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Code · BILL · 115th Congress · H.R. 10 (Reported in House) — To create hope and opportunity for investors, consumers, and entrepreneurs by ending bailouts and Too Big to Fail, ho... · Sec. 804

Sec. 804. Fees to offset appropriations

1,056 words·~5 min read·/bill/115/hr/10/rh/section-804

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Section 31 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78ee ) is amended— by striking subsection
(a)and inserting the following: The Commission shall, in accordance with this section, collect transaction fees and assessments. ; in subsection (i)— in paragraph (1)(A), by inserting except as provided in paragraph (2), before shall ; and by striking paragraph
(2)and inserting the following: Any fees collected for a fiscal year pursuant to this section, sections 13(e) and 14(g) of this title, and section 6(b) of the Securities Act of 1933 in excess of the amount provided in appropriation Acts for collection for such fiscal year pursuant to such sections shall be deposited and credited as general revenue of the Treasury. ; in subsection (j)— by striking the regular appropriation to the Commission by Congress for such fiscal year each place it appears and inserting the target offsetting collection amount for such fiscal year ; and in paragraph (2), by striking subsection
(l)and inserting subsection (l)(2) ; and by striking subsection
(l)and inserting the following: For purposes of this section: The target offsetting collection amount for a fiscal year is— for fiscal year 2017, $1,400,000,000; and for each succeeding fiscal year, the target offsetting collection amount for the prior fiscal year, adjusted by the rate of inflation. The baseline estimate of the aggregate dollar amount of sales for any fiscal year is the baseline estimate of the aggregate dollar amount of sales of securities (other than bonds, debentures, other evidences of indebtedness, security futures products, and options on securities indexes (excluding a narrow-based security index)) to be transacted on each national securities exchange and by or through any member of each national securities association (otherwise than on a national securities exchange) during such fiscal year as determined by the Commission, after consultation with the Congressional Budget Office and the Office of Management and Budget, using the methodology required for making projections pursuant to section 257 of the Balanced Budget and Emergency Deficit Control Act of 1985. .
(b)of the Securities Act of 1933 Section 6(b) of the Securities Act of 1933 ( 15 U.S.C. 77f(b) ) is amended— by striking target fee collection amount each place it appears and inserting target offsetting collection amount ; in paragraph (4), by striking the last sentence and inserting the following: Subject to paragraphs (6)(B) and (7), an adjusted rate prescribed under paragraph
(2)shall take effect on the later of— the first day of the fiscal year to which such rate applies; or five days after the date on which a regular appropriation to the Commission for such fiscal year is enacted. ; in paragraph (5), by inserting of the Securities Exchange Act of 1934 after sections 13(e) and 14(g) ; by redesignating paragraph
(6)as paragraph (8); by inserting after paragraph
(5)the following: Fees collected pursuant to this subsection for any fiscal year— except as provided in section 31(i)(2) of the Securities Exchange Act of 1934, shall be deposited and credited as offsetting collections to the account providing appropriations to the Commission; and except as provided in paragraph (7), shall not be collected for any fiscal year except to the extent provided in advance in appropriation Acts. If on the first day of a fiscal year a regular appropriation to the Commission has not been enacted, the Commission shall continue to collect fees (as offsetting collections) under this subsection at the rate in effect during the preceding fiscal year, until 5 days after the date such a regular appropriation is enacted. ; and in subparagraph
(A)of paragraph
(8)(as so redesignated)— by striking the subparagraph heading and inserting ; and Target offsetting collection amount.— in the heading of the right column of the table, by striking and inserting fee . offsetting
(e)of the Securities Exchange Act of 1934 Section 13(e) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m(e) ) is amended— by striking paragraph
(5)and inserting the following: Fees collected pursuant to this subsection for any fiscal year— except as provided in section 31(i)(2), shall be deposited and credited as offsetting collections to the account providing appropriations to the Commission; and except as provided in paragraph (8), shall not be collected for any fiscal year except to the extent provided in advance in appropriations Acts. ; and by adding at the end the following: If on the first day of a fiscal year a regular appropriation to the Commission has not been enacted, the Commission shall continue to collect fees (as offsetting collections) under this subsection at the rate in effect during the preceding fiscal year, until 5 days after the date such a regular appropriation is enacted. .
(g)of the Securities Exchange Act of 1934 Section 14(g) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78n(g) ) is amended— by striking paragraph
(5)and inserting the following: Fees collected pursuant to this subsection for any fiscal year— except as provided in section 31(i)(2), shall be deposited and credited as offsetting collections to the account providing appropriations to the Commission; and except as provided in paragraph (8), shall not be collected for any fiscal year except to the extent provided in advance in appropriations Acts. ; by redesignating paragraph
(8)as paragraph (9); and by inserting after paragraph
(7)the following: If on the first day of a fiscal year a regular appropriation to the Commission has not been enacted, the Commission shall continue to collect fees (as offsetting collections) under this subsection at the rate in effect during the preceding fiscal year, until 5 days after the date such a regular appropriation is enacted. . The amendments made by this section— shall apply beginning on October 1, 2017, except that for fiscal year 2018, the Securities and Exchange Commission shall publish— the rates established under section 31 of the Securities Exchange Act of 1934, as amended by this section, not later than 30 days after the date on which an Act making a regular appropriation to the Commission for fiscal year 2018 is enacted; and the rate established under section 6(b) of the Securities Act of 1933, as amended by this section, not later than August 31, 2017; and shall not apply with respect to fees for any fiscal year before fiscal year 2018.
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cites case law
Sec. 804
Fees to offset appropriations
U.S.C.§ 78ee
U.S.C.§ 77f
U.S.C.§ 78m
U.S.C.§ 78n
Cites 4Cited by 0 across 0 sources
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