect the difference between the base fee charged for the year to date and the base fee approved by the Board for the year to date. O. Reg. 415/17, s. 4.