SEC Adopts Final Rules To Modernize Filing Fee Disclosure And Payment Methods

Yesterday afternoon, the SEC announced that it had—unanimously—adopted amendments, largely as originally proposed in 2019, to modernize filing fee disclosure and payment methods. How long has it been since the SEC adopted anything unanimously?  Apparently it took a far-from-spellbinding 432-page adopting release about filing fee disclosure and Automated Clearing House payments to finally achieve that level of comity. Here is the brief fact sheet. The amendments revise almost everything—"most fee-bearing forms, schedules, statements, and related rules"—to require each fee table and accompanying explanatory notes (which will now be moved to a separate exhibit) to include "all required information for fee calculation in a structured format." That means more XBRL. The amendments also add new options for fee payment using ACH and debit and credit cards, retain the current option for payment by wire transfer, but eliminate fee payment with paper checks and money orders.