Section 31 Transaction Fee Rate Advisory for Fiscal Year 2025

Apr. 8, 2025 —The Securities and Exchange Commission today announced that starting on May 14, 2025, the fee rates applicable to most securities transactions will be set at $0.00 per million dollars. 

Consequently, each SRO will continue to pay the Commission a rate of $27.80 per million for covered sales occurring on charge dates through May 13, 2025, and a rate of $0.00 per million for covered sales occurring on charge dates on or after May 14, 2025.

The Commission expects to have collected its entire fiscal year 2025 appropriation before the new fee rate becomes effective.  As the Commission is required to set the fee rate to a level that generates fees equal to the Commission’s appropriated amount, no further collections for fiscal year 2025 are required, and so the fee rate for fiscal year 2025 will be $0.00. This fee rate will remain in effect until 60 calendar days after legislation is enacted that sets the amount of the Commission’s fiscal year 2026 appropriation.

For more information on the term “charge date,” please refer to Rule 31(a)(3) and Exchange Act Release No. 49928.

The assessment on security futures transactions will remain unchanged at $0.0042 for each round turn transaction.

The Commission determined these new rates in accordance with Section 31 of the Securities Exchange Act of 1934.  These adjustments do not directly affect the amount of funding available to the SEC.

The Office of Interpretation and Guidance in the Commission’s Division of Trading and Markets is available for questions on Section 31 at 202-551-5777 or tradingandmarkets@sec.gov.

The Commission will issue further notices as appropriate to keep the public informed of developments relating to fees under Section 31.  These notices will be posted on the SEC website.