SEC Modernizes Filing Fee Disclosure and Payment Methods

The Securities and Exchange Commission today adopted amendments to modernize filing fee disclosure and payment methods. Operating companies and investment companies (funds) pay filing fees when engaging in certain transactions, including registered securities offerings, tender offers, and mergers and acquisitions.

The amendments revise most fee-bearing forms, schedules, and related rules to require companies and funds to include all required information for filing fee calculation in a structured format. The amendments also add new options for Automated Clearing House (ACH) and debit and credit card payment of filing fees and eliminate infrequently used options for filing fee payment via paper checks and money orders. The amendments are intended to improve filing fee preparation and payment processing by facilitating both enhanced validation through filing fee structuring and lower-cost, easily routable payments through the ACH payment option. 

“The Commission voted unanimously to modernize how filing fees are reported, calculated, and paid. I am pleased to support this final rule,” said SEC Chair Gary Gensler. “These updates, which will be phased in over the coming years, will make the filing process faster, less expensive, and more efficient for SEC staff and market participants.”

The adopting release will be published in the Federal Register. The amendments generally will be effective on Jan. 31, 2022. The amendments that will add the options for filing fee payment via ACH and debit and credit cards and eliminate the option for filing fee payment via paper checks and money orders will be effective on May 31, 2022.  The Commission is providing an extended transition period to give filers additional time to comply with the Inline XBRL structuring requirements for filing fee information.