What Is SEC Form 24F-2?

SEC Form 24F-2 is a filing that must be submitted annually by open-end management investment companies. The form is also required for face-amount certificate companies and unit investment trusts. The form must specify the name of each series or class of securities for which the form is filed, and be filed within 90 days of the end of the fiscal year during which the company has publicly offered such securities.

Key Takeaways

  • SEC Form 24F-2 is an electronic filing that must be submitted each year to the Securities and Exchange Commission by a variety of firms.
  • It pertains to so-called open-end management firms or companies that offer mutual funds and ETFs, face-amount certificate companies, and unit investment trusts.
  • The form has to state the name of each series or class of securities for which it has been filed and must be filed within 90 days of the end of the fiscal year during which the company offered those securities.
  • The form is also referred to as the "annual notice of securities sold" and is mandated as a provision of the Investment Company Act of 1940.
  • The purpose of this form is for the SEC to determine and collect registration fees from the companies that are filing.

Understanding SEC Form 24F-2

SEC Form 24F-2, also known as "annual notice of securities sold," is required by rule 24F-2 under the Investment Company Act of 1940. The Securities and Exchange Commission (SEC) uses this form to calculate and collect registration fees payable to the Commission by these companies. “Open-end management companies” refers to firms that offer mutual funds and ETFs. Rule 24F-2 does not apply to closed-end funds.

$109.10 per million dollars

Filing fees charged by the SEC for the fiscal year 2021, starting October 1, 2020.

How Investment Companies File Annual SEC Fees

Investment companies that issue the securities covered by form 24F-2 will typically have issued multiple securities with varying fiscal years. Form 24F-2 allows multiple securities with the same fiscal end date to be submitted, and the issuer can calculate its fees based on aggregate net sales of the series having the same fiscal year end. Issuers are required to submit the forms electronically using EDGAR and the form must be accompanied by the appropriate registration fee. If the Form is being filed late, interest must be paid. Issuers who calculate registration fees on a class-by-class or series-by-series basis can make a single filing consisting of a separate Form 24F-2 for each class or series in a single document.

Securities laws require the SEC to make annual adjustments to the rates for fees paid under Section 6(b) of the Securities Act of 1933, which is for initial registration of securities. The Section 6(b) rate is also the rate used to calculate the fees payable under Rule 24F-2. The SEC has said that filing fees for fiscal 2021 will be charged at a rate of $109.10 per million dollars, effective October 1, 2020. That's a drop from the previous fiscal year, in which the rate charged was $129.80 per million dollars.