Securities And Exchange Commission Fee Rate Advisory #4 For Fiscal Year 2003

The continuing resolution funding the Securities and Exchange Commission for fiscal 2003 since Oct. 1, 2002 has been extended through Oct. 11, 2002. Therefore, the Section 6(b) fee rate applicable to the registration of securities, the Section 13(e) fee rate applicable to the repurchase of securities, and the Section 14(g) fee rates applicable to proxy solicitations and statements in corporate control transactions will remain at the current rate of $92.00 per million. Five days after enactment of the Commission's regular appropriation, the fee rates for Section 6(b) of the Securities Act of 1933 and Sections 13(e) and 14(g) of the Securities Exchange Act of 1934 will be reduced from $92.00 per million to $80.90 per million as previously announced.

In addition, the Section 31 fee rate applicable to securities transactions on the exchanges and Nasdaq also will remain at the current rate of $30.10 per million. Thirty days after enactment of the Commission's regular appropriation, the fee rate for Exchange Act Section 31 transactions will be reduced to $25.20 per million as previously announced.

The delayed effective dates for the fee rate reductions are statutory requirements over which the Commission has no discretion. These delays will not provide any additional funding for the Commission.

The Commission will issue further notices as appropriate to keep the public informed of developments relating to enactment of the Commission's regular appropriation and the effective dates for the above fee rate changes. These notices will be posted at the SEC's Internet web site at http://www.sec.gov.