Today, the SEC announced a fee decrease for issuers registering their securities. In fiscal 2026, the fee rates for registration of securities and certain other transactions will be $138.10 per million dollars, down 9.8% from $153.10 per million dollars last year. The decrease is a welcome change from the past two years, which saw increases of 3.7% for fiscal 2025 and 33.9% for fiscal 2024. You might be interested to learn that, according to the Order, the SEC has determined that the "baseline estimate of the aggregate maximum offering price" for fiscal year 2026 is $6,430,224,001,056 – a pretty stunning number on its own – and an increase from fiscal 2025 of approximately $783 billion in projected maximum offering prices of registered securities over the SEC's next fiscal year.
These rates are set each year to levels the SEC projects will generate collections equal to annual statutory target amounts, calculated using a methodology developed in consultation with the Congressional Budget Office and Office of Management and Budget. For fiscal 2026, that projected target amount is $887,800,554, which reflects an inflation adjustment to the fiscal 2025 target collection amount of $864,721,147. You can read more about the calculation in the Order.
Under Dodd-Frank, the annual rate changes must take effect on the first day of each fiscal year. Therefore, effective October 1, 2025, 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 decrease to $138.10 per million dollars.
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.
