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U.S. SEC adopts rule on filing fee disclosure and payment methods By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO : This is the seal of U.S. Securities and Exchange Commission, seen at Washington D.C. U.S. May 12, 2021. REUTERS/Andrew Kelly/File Photograph

By Katanga Johnson

WASHINGTON (Reuters] – Wednesday’s vote by the U.S. Securities and Exchange Commission was to approve a new rule for filing fees. This applies when investment and operating companies are involved in transactions such as registered securities offering, tender offers and mergers and purchases.

The SEC amendments generally take effect on January 31, 2022. Some updates will be made over time.

They also stated that these changes would increase the accuracy, speed and use of financial disclosure and reduce the cost.

After a proposal in October 2019, the SEC addressed the issue of thousands of public company filings. Wednesday’s unanimous vote approved the rule.

The fees related to registered securities offers and tenders were previously calculated by SEC staff. However, filers manually entered numbers. This process invites for mistakes, Gary Gensler, SEC Chair, stated in a statement.

Industry groups, who have long advocated for modernization to improve validation and efficiency in the payment process, are expected to applaud Wednesday’s measure.

Today’s rule will convert these forms into structured data. Gensler explained that this will allow the SEC to detect and automatically calculate fees.

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