SEC introduces BETA testing for modernised filing fee rule
Aiming to improve the process for filing fee disclosure and payment methods, last year the Securities and Exchange Commission (SEC) adopted the Filing Fee Disclosure and Payment Methods Modernization amendments. This welcome initiative aims to make filing faster, less expensive, and more efficient for both SEC staff and market participants. The rule mandates the use of Inline XBRL to report the information required for calculating filing fees across a wide range of forms, schedules, and statements.
To facilitate a smooth transition to the new system, the SEC is offering a BETA testing opportunity for filers. Participants will have access to the Fee Exhibit Preparation Tool, which includes helpful features like prompts, explanations, and automated calculations to generate submission-ready filing fee exhibits (EX-Filing Fees). The BETA testing period will be open from 2 October to 22 December, allowing filers to familiarise themselves with the new processes and provide valuable feedback.
Voluntary compliance beyond the BETA program starts on 31 January 2024, while mandatory compliance for large accelerated filers begins on 31 July 2024, followed by all filers by 31 July 2025. With the requirements kicking in over the next few years, the BETA testing represents a great opportunity for filers to get ahead of the curve.
Read more and find out how to sign up for the BETA testing program here. Let us know how you go!
