On April 8, 2022, the SEC released the required notice regarding new fee rates in compliance with Section 31 of the Securities Exchange Act of 1934. Starting on May 14, 2022, the fee rates applicable to most securities transactions will be set at $22.90 per $1 million. These adjustments do not directly affect the amount of funding available to the SEC. Self-regulatory organizations will continue to pay the SEC a rate of $5.10 per million for covered sales occurring on charge dates until May 13, 2022 and then a rate of $22.90 per million for covered sales occurring on charge dates on or after May 14, 2022. For more information on the term “charge date”, refer to
Rule 31(a)(3) and Exchange Act Release No. 49928 on the SEC’s website.
The unprecedented covered sales volumes during the COVID-19 pandemic (which continued throughout the fiscal year) were the leading cause for fiscal year 2021’s fee rate being set at a low $5.10 per million, which led to very high collections before the annual adjustment, which went into effect on February 25, 2021. The especially low fee rate for the previous fiscal year is the primary reason for the sizeable increase in the fee rate. The current fee rate is a return to levels comparable to those in 2020 and 2019 ($22.10 and $20.70, respectively).
The assessment on security futures transactions will remain unchanged at $0.0042 for each round turn transaction.
For inquiries related to Section 31, contact the Office of Interpretation and Guidance in the SEC’s Division of Trading and Markets by phone at (202) 551-5777, or via email at tradingandmarkets@sec.gov. The SEC will release supplemental notices on sec.gov to keep the public apprised of developments concerning fees under Section 31.
Source:
Fee Rate Advisory #1 for Fiscal Year 2022 (sec.gov)
SEC Order (sec.gov)
