SEC Fees

Discussion in 'Order Execution' started by lescor, Nov 28, 2002.

  1. lescor


    There have been a few threads on this in the past, and each time it's mentioned that these fees were jacked up a while back, but that they were supposed to come back down. The current rate is .000031 times the amount on any sales of stock you make ($31 per million)

    I did some searching and this is what I found:

    In March 2001, there was the Competitive Market Supervision Act, which was passed in the senate. It was supposed to reduce the fee to $15/million on sales.

    Then there was the Investor and Capital Markets Fee Relief Act, which was signed by the president in January 2002. It was also supposed to reduce the fee to $15/million and be retroactive to December 28, 2001.

    The Securities Industry Asscociation has a page of support for this bill, but nothing new on it since it was passed.

    So what I want to know is, why the hell am I still paying $31 per million on all my sell transactions? I've paid over $5,000 in SEC fees this year and I'm not a big volume trader. And if there was or is supposed to be a retroactive rebate, I want to make sure it flows to me, the guy who paid the fees, and is not kept by my firm or clearing firm as a profit.

    Can anyone shed some light on this?
  2. Got a rebate December 2001. Don't know about this Dec?

    Now cut all the dividends tax + privatize social security like Chile.:cool:
  3. That is a great question lescor. Why don't you ask Jeff or Rob, I am sure they might be able to shed some light on this. If you get the answer, please feel free to let us know.
    Off the top of my head, I think I have paid over 25,000 in SEC fees this year, sure would be nice to get half that back!