Good News: SEC Filing Fees Are Going Down for FY 2026
Every once in a while, the SEC gives filers a reason to smile. This year, that comes in the form of a nearly 10% drop in registration fees. Starting October 1, 2025, the rate will decrease to $138.10 per million dollars, down from $153.10 per million in FY 2025.
This lower rate applies to:
- Section 6(b) registrations (Securities Act)
- Section 13(e) issuer repurchases (Exchange Act)
- Section 14(g) proxy solicitations & tender offers (Exchange Act)
Why the Change?
The SEC is required to adjust fees each year so that total collections meet a target amount set by Congress (and nudged for inflation). For FY 2026, that number is $887.8 million. Based on projected offering activity of about $6.4 trillion, the math brings us to the new $138.10 per million rate.
Why It Matters
After a couple of years of sharp increases (a 33.9% spike in 2024 and another 3.7% in 2025), this marks the first decrease since 2021.
For companies preparing offerings or frequent filers, the lower rate means real savings. It may not change the deal itself, but it does make filing a little lighter on the budget.
So, if you’re gearing up for a filing this fall, be sure to update your fee worksheets and calculators before October 1.
Quick Snapshot
| Fiscal Year | Rate per $1M | Change |
|---|---|---|
| FY 2024 | ~$114.60 | +33.9% |
| FY 2025 | $153.10 | +3.7% |
| FY 2026 | $138.10 | –9.8% |
Our Take
At Highland, we know fees are just one part of the compliance puzzle, but any decrease is welcome news. Our team will make sure your filings reflect the correct rates so you can stay focused on raising capital, not crunching numbers.
If you have questions about how this update affects your upcoming filings, we’re here to help.