Securities Registration Fees for Mutual Funds

An opinion was requested concerning adoption of a rule which would waive the registration fee prescribed in the Securities Act of 1933, as amended, by prescribing a different means of calculating the fee for open-end management companies (mutual funds). The proposed change would apply to newly issued securities which merely replace securities redeemed during the preceding year. Although mutual funds incur security registration fees disproportionate to their size and may be distinguished from other companies registering, there is no authority to issue regulations which would waive the statutory fee.