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Public companies and companies registering to go public should be aware of recent fee rate adjustments made by the Securities and Exchange Commission. The following fee rates will be affected by the adjustment:
- 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.
How will the fee rates be adjusted?
The fee rate will decrease from $116.10 per million dollars to
$114.60 per million dollars. Note that the fee rate for Section
6(b) is also used to calculate fees payable with the Annual Notice
of Securities Sold Pursuant to Rule 24f-2 under the Investment
Company Act of 1940.
When will the fee rate adjustments become effective?
The fee rate adjustments are scheduled to be effective as of
October 1, 2011, the first day of the government's new fiscal
year. The new fees will not go into effect, however, until five
days after the date of enactment of the SEC's fiscal 2012
appropriation bill – which often is delayed well beyond
the October 1 start of the government's fiscal year due to
negotiations over the federal budget extending into a new fiscal
year.
What if you have questions?
For any questions or more information on these or any related
matters, please contact any attorney in the firm's corporate
and securities practice group.
Additionally, the SEC announcement can be found at http://www.sec.gov/news/press/2011/2011-173.htm
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
