Sec. 5. Market access charge
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On and after the date that is 180 days after the date of the enactment of this Act, there shall be imposed a market access charge on each covered buyer in a covered transaction. The Board of Governors of the Federal Reserve System shall establish and adjust the rate of the market access charge at a rate that— achieves a current account balance not later than 5 years after the date of the enactment of this Act; and maintains a current account balance thereafter. Subject to subparagraph (B), the Board of Governors may take into consideration the minimization of disruptive effects on output, employment, interest rates, and foreign exchange, securities, and asset markets.
The Board of Governors may not adjust the market access charge in reaction to noncrisis movements in the markets described in subparagraph (A). If, on the date that is 180 days after the date of the enactment of this Act, the Board of Governors has not established the initial rate for the market access charge, the initial market access charge shall be established at the rate of 50 basis points of the value of a covered transaction. The market access charge shall be collected from a covered buyer in a covered transaction as follows:
In the case of a covered transaction involving a registered security, the transfer agent shall collect the market access charge. In the case of a covered transaction not involving a registered security and through which a domestic financial institution receives funds from the covered buyer, the domestic financial institution shall collect the market access charge. In the case of any covered transaction not described in subparagraph
(A)or (B), the United States person that is the counterparty to the covered buyer or otherwise receives funds from the covered buyer pursuant to the covered transaction shall collect the market access charge. At the end of each month, each person collecting a market access charge under paragraph
(1)shall transfer to the Secretary the amount of all market access charges collected by the person during that month in such manner as the Secretary may prescribe. The Secretary shall require each person collecting a market access charge under paragraph
(1)with respect to a covered transaction to keep records and file reports with the Secretary that include, in the manner and to the extent the Secretary prescribes— the identity and address of participants in the transaction; a description of the legal capacity in which each participant in the transaction is acting; the identity of real parties in interest; a description of the transaction, including the nature of the United States asset involved and the price paid; the amount of the market access charge collected and the amount retained as a service fee pursuant to paragraph (4); and such other information as the Secretary may prescribe. A person collecting a market access charge under paragraph
(1)may retain, from the amount of the market access charge collected, a service fee, in an amount prescribed by the Secretary, to compensate the person for the administrative costs of collecting the market access charge. A transfer agent that violates the requirements of this subsection shall be subject to a penalty under section 32 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78ff ) to the same extent as if that agent violated a provision of that Act. A domestic financial institution or other United States person that violates the requirements of this subsection shall be subject to a penalty under section 5321(a)(1) or 5322(a) of title 31, United States Code, to the same extent as if that institution violated a provision of subchapter II of chapter 53 of that title. The Secretary shall deposit all amounts received under subsection (c)(2) into the general fund of the Treasury.
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Sec. 5
Market access charge
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