February 5, 1990
TO: SEC RULES COMMITTEE NO. 9-90
UNIT INVESTMENT TRUST COMMITTEE NO. 5-90
CLOSED-END FUND COMMITTEE NO. 5-90
RE: SEC FEE INCREASE IN PRESIDENT'S BUDGET
__________________________________________________________
The fiscal year 1991 budget proposal submitted by the Bush
administration is seeking legislation to make permanent the
increase in registration fees under Section 6(b) of the
Securities Act, which was enacted in 1989 and increased those
fees from 1/50th of one percent to 1/40th of one percent of the
value of the securities offered. In addition, the budget
proposal would seek to raise fees on stock exchange transactions
from 1/300th of one percent to 1/220th of one percent and to
extend these fees to NASDAQ/NMS securities. The proposal would
also raise fees on merger and proxy filings from 1/50th of one
percent to 1/40th of one percent.
The proposal would increase the SEC's appropriations by 15
percent over the current fiscal year's budget. We will keep you
informed of developments.
Craig S. Tyle
Associate General Counsel