The Chris Cox Tax Cut
On Tuesday, the head of the Securities and Exchange Commission does his part (link may require subscription) for efficient markets:
(Feb. 20) Starting today, the Securities and Exchange Commission will slice regulatory fees charged to public companies and other issuers for securities transactions and registrations by $700 million.
Fees to register securities with the SEC will be reduced by 71.3%, while fees on securities transactions will be reduced by 50.2%.
Fee rates for proxy solicitations and statements will fall to $30.70 per $1 million, down from $107 per $1 million.
Fees associated with transactions on exchanges and over-the-counter markets will be cut to $15.30 per $1 million, the SEC said.
The assessment on security futures transactions also will decrease to $0.0042 per round turn transaction, effective March 17.
“The investors who bear the burden of these SEC fees deserve this relief,” said SEC Chairman Christopher Cox, according to a statement.
“It will mean that more of their hard earned savings will be available for important needs such as education, health care, and retirement — and less will be diverted to Washington.”
The SEC was never meant to become the profit center it has become. This is a very good move on Cox’s part.
