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FINRA Proposes Rule Change Increasing Fees for Filing Documents under Rule 5110
Practical Law Legal Update 6-519-8465 (Approx. 3 pages)
FINRA Proposes Rule Change Increasing Fees for Filing Documents under Rule 5110
by PLC Corporate & Securities
| Published on 12 Jun 2012 • USA (National/Federal) |
FINRA proposed a rule change increasing filing rates and maximum fees for filing documents under Rule 5110.
On June 8, 2012, FINRA filed with the SEC a proposed rule change increasing the following fees for filing documents under FINRA Rule 5110 (Corporate Financing Rule - Underwriting Terms and Arrangements):
- For initial documents relating to any offering of securities other than under an automatic shelf registration statement by a well-known seasoned issuer (WKSI), increasing:
- the filing fee from $500 plus 0.01% to $500 plus 0.015% of the proposed maximum offering price of all securities being registered on an SEC registration statement or otherwise included in an offering document in an unregistered offering; and
- the maximum fee for the initial filing from $75,500 to $225,500.
- For initial documents relating to an offering of securities under an automatic shelf registration statement by a WKSI, increasing the filing fee from $75,500 to $225,500.
- For amendments to any of these initial documents, increasing:
- the filing fee from 0.01% to 0.015% of any net increase in the maximum aggregate offering price of all securities being registered or otherwise offered; and
- the cap on the total Rule 5110 filing fees paid in an offering from $75,500 to $225,500.
The rule change is effective on filing with the SEC and will be implemented for filings and amendments made on or after July 2, 2012. The SEC will accept comments for 21 days after publication in the Federal Register.