September 2, 2014

SEC’s Filing Fees Going Down 10% for Fiscal Year 2015

On Friday, the SEC issued its 1st fee advisory for 2015 (along with this methodology). Right now, the filing fee rate for Securities Act registration statements is $128.80 per million (the same rate applies under Sections 13(e) and 14(g)). Under the fee advisory, this rate will dip to $116.20 per million, a 10% drop. Nice to see another reduction after last year’s 6% drop (which combined, almost offset a hefty price hike two years ago).

As noted in the SEC order, the new fees will go into effect on October 1st like the last three years (as mandated by Dodd-Frank) – which is a departure from years before that when the new rate didn’t become effective until five days after the date of enactment of the SEC’s appropriation for the new year – which often was delayed well beyond the October 1st start of the government’s fiscal year as Congress and the President battled over the government’s budget.

Jim Schnurr Tapped as SEC Chief Accountant

Last week, SEC Chair White hired Jim Schnurr as SEC Chief Accountant starting in October. Jim recently retired from Deloitte, where he was Vice Chair and a senior professional practice director. As noted in this Reuters article and FEI Daily, this is an important job as always…

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– Broc Romanek