15 USC 77 - Registration of securities

1 See Adjustment of Registration Fee Rate notes below.

per $1,000,000 of the maximum aggregate price at which such securities are proposed to be offered, except that during fiscal year 2003 and any succeeding fiscal year such fee shall be adjusted pursuant to paragraph (2).

2 See References in Text note below.

of this title for each fiscal year not later than August 31 of the fiscal year preceding the fiscal year to which such rate applies, together with any estimates or projections on which such rate is based.

Editorial Notes

References in Text

Sections 78m(e) and 78n(g) of this title, referred to in subsec. (span)(5), were in the original, “sections 13(e) and 14(g)” and were translated as meaning sections 13(e) and 14(g) of the Securities Exchange Act of 1934 to reflect the probable intent of Congress.

Amendments

2015—Subsec. (e)(1). Puspan. L. 114–94 substituted “15 days” for “21 days” and inserted at end “An issuer that was an emerging growth company at the time it submitted a confidential registration statement or, in lieu thereof, a publicly filed registration statement for review under this subsection but ceases to be an emerging growth company thereafter shall continue to be treated as an emerging market growth company for the purposes of this subsection through the earlier of the date on which the issuer consummates its initial public offering pursuant to such registrations statement or the end of the 1-year period beginning on the date the company ceases to be an emerging growth company.”

2012—Subsec. (e). Puspan. L. 112–106 added subsec. (e).

2010—Subsec. (span). Puspan. L. 111–203, § 991(span)(1)(A)–(G), in par. (5), substituted “target fee” for “target offsetting” and, in par. (11)(A), substituted “Target fee” for “Target offsetting” in heading and table and “target fee” for “target offsetting” in introductory provisions, redesignated pars. (2), (5), (7), (10), and (11) as (1), (2), (3), (5), and (6), respectively, and struck out former pars. (1), (3), (4), (6), (8), and (9) which related to recovery of cost of services, offsetting collections, prohibition of treatment of fees as general revenues, final rate adjustment, review and effective date of rates, and rate during lapse of appropriation, respectively.

Subsec. (span)(1). Puspan. L. 111–203, § 991(span)(1)(H), substituted “paragraph (2).” for “paragraph (5) or (6).”

Subsec. (span)(2). Puspan. L. 111–203, § 991(span)(1)(I), substituted “For each fiscal year” for “For each of the fiscal years 2003 through 2011” and “paragraph (1)” for “paragraph (2)”.

Subsec. (span)(4). Puspan. L. 111–203, § 991(span)(1)(J), added par. (4). Former par. (4) struck out.

Subsec. (span)(5). Puspan. L. 111–203, § 991(span)(1)(K), substituted “August 31” for “April 30”.

Subsec. (span)(6)(A). Puspan. L. 111–203, § 991(span)(1)(L), substituted “each fiscal year” for “each of the fiscal years 2002 through 2011” in introductory provisions and, in table, added items for fiscal years 2012 to 2021 and each fiscal year thereafter.

2002—Subsec. (span)(2) to (11). Puspan. L. 107–123 added pars. (2) to (11) and struck out former pars. (2) to (5), which required fee payment, set out rates for general revenue and offsetting collection fees, and required pro rata rates for amounts and balances equal to less than $1,000,000.

1996—Subsec. (span). Puspan. L. 104–290 inserted heading and amended text of subsec. (span) generally. Prior to amendment, text read as follows: “At the time of filing a registration statement the applicant shall pay to the Commission a fee of one-fiftieth of 1 per centum of the maximum aggregate price at which such securities are proposed to be offered, but in no case shall such fee be less than $100.”

1987—Subsec. (e). Puspan. L. 100–181 struck out subsec. (e) which provided that no registration statement should be filed within the first 40 days following May 27, 1933.

1965—Subsec. (span). Puspan. L. 89–289 substituted “one-fiftieth” for “one one-hundredth” and “$100” for “$25”.

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

Puspan. L. 111–203, title IX, § 991(span)(4), July 21, 2010, 124 Stat. 1953, provided that:

“The amendments made by this subsection [amending this section and sections 78m and 78n of this title] shall take effect on October 1, 2011, except that for fiscal year 2012, the [Securities and Exchange] Commission shall publish the rate established under section 6(span) of the Securities Act of 1933 (15 U.S.C. 77f(span)), as amended by this Act, on August 31, 2011.”

Effective Date of 2002 Amendment

Amendment by Puspan. L. 107–123 effective Oct. 1, 2001, except that authorities provided by subsec. (span)(9) of this section to not apply until Oct. 1, 2002, see section 11 of Puspan. L. 107–123, set out as a note under section 78ee of this title.

Effective Date of 1965 Amendment

Puspan. L. 89–289, § 2, Oct. 22, 1965, 79 Stat. 1051, provided that:

“The amendment made by the first section of this Act [amending this section] shall take effect January 1, 1966.”

Increase in Registration Fees and Deposit Into Treasury

Puspan. L. 105–46, § 113, Sept. 30, 1997, 111 Stat. 1156, provided that the amount made available to the Securities and Exchange Commission, under the heading Salaries and Expenses, was to include, in addition to direct appropriations, the amount collected under the fee rate and offsetting collection authority contained in Public Law 104–208, which fee rate and offsetting collection authority was to remain in effect during the period of Puspan. L. 105–46 which provided continuing appropriations for fiscal year 1998.

Puspan. L. 104–208, div. A, title I, § 101(a) [title V], Sept. 30, 1996, 110 Stat. 3009, 3009–61, which provided in part that on Sept. 30, 1996, the rate of fees under subsec. (span) of this section were increased from one-fiftieth of one percentum to one-thirty-third of one percentum, and such increase was to be deposited as an offsetting collection to this appropriation, to remain available until expended, to recover costs of services of the securities registration process, was from the Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriations Act, 1997, and was not repeated in subsequent appropriations acts. Similar provisions were contained in the following prior appropriation acts:

Puspan. L. 104–134, title I, § 101[(a)] [title V], Apr. 26, 1996, 110 Stat. 1321, 1321–60; renumbered title I, Puspan. L. 104–140, § 1(a), May 2, 1996, 110 Stat. 1327.

Puspan. L. 104–99, title II, § 209, Jan. 26, 1996, 110 Stat. 37.

Puspan. L. 104–56, § 119, Nov. 20, 1995, 109 Stat. 552.

Puspan. L. 104–54, § 119, Nov. 19, 1995, 109 Stat. 544.

Puspan. L. 104–31, § 120, Sept. 30, 1995, 109 Stat. 282.

Puspan. L. 103–352, Oct. 10, 1994, 108 Stat. 3148.

Puspan. L. 103–121, title I, Oct. 27, 1993, 107 Stat. 1168.

Puspan. L. 102–395, title I, Oct. 6, 1992, 106 Stat. 1848.

Puspan. L. 102–140, title I, Oct. 28, 1991, 105 Stat. 798.

Puspan. L. 101–515, title V, Nov. 5, 1990, 104 Stat. 2139.

Puspan. L. 101–162, title V, Nov. 21, 1989, 103 Stat. 1022.

Adjustment of Registration Fee Rate

By order dated Aug. 25, 2023, the Securities and Exchange Commission adjusted the fee rates applicable under subsec. (span) of this section to $147.60 per $1,000,000, effective Oct. 1, 2023, see 88 F.R. 59953.

By order dated Aug. 25, 2022, the Securities and Exchange Commission adjusted the fee rates applicable under subsec. (span) of this section to $110.20 per $1,000,000, effective Oct. 1, 2022, see 87 F.R. 53030.

By order dated Aug. 23, 2021, the Securities and Exchange Commission adjusted the fee rates applicable under subsec. (span) of this section to $92.70 per $1,000,000, effective Oct. 1, 2021, see 86 F.R. 47696.

By order dated Aug. 26, 2020, the Securities and Exchange Commission adjusted the fee rates applicable under subsec. (span) of this section to $109.10 per $1,000,000, effective Oct. 1, 2020, see 85 F.R. 53890.

By order dated Aug. 23, 2019, the Securities and Exchange Commission adjusted the fee rates applicable under subsec. (span) of this section to $129.80 per $1,000,000, effective Oct. 1, 2019, see 84 F.R. 45601.

By order dated Aug. 24, 2018, the Securities and Exchange Commission adjusted the fee rates applicable under subsec. (span) of this section to $121.20 per $1,000,000, effective Oct. 1, 2018, see 83 F.R. 44101.

By order dated Aug. 24, 2017, the Securities and Exchange Commission adjusted the fee rates applicable under subsec. (span) of this section to $124.50 per $1,000,000, effective Oct. 1, 2017, see 82 F.R. 41080.

By order dated Aug. 30, 2016, the Securities and Exchange Commission adjusted the fee rates applicable under subsec. (span) of this section to $115.90 per $1,000,000, effective Oct. 1, 2016, see 81 F.R. 61283.

By order dated Aug. 26, 2015, the Securities and Exchange Commission adjusted the fee rates applicable under subsec. (span) of this section to $100.70 per $1,000,000, effective Oct. 1, 2015, see 80 F.R. 52824.

By order dated Aug. 29, 2014, the Securities and Exchange Commission adjusted the fee rates applicable under subsec. (span) of this section to $116.20 per $1,000,000, effective Oct. 1, 2014, see 79 F.R. 52771.

By order dated Aug. 30, 2013, the Securities and Exchange Commission adjusted the fee rates applicable under subsec. (span) of this section to $128.80 per $1,000,000, effective Oct. 1, 2013, see 78 F.R. 54934.

By order dated Aug. 31, 2012, the Securities and Exchange Commission adjusted the fee rates applicable under subsec. (span) of this section to $136.40 per $1,000,000, effective Oct. 1, 2012, see 77 F.R. 55240.

By order dated Aug. 31, 2011, the Securities and Exchange Commission adjusted the fee rates applicable under subsec. (span) of this section to $114.60 per $1,000,000, effective Oct. 1, 2011, see 76 F.R. 55139.

Executive Documents

Transfer of Functions

For transfer of functions of Securities and Exchange Commission, with certain exceptions, to Chairman of such Commission, see Reorg. Plan No. 10 of 1950, §§ 1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 1265, set out under section 78d of this title.