SECURITIES AND EXCHANGE COMMISSION 

[Release Nos. 33-11224; 34-98223/ August 25, 2023]

Order Making Fiscal Year 2024 Annual Adjustments to Registration Fee Rates

I. Background

The Commission collects fees under various provisions of the securities laws. Section 

6(b) of the Securities Act of 1933 (“Securities Act”) requires the Commission to collect fees 

from issuers on the registration of securities.1 Section 13(e) of the Securities Exchange Act of 

1934 (“Exchange Act”) requires the Commission to collect fees on specified repurchases of 

securities.2

 Section 14(g) of the Exchange Act requires the Commission to collect fees on 

specified proxy solicitations and statements in corporate control transactions.3 These provisions 

require the Commission to make annual adjustments to the applicable fee rates.

II. Fiscal Year 2024 Annual Adjustment to Fee Rates

Section 6(b)(2) of the Securities Act requires the Commission to make an annual 

adjustment to the fee rate applicable under Section 6(b).4 The annual adjustment to the fee rate 

under Section 6(b) of the Securities Act also sets the annual adjustment to the fee rates under 

Sections 13(e) and 14(g) of the Exchange Act.5

Section 6(b)(2) sets forth the method for determining the annual adjustment to the fee rate 

under Section 6(b) for fiscal year 2024. Specifically, the Commission must adjust the fee rate 

1 15 U.S.C. 77f(b).

2 15 U.S.C. 78m(e).

3 15 U.S.C. 78n(g).

4 15 U.S.C. 77f(b)(2). The annual adjustments are designed to adjust the fee rate in a given fiscal year so 

that, when applied to the aggregate maximum offering prices at which securities are proposed to be offered 

for the fiscal year, it is reasonably likely to produce total fee collections under Section 6(b) equal to the 

“target fee collection amount” required by Section 6(b)(6)(A) for that fiscal year.

5 15 U.S.C. 78m(e)(4) and 15 U.S.C. 78n(g)(4). 
2

under Section 6(b) to a “rate that, when applied to the baseline estimate of the aggregate 

maximum offering prices for [fiscal year 2024], is reasonably likely to produce aggregate fee 

collections under [Section 6(b)] that are equal to the target fee collection amount for [fiscal year 

2024].” That is, the adjusted rate is determined by dividing the “target fee collection amount” 

for fiscal year 2024 by the “baseline estimate of the aggregate maximum offering prices” for 

fiscal year 2024.

III. Target Fee Collection Amount for FY 2024

The statutory “target fee collection amount” for fiscal year 2021 and “each fiscal year 

thereafter” is “an amount that is equal to the target fee collection amount for the prior fiscal year, 

adjusted by the rate of inflation.”6

 Consistent with the fiscal year 2021 calculation, the 

Commission has determined that it will use an approach similar to one that it uses to annually 

adjust civil monetary penalties by the rate of inflation.

7

 Under this approach, the Commission 

will use the year-over-year change, rounded to five decimal places, in the Consumer Price Index 

for All Urban Consumers (“CPI-U”), not seasonally adjusted, in calculating the target fee 

collection amount, which is then rounded to the nearest whole dollar. The calculation for the 

fiscal year 2024 target fee collection amount is described in more detail below.

The most recent CPI-U index value, not seasonally adjusted, available for use by the 

Commission at the time this fee rate update was prepared was for June 2023. This value is 

6 15 U.S.C. 77f(b)(6)(A).

7 The Commission annually adjusts for inflation the civil monetary penalties that can be imposed under the 

statutes administered by Commission, as required by the Federal Civil Penalties Inflation Adjustment Act 

Improvements Act of 2015, pursuant to guidance from the Office of Management and Budget (“OMB”). 

See OMB Dec. 16, 2019, Memorandum for the Heads of Executive Departments and Agencies,” M-20-05, 

on “Implementation of Penalty Inflation Adjustments for 2020, Pursuant to the Federal Civil Penalties 

Inflation Adjustment Act Improvements Act of 2015.”
3

305.109.

8

 The CPI-U index value, not seasonally adjusted, for June 2022 is 296.311.

9

 Dividing 

the June 2023 value by the June 2022 value and rounding to five decimal places yields a 

multiplier value of 1.02969. Multiplying the fiscal year 2023 target fee collection amount of 

$815,557,62910 by the multiplier value of 1.02969 and rounding to the nearest whole dollar 

yields a fiscal year 2024 target fee collection amount of $839,771,535.

Section 6(b)(6)(B) defines the “baseline estimate of the aggregate maximum offering 

prices” for fiscal year 2024 as “the baseline estimate of the aggregate maximum offering price at 

which securities are proposed to be offered pursuant to registration statements filed with the 

Commission during [fiscal year 2024] as determined by the Commission, after consultation with 

the Congressional Budget Office and the Office of Management and Budget . . . .”

To make the baseline estimate of the aggregate maximum offering prices for fiscal year 

2024, the Commission is using the methodology it has used in prior fiscal years and that was

developed in consultation with the Congressional Budget Office and OMB. 11 Using this 

methodology, the Commission determines the “baseline estimate of the aggregate maximum 

offering price” for fiscal year 2024 to be $5,690,702,748,940. Based on this estimate and the 

fiscal year 2024 target fee collection amount, the Commission calculates the fee rate for fiscal 

8 This value was announced on July 12, 2023. See 

https://www.bls.gov/news.release/archives/cpi_07122023.htm.

9 See “Table 1. Consumer Price Index for All Urban Consumers (CPI-U): U.S. city average, by expenditure 

category, June 2023” in the announcement referenced above.

10 See 87 FR 53030, published Aug. 30, 2022 (https://www.federalregister.gov/documents/2022/08/30/2022-

18668/order-making-fiscal-year-2023-annual-adjustments-to-registration-fee-rates).

11 Appendix A explains how we determined the “baseline estimate of the aggregate maximum offering 

prices” for fiscal year 2024 using our methodology, and then shows the arithmetical process of calculating 

the fiscal year 2024 annual adjustment based on that estimate. The appendix includes the data used by the 

Commission in making its “baseline estimate of the aggregate maximum offering prices” for fiscal year 

2024.
4

2024 to be $147.60 per million. This adjusted fee rate applies to Section 6(b) of the Securities 

Act, as well as to Sections 13(e) and 14(g) of the Exchange Act. 

IV. Effective Dates of the Annual Adjustments

The fiscal year 2024 annual adjustments to the fee rates applicable under Section 6(b) of 

the Securities Act and Sections 13(e) and 14(g) of the Exchange Act will be effective on October 

1, 2023.

12

V. Conclusion

Accordingly, pursuant to Section 6(b) of the Securities Act and Sections 13(e) and 14(g) 

of the Exchange Act,13

IT IS HEREBY ORDERED that the fee rates applicable under Section 6(b) of the 

Securities Act and Sections 13(e) and 14(g) of the Exchange Act shall be $147.60 per million 

effective on October 1, 2023.

By the Commission. 

J. Matthew DeLesDernier,

Deputy Secretary.

12 15 U.S.C. 77f(b)(4), 15 U.S.C. 78m(e)(6), and 15 U.S.C. 78n(g)(6). 

13 15 U.S.C. 77f(b), 78m(e), and 78n(g).
5 

APPENDIX A

Congress has established a target amount of monies to be collected from fees charged to 

issuers based on the value of their registrations. This appendix provides the formula for 

determining such fees, which the Commission adjusts annually. Congress has mandated that the 

Commission determine these fees based on the “aggregate maximum offering prices,” which 

measures the aggregate dollar amount of securities registered with the Commission over the 

course of the year (hereafter, “registrations”). In order to maximize the likelihood that the 

amount of monies targeted by Congress will be collected, the fee rate must be set to reflect 

projected aggregate maximum offering prices. As a percentage, the fee rate equals the ratio of 

the target amounts of monies to the projected aggregate maximum offering prices. 

For 2024, the Commission has estimated the aggregate maximum offering prices by 

projecting forward the trend established in the previous decade. More specifically, an autoregressive integrated moving average (“ARIMA”) model was used to forecast the value of the 

aggregate maximum offering prices for months subsequent to July 2023, the last month for 

which the Commission has data on the aggregate maximum offering prices. 

The following sections describe this process in detail. 

A. Baseline estimate of the aggregate maximum offering prices for fiscal year 2024. 

First, calculate the aggregate maximum offering prices (AMOP) for each month in the 

sample (July 2013 through July 2023). Next, calculate the percentage change in the AMOP from 

month to month. 
6

Model the monthly percentage change in AMOP as a first order moving average process. 

The moving average approach allows one to model the effect that an exceptionally high (or low) 

observation of AMOP tends to be followed by a more “typical” value of AMOP.

Use the [estimated moving average] [ARIMA] model to forecast the monthly percent 

change in AMOP. These percent changes can then be applied to obtain forecasts of the total 

dollar value of registrations. The following is a more formal (mathematical) description of the 

procedure:

1. Begin with the monthly data for AMOP. The sample spans ten years, from July 2013 to July

2023.

2. Divide each month’s AMOP (column C) by the number of trading days in that month 

(column B) to obtain the average daily AMOP (AAMOP, column D).

3. For each month t, the natural logarithm of AAMOP is reported in column E.

4. Calculate the change in log(AAMOP) from the previous month as

∆t = log (AAMOPt) – log(AAMOPt-1). This approximates the percentage change.

5. Estimate the first order moving average model ∆t = α + βet-1 + et, where et denotes the 

forecast error for month t. The forecast error is simply the difference between the one-month 

ahead forecast and the actual realization of ∆t. The forecast error is expressed as et = ∆t – α –

βet-1. The model can be estimated using standard commercially available software. Using 

least squares, the estimated parameter values are α = 0.0034213782 and β =0.8643834013.

6. For the month of August 2023 forecast ∆t = 8/2023 = α + βet = 7/2023. For all subsequent months, 

forecast ∆t = α.
7

7. Calculate forecasts of log(AAMOP). For example, the forecast of log(AAMOP) for October

2023 is given by FLAAMOP t = 10/2023 = log(AAMOP t = 7/2023) + ∆ t = 8/2023 +∆ t = 9/2023 + ∆ t =

10/2023.

8. Under the assumption that et is normally distributed, the n-step ahead forecast of AAMOP is 

given by exp(FLAAMOPt + σn

2

/2), where σn denotes the standard error of the n-step ahead 

forecast. 

9. For October 2023, this gives a forecast AAMOP of $22,085 million (Column I), and a 

forecast AMOP of $485,871 million (Column J).

10. Iterate this process through September 2024 to obtain a baseline estimate of the aggregate 

maximum offering prices for fiscal year 2024 of $5,690,702,748,940.

B. Using the forecasts from A to calculate the new fee rate.

1. Using the data from Table A, estimate the aggregate maximum offering prices between 

10/01/23 and 9/30/24 to be $5,690,702,748,940.

2. The rate necessary to collect the target $839,771,535 in fee revenues required by Section 6(b) 

of the Securities Act is then calculated as: $839,771,535 ÷ $5,690,702,748,940

=0.0001475690.

3. Round the result to the seventh decimal point, yielding a rate of 0.0001476 (or $147.60 per 

million).
8

(A)

Month

(B)

# of 

Trading 

Days in 

Month

(C)

Aggregate 

Maximum Offering 

Prices, in 

$Millions

(D)

Average Daily 

Aggregate Max. 

Offering Prices 

(AAMOP) in $Millions

(E)

log(AAMOP)

(F)

Log 

(Change in 

AAMOP)

(G)

Forecast 

log(AAMOP)

(H)

Standard 

Error

(I)

Forecast 

AAMOP, 

in 

$Millions

(J)

Forecast 

Aggregate 

Maximum Offering 

Prices, in $Millions

Jul-13 22 263,869 11,994 23.208

Aug-13 22 253,305 11,514 23.167 -0.041

Sep-13 20 267,923 13,396 23.318 0.151

Oct-13 23 293,847 12,776 23.271 -0.047

Nov-13 20 326,257 16,313 23.515 0.244

Dec-13 21 358,169 17,056 23.560 0.045

Jan-14 21 369,067 17,575 23.590 0.030

Feb-14 19 298,376 15,704 23.477 -0.113

Mar-14 21 564,840 26,897 24.015 0.538

Apr-14 21 263,401 12,543 23.252 -0.763

May-14 21 403,700 19,224 23.679 0.427

Jun-14 21 423,075 20,146 23.726 0.047

Jul-14 22 373,811 16,991 23.556 -0.170

Aug-14 21 405,017 19,287 23.683 0.127

Sep-14 21 409,349 19,493 23.693 0.011

Oct-14 23 338,832 14,732 23.413 -0.280

Nov-14 19 386,898 20,363 23.737 0.324

Dec-14 22 370,760 16,853 23.548 -0.189

Jan-15 20 394,127 19,706 23.704 0.156

Feb-15 19 466,138 24,534 23.923 0.219

Mar-15 22 753,747 34,261 24.257 0.334

Apr-15 21 356,560 16,979 23.555 -0.702

May-15 20 478,591 23,930 23.898 0.343

Table A. Estimation of baseline of aggregate maximum offering prices .

Fee rate calculation.

a. Baseline estimate of the aggregate maximum offering prices, 10/01/23 to 09/30/24 ($Millions) 5,690,703

b. Implied fee rate ($839,771,535 / a) $147.60
9

(A)

Month

(B)

# of 

Trading 

Days in 

Month

(C)

Aggregate 

Maximum Offering 

Prices, in 

$Millions

(D)

Average Daily 

Aggregate Max. 

Offering Prices 

(AAMOP) in $Millions

(E)

log(AAMOP)

(F)

Log 

(Change in 

AAMOP)

(G)

Forecast 

log(AAMOP)

(H)

Standard 

Error

(I)

Forecast 

AAMOP, 

in 

$Millions

(J)

Forecast 

Aggregate 

Maximum Offering 

Prices, in $Millions

Jun-15 22 446,102 20,277 23.733 -0.166

Jul-15 22 402,062 18,276 23.629 -0.104

Aug-15 21 334,746 15,940 23.492 -0.137

Sep-15 21 289,872 13,803 23.348 -0.144

Oct-15 22 300,276 13,649 23.337 -0.011

Nov-15 20 409,690 20,485 23.743 0.406

Dec-15 22 308,569 14,026 23.364 -0.379

Jan-16 19 457,411 24,074 23.904 0.540

Feb-16 20 554,343 27,717 24.045 0.141

Mar-16 22 900,301 40,923 24.435 0.390

Apr-16 21 250,716 11,939 23.203 -1.232

May-16 21 409,992 19,523 23.695 0.492

Jun-16 22 321,219 14,601 23.404 -0.291

Jul-16 20 289,671 14,484 23.396 -0.008

Aug-16 23 352,068 15,307 23.452 0.055

Sep-16 21 326,116 15,529 23.466 0.014

Oct-16 21 266,115 12,672 23.263 -0.203

Nov-16 21 443,034 21,097 23.772 0.510

Dec-16 21 310,614 14,791 23.417 -0.355

Jan-17 20 503,030 25,152 23.948 0.531

Feb-17 19 255,815 13,464 23.323 -0.625

Mar-17 23 723,870 31,473 24.172 0.849

Apr-17 19 255,275 13,436 23.321 -0.851

May-17 22 569,965 25,908 23.978 0.657

Jun-17 22 445,081 20,231 23.730 -0.247

Jul-17 20 291,167 14,558 23.401 -0.329

Aug-17 23 263,981 11,477 23.164 -0.238

Sep-17 20 372,705 18,635 23.648 0.485

Oct-17 22 173,749 7,898 22.790 -0.858
10

(A)

Month

(B)

# of 

Trading 

Days in 

Month

(C)

Aggregate 

Maximum Offering 

Prices, in 

$Millions

(D)

Average Daily 

Aggregate Max. 

Offering Prices 

(AAMOP) in $Millions

(E)

log(AAMOP)

(F)

Log 

(Change in 

AAMOP)

(G)

Forecast 

log(AAMOP)

(H)

Standard 

Error

(I)

Forecast 

AAMOP, 

in 

$Millions

(J)

Forecast 

Aggregate 

Maximum Offering 

Prices, in $Millions

Nov-17 21 377,262 17,965 23.612 0.822

Dec-17 20 281,126 14,056 23.366 -0.245

Jan-18 21 593,025 28,239 24.064 0.698

Feb-18 19 353,182 18,589 23.646 -0.418

Mar-18 21 685,784 32,656 24.209 0.563

Apr-18 21 367,569 17,503 23.586 -0.624

May-18 22 543,840 24,720 23.931 0.345

Jun-18 21 477,967 22,760 23.848 -0.083

Jul-18 21 327,710 15,605 23.471 -0.377

Aug-18 23 347,239 15,097 23.438 -0.033

Sep-18 19 259,874 13,678 23.339 -0.099

Oct-18 23 300,814 13,079 23.294 -0.045

Nov-18 21 447,767 21,322 23.783 0.489

Dec-18 19 276,130 14,533 23.400 -0.383

Jan-19 21 495,624 23,601 23.885 0.485

Feb-19 19 372,166 19,588 23.698 -0.186

Mar-19 21 604,813 28,801 24.084 0.385

Apr-19 21 267,737 12,749 23.269 -0.815

May-19 22 476,892 21,677 23.800 0.531

Jun-19 20 399,178 19,959 23.717 -0.083

Jul-19 22 359,438 16,338 23.517 -0.200

Aug-19 22 401,391 18,245 23.627 0.110

Sep-19 20 382,876 19,144 23.675 0.048

Oct-19 23 181,113 7,874 22.787 -0.888

Nov-19 20 553,889 27,694 24.044 1.258

Dec-19 21 438,062 20,860 23.761 -0.283

Jan-20 21 636,403 30,305 24.135 0.373

Feb-20 19 424,133 22,323 23.829 -0.306

Mar-20 22 409,403 18,609 23.647 -0.182
11

(A)

Month

(B)

# of 

Trading 

Days in 

Month

(C)

Aggregate 

Maximum Offering 

Prices, in 

$Millions

(D)

Average Daily 

Aggregate Max. 

Offering Prices 

(AAMOP) in $Millions

(E)

log(AAMOP)

(F)

Log 

(Change in 

AAMOP)

(G)

Forecast 

log(AAMOP)

(H)

Standard 

Error

(I)

Forecast 

AAMOP, 

in 

$Millions

(J)

Forecast 

Aggregate 

Maximum Offering 

Prices, in $Millions

Apr-20 21 389,821 18,563 23.644 -0.002

May-20 20 731,835 36,592 24.323 0.679

Jun-20 22 650,219 29,555 24.110 -0.214

Jul-20 22 457,871 20,812 23.759 -0.351

Aug-20 21 465,953 22,188 23.823 0.064

Sep-20 21 435,323 20,730 23.755 -0.068

Oct-20 22 429,638 19,529 23.695 -0.060

Nov-20 20 849,894 42,495 24.473 0.777

Dec-20 22 493,133 22,415 23.833 -0.640

Jan-21 19 753,590 39,663 24.404 0.571

Feb-21 19 785,163 41,324 24.445 0.041

Mar-21 23 960,806 41,774 24.456 0.011

Apr-21 21 430,803 20,514 23.744 -0.711

May-21 20 759,512 37,976 24.360 0.616

Jun-21 22 512,966 23,317 23.872 -0.488

Jul-21 21 485,097 23,100 23.863 -0.009

Aug-21 22 608,745 27,670 24.044 0.181

Sep-21 21 565,229 26,916 24.016 -0.028

Oct-21 21 338,100 16,100 23.502 -0.514

Nov-21 21 387,841 18,469 23.639 0.137

Dec-21 22 618,897 28,132 24.060 0.421

Jan-22 20 809,773 40,489 24.424 0.364

Feb-22 19 531,622 27,980 24.055 -0.370

Mar-22 23 868,009 37,740 24.354 0.299

Apr-22 20 607,591 30,380 24.137 -0.217

May-22 21 529,417 25,210 23.951 -0.187

Jun-22 21 410,380 19,542 23.696 -0.255

Jul-22 20 364,895 18,245 23.627 -0.069

Aug-22 23 495,621 21,549 23.794 0.166
12

(A)

Month

(B)

# of 

Trading 

Days in 

Month

(C)

Aggregate 

Maximum Offering 

Prices, in 

$Millions

(D)

Average Daily 

Aggregate Max. 

Offering Prices 

(AAMOP) in $Millions

(E)

log(AAMOP)

(F)

Log 

(Change in 

AAMOP)

(G)

Forecast 

log(AAMOP)

(H)

Standard 

Error

(I)

Forecast 

AAMOP, 

in 

$Millions

(J)

Forecast 

Aggregate 

Maximum Offering 

Prices, in $Millions

Sep-22 21 371,472 17,689 23.596 -0.197

Oct-22 21 175,612 8,362 22.847 -0.749

Nov-22 21 362,262 17,251 23.571 0.724

Dec-22 21 311,922 14,853 23.421 -0.150

Jan-23 20 484,759 24,238 23.911 0.490

Feb-23 19 700,233 36,854 24.330 0.419

Mar-23 23 775,232 33,706 24.241 -0.089

Apr-23 19 310,952 16,366 23.518 -0.722

May-23 22 574,632 26,120 23.986 0.467

Jun-23 21 87,686 4,176 22.153 -1.833

Jul-23 20 778,808 38,940 24.385 2.233

Aug-23 23 23.737 0.380 21,876 503,156

Sep-23 20 23.740 0.383 21,980 439,609

Oct-23 22 23.743 0.387 22,085 485,871

Nov-23 21 23.747 0.390 22,190 465,993

Dec-23 20 23.750 0.393 22,296 445,914

Jan-24 21 23.754 0.397 22,402 470,438

Feb-24 20 23.757 0.400 22,508 450,168

Mar-24 20 23.761 0.403 22,616 452,311

Apr-24 22 23.764 0.407 22,723 499,909

May-24 22 23.767 0.410 22,831 502,288

Jun-24 19 23.771 0.413 22,940 435,859

Jul-24 22 23.774 0.416 23,049 507,080

Aug-24 22 23.778 0.420 23,159 509,493

Sep-24 20 23.781 0.423 23,269 465,379
13