The Securities and Exchange Commission has amended its procedures for payment of fees imposed under the federal securities laws. 

Effective February 4, the SEC amended rules under the Securities Act of 1933, Securities Exchange Act of 1934 and Investment Company Act of 1940 to change its U.S. Treasury Department designated lockbox depository from Mellon Bank, N.A. to U.S. Bank, N.A. The SEC also added an explanatory note to this rule explaining that under current law, the deposit of money by an issuer into a filing fee account does not constitute the payment of a filing fee; rather, the payment of a filing fee occurs at the time a filing is made and the SEC draws down on such account.

The SEC also amended rules under the Securities Act, Exchange Act and Investment Company Act to clarify that payment of fees to the SEC may be made by wire transfer, certified check, bank cashiers check, United States postal money order or bank money order. The amendment eliminated the option of paying fees with cash or by personal check. All payments should include the filer’s Central Index Key (CIK) number. The new rules also include specific payment instructions for wire transfers, check or money order, and note that with certain exceptions, a fee must actually be received by the depository at the time of filing of a registration statement or business transaction proxy statement with the Commission.