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U.S. Securities and Exchange Commission

Fee Rate Advisory #9 for Fiscal Year 2002


Washington, DC, March 1, 2002 — As required by the recently enacted "Investor and Capital Markets Fee Relief Act," the Commission must make a mid-year adjustment to the Section 31 transaction fee rate. Effective April 1, 2002, the revised Section 31 transaction fee rate will be $30.10 per million.

The Commission consulted with both the Congressional Budget Office (CBO) and the Office of Management and Budget about the mid-year adjustment, as required by the Act. The adjustment is a direct consequence of the dramatic decline in dollar volume of securities transactions thus far in fiscal year 2002 compared to CBO's January 2001 projection of dollar volume, on which the fee rate in the Act was based. The adjusted fee rate will not provide any additional funding for the Commission.

A copy of the Commission's order and calculation methodology is available at http://www.sec.gov/rules/other/34-45489.htm.

Self-regulatory organizations collect Section 31 fees pursuant to their rules. Additional information on the transition to the new Section 31 fee rate will be available shortly on the Internet web sites of The New York Stock Exchange and NASD Regulation at http://www.nyse.com and http://www.nasdr.com.

The Commission will announce the fiscal year 2003 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 no later than April 30, 2002. If current trends continue as projected, the Commission expects to be able to announce a significantly reduced fee rate for Section 31 transactions for fiscal year 2003. This rate will become effective on Oct. 1, 2002, or 30 days after the date on which the Commission receives its fiscal 2003 regular appropriation, whichever date comes later.



Modified: 03/01/2002