Christopher Cox announced that the SEC will significantly cut the fees charged to public companies and other issuers for securities transactions and registrations. Fees to register securities with the SEC will be reduced by 71.3%, and fees on securities transactions will be reduced by 50.2%. More specifically, effective February 20, the Section 6(b) fee rate applicable to the registration of securities, the 13(e) fee rate applicable to the repurchase of securities, and the Section 14(g) fee rate applicable to proxy solicitations and statements in corporate control transactions decreased to $30.70 per million dollars from the previous rate of $107.00 per million dollars.

In addition, effective March 17, the Section 31 fee rate applicable to securities transactions on the exchanges and over-the-counter markets will decrease to $15.30 per million dollars. Further, the SEC will determine no later than March 1, 2007, whether a mid-year adjustment to the Section 31 fee rate will be necessary. Also effective March 17, the Section 31 assessment on security futures transactions will decrease to $0.0042 per round turn transaction.

The SEC will announce new fee rates for fiscal 2008 no later than April 30, 2007. These fee rates will become effective October 1, 2007, or after the SEC's fiscal 2008 appropriation is enacted.