LAWFUEL – Legal Announcement Service –
Washington, D.C., Dec. 27, 2007 – President Bush signed H.R. 2764, the appropriations bill that includes funding for the Securities and Exchange Commission, on Dec. 26, 2007. Accordingly, effective Dec. 31, 2007, the Section 6(b) fee rate applicable to the registration of securities, the Section 13(e) fee rate applicable to the repurchase of securities, and the Section 14(g) fee rate applicable to proxy solicitations and statements in corporate control transactions will increase to $39.30 per million dollars. The Section 6(b) rate is also the rate used to calculate the fees payable with the Annual Notice of Securities Sold Pursuant to Rule 24f-2 under the Investment Company Act of 1940.
All filings submitted to the SEC before 5:30 p.m. EST, and filings pursuant to Rule 462(b) (17 C.F.R. 230.462(b)) submitted to the SEC before 10:00 p.m. EST, on Dec. 28, 2007, will be subject to the current fee rate of $30.70 per million dollars. Rule 462(b) filings submitted after 10:00 p.m. EST, and all other filings submitted after 5:30 p.m. EST, on Dec. 28, 2007, shall be deemed filed as of the next business day, Dec. 31, 2007, under Section 232.13 of Regulation S-T (17 C.F.R. 232.13), and be subject to the new fee rate of $39.30 per million dollars.
Filers with questions about the new Section 6(b), Section 13(e), or Section 14(g) fee rates should call the SEC at (202) 551-8900.
In addition, effective Jan. 25, 2008, the Section 31 fee rate applicable to securities transactions on the exchanges and over-the-counter markets will decrease to $11.00 per million dollars. The Section 31 assessment on security futures transactions will remain unchanged at $0.0042 per round turn transaction.
The Office of Interpretation and Guidance in the Commission’s Division of Trading and Markets is available for questions on Section 31 fees at (202) 551-5777, or by e-mail at [email protected]
The Commission is required to adjust the filing and securities transaction fee rates on an annual basis, after consultation with the Congressional Budget Office (CBO) and the Office of Management and Budget (OMB). A copy of the Commission’s April 30, 2007, order regarding fee rates for fiscal year 2008 is available at http://www.sec.gov/rules/other/2007/33-8794.pdf.
The adjusted fee rates will not affect the amount of funding available to the Commission.
The Commission will announce the new fee rates for fiscal year 2009 no later than April 30, 2008. These fee rates will become effective Oct. 1, 2008, or after the Commission’s fiscal year 2009 appropriation is enacted, whichever is later. In addition, the Commission may be required to make a “mid-year” adjustment to the Section 31 fee rate for fiscal year 2008, after consultation with CBO and OMB, which would be announced no later than March 1, 2008, effective April 1, 2008.
The Commission will issue further notices as appropriate to keep the public informed of developments relating to enactment of the Commission’s regular appropriation and the effective dates for the above fee rate changes. These notices will be posted at the SEC’s Internet web site at http://www.sec.gov.