Yesterday, the SEC announced a fee increase for issuers registering their securities. In fiscal 2025, the fee rates for registration of securities and certain other transactions will be $153.10 per million dollars, up 3.7% from $147.60 per million dollars last year. Notably, the inflation adjustment is not nearly as high as last year— which was an increase from $110.20 per million dollars to $147.60 per million dollars, or 33.9%—kind of a stunner at the time. 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 2025 is $5,647,140,476,572—kind of a stunning number on its own.
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 CBO and OMB. For fiscal 2025, that projected target amount is $864,721,147, which reflects an inflation adjustment to the fiscal 2024 target collection amount of $839,771,535. 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, 2024, 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 increase to $153.10 per million dollars.
