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This is an old archived webpage. To access the mobile-friendly website, click here. The Investor and Capital Markets Fee Relief Act requires that the Commission make annual adjustments to the rates for fees paid under Section 6(b) of the Securities Act of 1933 and Sections 13(e), 14(g), and 31 of the Securities Exchange Act of 1934. The Section 31 fee rate applicable to securities transactions on the exchanges and Nasdaq are as follows: 0.0000333 is the rate in effect prior to December 28, 2001 0.0000150 is the rate effective December 28, 2001 (annual adjustment was announced on December 21, 2001 & January 16, 2002) 0.0000301 is the rate effective April 1, 2002 (mid-year adjustment was announced on March 1, 2002) 0.0000252 is the rate effective March 22, 2003 (annual adjustment was announced on April 29, 2002 & September 17, 2002 & September 30, 2002 & October 4, 2002 & October 11, 2002 & October 18, 2002 & November 22, 2002 & January 10, 2003 & January 31, 2003 & February 7, 2003 & February 21, 2003) 0.0000468 is the rate effective April 1, 2003 (mid-year adjustment was announced on February 28, 2003 - Fee Rate Advisory #12 for Fiscal Year 2003) 0.0000390 is the rate effective February 22, 2004 (annual adjustment was announced on April 30, 2003 & September 15, 2003 & September 30, 2003 & October 31, 2003 & November 7, 2003 & November 24, 2003 & January 26, 2004) 0.0000234 is the rate effective April 1, 2004 (mid-year adjustment was announced on February 27, 2004 - Fee Rate Advisory #8 for Fiscal Year 2004) 0.0000329 is the rate effective January 7, 2005 (annual adjustment was announced on October 1, 2004 & September 27, 2004 & September 30, 2004 & November 22, 2004 & November 29, 2004 & December 9, 2004) 0.0000418 is the rate effective April 1, 2005 (mid-year adjustment was announced on March 1, 2005 - FEE RATE ADVISORY #7 FOR FISCAL YEAR 2005) 0.0000307 is the rate effective December 22, 2005 (annual adjustment was announced on April 29, 2005 & September 27, 2005 & September 30, 2005 & November 18, 2005 & November 23, 2005) 0.0000307 is the rate effective April 1, 2006 (mid-year adjustment not required as announced on March 1, 2006 - Fee Rate Advisory #6 for Fiscal Year 2006) 0.0000307 is the rate still effective as of October 1, 2006 (annual adjustment was announced on September 26, 2006 & September 29, 2006 & November 17, 2006 & December 8, 2006 & February 15, 2007, also see 5/4/06 & 2/16/2007 news stories below) 0.0000153 is the rate effective March 17, 2007 (as announced on March 1, 2007, also see 2/16/2007 news release below) 0.0000153 is the rate effective April 1, 2007 (mid-year adjustment not required as announced on March 1, 2007 - Fee Rate Advisory #8 for Fiscal Year 2007) 0.0000110 is the rate effective January 25, 2008 (annual adjustment was announced on May 7, 2007 & September 28, 2007 & November 15, 2007 & December 14, 2007 & December 21, 2007 & December 27, 2007) 0.0000056 is the rate effective April 1, 2008 (optional mid-year adjustment was announced on February 29, 2008 - Fee Rate Advisory #7 for Fiscal Year 2008) 0.0000930 was the potential rate effective October 1, 2008 (or later) (proposed annual adjustment was announced on April 30, 2008) & September 29, 2008 /and then canceled 0.0000056 is the rate still effective as of October 1, 2008 (annual adjustment must be announced no later than April 30, 2008) 0.0000257 is the rate effective April 10, 2009 (mid-year adjustment was announced too late on March 4, 2009 was due March 1, 2009) & March 6, 2009 & March 11, 2009) 0.0000127 is the rate effective January 15, 2010 (annual adjustment was announced on April 30, 2009 & September 28, 2009 & October 30, 2009 & December 17, 2009) 0.0000169 is the rate effective April 1, 2010 (optional mid-year adjustment was announced on March 1, 2010 - Fee Rate Advisory #5 for Fiscal Year 2010) 0.0000192 is the rate effective January 21, 2011 (annual adjustment was announced on April 30, 2010 & September 29, 2010 & December 3, 2010 & December 18, 2010 & December 22, 2010) 0.0000192 is the rate effective April 1, 2011 (mid-year adjustment not required as announced on March 2, 2011 - Fee Rate Advisory #6 for Fiscal Year 2011) 0.0000151 was the potential rate effective October 1, 2011 (or later) (proposed annual adjustment was announced on May 2, 2011) /and then canceled 0.0000180 is the rate effective February 21, 2012 (annual adjustment was announced on January 20, 2012 - Fee Rate Advisory #5 for Fiscal Year 2012) 0.0000224 is the rate effective April 1, 2012 (optional mid-year adjustment was announced on March 1, 2012 - Fee Rate Advisory #6 for Fiscal Year 2012) 0.0000224 is the rate still effective as of October 1, 2012 (annual adjustment was not made, as announced on November 15, 2012 - Fee Rate Advisory #2 for Fiscal Year 2013) 0.0000224 is the rate still effective as of April 1, 2013 (mid-year adjustment not required but no announcement regarding this was issued) 0.0000174 is the rate effective May 25, 2013 (annual adjustment was announced on April 25, 2013 - Fee Rate Advisory #3 for Fiscal Year 2013) 0.0000174 is the rate still effective as of October 1, 2013 (annual adjustment was not yet made, as announced on October 31, 2013 - Fee Rate Advisory #2 For Fiscal Year 2014) 0.0000221 is the rate effective March 18, 2014 (annual adjustment was announced on February 12, 2014 - Fee Rate Advisory #3 for Fiscal Year 2014) 0.0000221 is the rate effective April 1, 2014 (mid-year adjustment not required as announced on February 28, 2014 - Fee Rate Advisory #4 for Fiscal Year 2014) 0.0000221 is the rate still effective as of October 1, 2014 (annual adjustment was not yet made, as announced on September 30, 2014 - Fee Rate Advisory #2 For Fiscal Year 2015) 0.0000184 is the rate effective February 14, 2015 (annual adjustment was announced on January 15, 2015 - Fee Rate Advisory #3 for Fiscal Year 2015) 0.0000184 is the rate effective April 1, 2015 (mid-year adjustment not required as announced on February 27, 2015 - Fee Rate Advisory #4 for Fiscal Year 2015) 0.0000xxx is the rate effective April 1, 201X (optional mid-year adjustment must be announced no later than March 1, 201X) 0.0000xxx is the rate effective January X, 201X (annual adjustment was announced on xxx 1, 201X) In calculating the new fee for a transaction, one should multiply the sale or principal amount of the transaction by the fee rate, which will be truncated at the seventh place after the decimal point. The resulting figure should then be truncated at the fifth place after the decimal point and rounded up to the next cent (if there is any remainder you should round up). As a reminder, the new law (Investor and Capital Markets Relief Act, with an effective date of December 28, 2001) provides for an annual adjustment of the fee rate and, in some circumstances, a mid-year adjustment. The SEC will publish the revised rates well in advance of an adjustment. THE FOLLOWING IS A WORK IN PROGRESS - links to supporting information would be appreciated: Options Regulatory Fee (ORF): In 2011 a new transaction-based fee generally was being passed on to all retail customers (some brokerages were passing the ORF to customers as early as 2009). The fee was proposed by the Chicago Board Options Exchange (CBOE) in October 2008. The fee was initiated by the CBOE in mid-2009, by each of the BOX, ISE and PHLX in January 2010, by AMEX and ARCA in May 2011, by Nasdaq in January 2012, by C2 in August 2012 and by Miami in January 2013. The combined fees is charged to retail customer orders at a rate of $0.0377 per U.S. exchange listed option contract. 0.0060 is the fee per contract in effect March 1, 2009 (there was a 0.01 {one cent} minimum fee per trade) 0.0147 is the fee per contract in effect ?? 0.0377 is the fee per contract in effect ?? Important Clarification from our
gummint: It is the greedy self-regulatory organizations and exchanges who "have adopted rules that require their broker-dealer members to pay their fair share of these fees." And it is the greedy broker-dealers, who "in turn, pass the responsibility of paying the fees to their customers." So with this helpful SEC clarification effectively saying "don't blame us" - we should understand that the "SEC Section 31" fee is actually a "retail broker fee" rather than a fee charged against investors, or so says the SEC. http://www.sec.gov/answers/sec31.htm
SEC Chairman Cox Announces $700 Million Fee Cut to
Benefit Investors "The investors who bear the burden of these SEC fees deserve this relief," said SEC Chairman Christopher Cox. "It will mean that more of their hard earned savings will be available for important needs such as education, health care, and retirement — and less will be diverted to Washington." The SEC sets registration and transaction fees according to the Investor and Capital Markets Fee Relief Act. The fee cuts that will go into effect next week are significant: fees to register securities with the Commission will be reduced by 71.3 percent, and fees on securities transactions will be reduced by 50.2 percent. BackgroundUnder the Investor and Capital Markets Fee Relief Act, the SEC makes annual adjustments to the rates paid under Section 6(b) of the Securities Act of 1933 and Sections 13(e), 14(g), and 31 of the Securities Act of 1934. The fee cuts the SEC intended to put into effect for 2007 were thrown into question, however, because the law makes fee rate changes effective only upon enactment of the Commission's "regular appropriations" — and for fiscal 2007, Congress passed a continuing resolution for the entire government, instead of the regular appropriations bill that includes the SEC. As a result, the agency requested special legislative relief to permit the fee cuts to go forward. Congress agreed to the request, and on Feb. 15, 2007, President Bush signed House Joint Resolution 20, the continuing resolution for the remainder of FY 2007, which stated that it shall be deemed the Commission's "regular appropriation" for FY 2007. That, in turn, triggered the fees cuts. Accordingly, effective Feb. 20, 2007, the Section 6(b) fee rate applicable to the registration of securities, the 13(e) fee rate 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 $30.70 per million dollars. The Section 6(b) rate also is 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 Feb. 19, 2007, will be subject to the current fee rate of $107.00 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 Feb. 19, 2007, under Section 232.13 of Regulation S-T (17 C.F.R. 232.13), will be subject to the new fee rate of $30.70 per million dollars. Questions about the new Section 6(b), Section 13(e), or Section 14(g) fee rates should be directed to the Filer Support Unit in the SEC's Office of Filings and Information Services at (202) 551-8900. In addition, effective March 17, 2007, the Section 31 fee rate applicable to securities transactions on the exchanges and over-the-counter markets will decrease to $15.30 per million dollars. Further, pursuant to Section 31, the Commission will determine no later than March 1, 2007 whether a mid-year adjustment to the Section 31 fee rate will be necessary. The Section 31 assessment on security futures transactions also will decrease to $0.0042 per round turn transaction, effective March 17, 2007. The adjusted fee rates will not affect the amount of funding available to the Commission. The Commission will announce the new fee rates for FY 2008 no later than April 30, 2007. These fee rates will become effective October 1, 2007, or after the Commission's FY 2008 appropriation is enacted. Additional information on the Section 31 fee rate will be available on the Internet websites of the New York Stock Exchange and the NASD at http://www.nyse.com and http://www.nasd.com, respectively. The Division of Market Regulation's Office of Interpretation and Guidance also is available to answer questions relating to Section 31. That office may be reached by phone at 202-551-5777 or by email at marketreg@sec.gov. The Commission will issue further notices as appropriate to keep the public informed of developments relating to the fee rates. These notices will be posted at the SEC's Internet web site at http://www.sec.gov.
http://www.sec.gov/news/press/2007/2007-24.htm 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 tradingandmarkets@sec.gov 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
http://www.sec.gov/divisions/marketreg/mrfreqreq.shtml#feerate http://www.sec.gov/news/press.shtml
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