The SEC has announced that during fiscal year 2022, fees for public companies and other issuers paying to register their securities with the SEC will be fixed at $92.70 per million dollars. The SEC’s projections are calculated using a process developed in consultation with the Congressional Budget Office and the Office of Management and Budget.
In accordance with securities statutes, the SEC is required to:
- make adjustments each year to the rates for fees paid in adherence to Section 6(b) of the Securities Act of 1933 and Sections 13(e) and 14(g) of the Securities Exchange Act of 1934
- fix rates for the fees paid in compliance with Section 6(b) to levels that the SEC projects will generate collections equal to annual statutory target amounts
Under the statute, the SEC has determined the statutory target amount for fiscal year 2022 to be $747,806,372 by adjusting the fiscal year 2021 target collection amount of $709,554,300 million for the rate of inflation. The annual adjustment to the fee rate under Section 6(b) sets the annual adjustment to the fee rates under Sections 13(e) and 14(g). The Section 6(b) rate is also the value used to calculate the fees payable with the Annual Notice of Securities Sold Pursuant to Rule 24f-2 in accordance with the Investment Company Act of 1940.
Legally, the annual rate changes for fees paid under Section 6(b) of the Securities Act of 1933 and Sections 13(e) and 14(g) of the Securities Exchange Act of 1934 go into effect on the first day of each fiscal year. On October 1, 2021, the Section 6(b) fee rate applicable to the following will decrease from $109.10 per million dollars to $92.70 per million dollars:
- registration of securities
- Section 13(e) fee rate applicable to the repurchase of securities
- Section 14(g) fee rates applicable to proxy solicitations and statements in corporate control transactions
The SEC will issue supplemental notices on sec.gov to provide updates on developments concerning fees under Section 6(b), Section 13(e) and Section 14(g).
Sources:
Fee Rate Advisory #1 for Fiscal Year 2022 (sec.gov)
Order Making Fiscal Year 2022 Annual Adjustments to Registration Fee Rates (sec.gov)
