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119th Congress

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119th Congress

Title 15 — Commerce and Trade

Chapter 2B — Securities Exchanges

§ 78ee. Transaction fees

Statutory text

(a)

Recovery of costs of annual appropriation

The Commission shall, in accordance with this section, collect transaction fees and assessments that are designed to recover the costs to the Government of the annual appropriation to the Commission by Congress.

(b)

Exchange-traded securities

Subject to subsection (j), each national securities exchange shall pay to the Commission a fee at a rate equal to $15 1 per $1,000,000 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)) transacted on such national securities exchange.

(c)

Off-exchange trades of exchange registered and last-sale-reported securities

Subject to subsection (j), each national securities association shall pay to the Commission a fee at a rate equal to $15 1 per $1,000,000 of the aggregate dollar amount of sales transacted by or through any member of such association otherwise than on a national securities exchange of securities (other than bonds, debentures, other evidences of indebtedness, security futures products, and options on securities indexes (excluding a narrow-based security index)) registered on a national securities exchange or subject to prompt last sale reporting pursuant to the rules of the Commission or a registered national securities association.

(d)

Assessments on security futures transactions

Each national securities exchange and national securities association shall pay to the Commission an assessment equal to $0.009 for each round turn transaction (treated as including one purchase and one sale of a contract of sale for future delivery) on a security future traded on such national securities exchange or by or through any member of such association otherwise than on a national securities exchange, except that for fiscal year 2007 and each succeeding fiscal year such assessment shall be equal to $0.0042 for each such transaction.

(e)

Dates for payments

The fees and assessments required by subsections (b), (c), and (d) of this section shall be paid—

(1)

on or before March 15, with respect to transactions and sales occurring during the period beginning on the preceding September 1 and ending at the close of the preceding December 31; and

(2)

on or before September 25, with respect to transactions and sales occurring during the period beginning on the preceding January 1 and ending at the close of the preceding August 31.

(f)

Exemptions

The Commission, by rule, may exempt any sale of securities or any class of sales of securities from any fee or assessment imposed by this section, if the Commission finds that such exemption is consistent with the public interest, the equal regulation of markets and brokers and dealers, and the development of a national market system.

(g)

Publication

The Commission shall publish in the Federal Register notices of the fee and assessment rates applicable under this section for each fiscal year not later than 30 days after the date on which an Act making a regular appropriation to the Commission for such fiscal year is enacted, together with any estimates or projections on which such fees are based.

(h)

Pro rata application

The rates per $1,000,000 required by this section shall be applied pro rata to amounts and balances of less than $1,000,000.

(i)

Deposit of fees

(1)

Offsetting collections

Fees collected pursuant to subsections (b), (c), and (d) for any fiscal year—

(A)

shall be deposited and credited as offsetting collections to the account providing appropriations to the Commission; and

(B)

except as provided in subsection (k), shall not be collected for any fiscal year except to the extent provided in advance in appropriation Acts.

(2)

General revenues prohibited

No fees collected pursuant to subsections (b), (c), and (d) for fiscal year 2002 or any succeeding fiscal year shall be deposited and credited as general revenue of the Treasury.

(j)

Adjustments to fee rates

(1)

Annual adjustment

Subject to subsections (i)(1)(B) and (k), for each fiscal year, the Commission shall by order adjust each of the rates applicable under subsections (b) and (c) for such fiscal year to a uniform adjusted rate that, when applied to the baseline estimate of the aggregate dollar amount of sales for such fiscal year, is reasonably likely to produce aggregate fee collections under this section (including assessments collected under subsection (d) of this section) that are equal to the regular appropriation to the Commission by Congress for such fiscal year.

(2)

Mid-year adjustment

Subject to subsections (i)(1)(B) and (k), for each fiscal year, the Commission shall determine, by March 1 of such fiscal year, whether, based on the actual aggregate dollar volume of sales during the first 5 months of such fiscal year, the baseline estimate of the aggregate dollar volume of sales used under paragraph (1) for such fiscal year is reasonably likely to be 10 percent (or more) greater or less than the actual aggregate dollar volume of sales for such fiscal year. If the Commission so determines, the Commission shall by order, no later than March 1, adjust each of the rates applicable under subsections (b) and (c) for such fiscal year to a uniform adjusted rate that, when applied to the revised estimate of the aggregate dollar amount of sales for the remainder of such fiscal year, is reasonably likely to produce aggregate fee collections under this section (including fees collected during such five-month period and assessments collected under subsection (d) of this section) that are equal to the regular appropriation to the Commission by Congress for such fiscal year. In making such revised estimate, the Commission shall, after consultation with the Congressional Budget Office and the Office of Management and Budget, use the same methodology required by subsection (l).

(3)

Review

In exercising its authority under this subsection, the Commission shall not be required to comply with the provisions of section 553 of title 5. An adjusted rate prescribed under paragraph (1) or (2) and published under subsection (g) shall not be subject to judicial review.

(4)

Effective date

(A)

Annual adjustment

Subject to subsections (i)(1)(B) and (k), an adjusted rate prescribed under paragraph (1) shall take effect on the later of—

(i)

the first day of the fiscal year to which such rate applies; or

(ii)

60 days after the date on which an Act making a regular appropriation to the Commission for such fiscal year is enacted.

(B)

Mid-year adjustment

An adjusted rate prescribed under paragraph (2) shall take effect on April 1 of the fiscal year to which such rate applies.

(k)

Lapse of appropriation

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 (as offsetting collections) the fees and assessments under subsections (b), (c), and (d) at the rate in effect during the preceding fiscal year, until 60 days after the date such a regular appropriation is enacted.

(l)

Baseline estimate of the aggregate dollar amount of sales

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 907 of title 2.

(m)

Transmittal of Commission budget requests

(1)

Budget required

For fiscal year 2012, and each fiscal year thereafter, the Commission shall prepare and submit a budget to the President. Whenever the Commission submits a budget estimate or request to the President or the Office of Management and Budget, the Commission shall concurrently transmit copies of the estimate or request to the Committee on Appropriations of the Senate, the Committee on Appropriations of the House of Representatives, the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Committee on Financial Services of the House of Representatives.

(2)

Submission to Congress

The President shall submit each budget submitted under paragraph (1) to Congress, in unaltered form, together with the annual budget for the Administration submitted by the President.

(3)

Contents

The Commission shall include in each budget submitted under paragraph (1)—

(A)

an itemization of the amount of funds necessary to carry out the functions of the Commission.

(B)

an amount to be designated as contingency funding to be used by the Commission to address unanticipated needs; and

(C)

a designation of any activities of the Commission for which multi-year budget authority would be suitable.

Footnotes

  1. 1 See Adjustment of Transaction Fee Rate notes below.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

  1. Pub. L. 73–404 · 48 Stat. 881

    Enacted · 15 U.S.C. § 78ee

    June 6, 1934, ch. 404, title I, § 31, 48 Stat. 904

    Source evidence

    Code source credit
    June 6, 1934, ch. 404, title I, § 31, 48 Stat. 904

  2. Securities Acts Amendments of 1975

    Pub. L. 94–29 § 22 · 89 Stat. 97

    Amended · 15 U.S.C. § 78ee

    Pub. L. 94–29 amended section generally, extending provisions requiring the payment of fees to include transactions in listed securities which occur in the over-the-counter market

    Source evidence

    Code amendment note
    Pub. L. 94–29 amended section generally, extending provisions requiring the payment of fees to include transactions in listed securities which occur in the over-the-counter market.

    Enacted provision · exact public law section
    Sec. 22. Section 31 of the Securities Exchange Act of 1934 (15 U.S.C. 78ee) is amended to read as follows: “Sec. 31. “transaction fees Every national securities exchange shall pay to the Commission on or before March 15 of each calendar year a fee in an amount equal to one three-hundredths of 1 per centum of the aggregate dollar amount of the sales of securities (other than bonds, debentures, and other evidences of indebtedness) transacted on such national securities exchange during each preceding calendar year to which this section applies. Every registered broker and dealer shall pay to the Commission on or before March 15 of each calendar year a fee in an amount equal to one three-hundredths of 1 per centum of the aggregate dollar amount of the sales of securities registered on a national securities exchange, (other than bonds, debentures, and other evidences of indebtedness) transacted by such broker or dealer otherwise than on such an exchange during each preceding calendar year: Provided, however, That no payment shall be required for any calendar year in which such payment would be less than one hundred dollars. The Commission by rule, may exempt any sale of securities or any class of sales of securities from any fee imposed by this section, if the Commission finds that such exemption is consistent, with the public interest, the equal regulation of markets and brokers and dealers, and the development of a national market system.”.

  3. National Securities Markets Improvement Act of 1996

    Pub. L. 104–290 title IV § 405(a) · 110 Stat. 3416

    Amended · 15 U.S.C. § 78ee

    Pub. L. 104–290 reenacted section catchline without change and amended text generally. Prior to amendment, text read as follows: “Every national securities exchange shall pay to the Commission on or before March 15 of each calendar year a fee in an amount equal to one three-hundredths of 1 per centum of the aggregate dollar amount of the sales of securities (other than bonds, debentures, and other evidences of indebtedness) transacted on such national securities exchange during each preceding calendar year to which this section applies. Every registered broker and dealer shall pay to the Commission on or before March 15 of each calendar year a fee in an amount equal to one three-hundredths of 1 per centum of the aggregate dollar amount of the sales of securities registered on a national securities exchange (other than bonds, debentures, and other evidences of indebtedness) transacted by such broker or dealer otherwise than on such an exchange during each preceding calendar year: Provided, however, That no payment shall be required for any calendar year in which such payment would be less than one hundred dollars. The Commission, by rule, may exempt any sale of securities or any class of sales of securities from any fee imposed by this section, if the Commission finds that such exemption is consistent with the public interest, the equal regulation of markets and brokers and dealers, and the development of a national market system.”

    Source evidence

    Code amendment note
    Pub. L. 104–290 reenacted section catchline without change and amended text generally. Prior to amendment, text read as follows: “Every national securities exchange shall pay to the Commission on or before March 15 of each calendar year a fee in an amount equal to one three-hundredths of 1 per centum of the aggregate dollar amount of the sales of securities (other than bonds, debentures, and other evidences of indebtedness) transacted on such national securities exchange during each preceding calendar year to which this section applies. Every registered broker and dealer shall pay to the Commission on or before March 15 of each calendar year a fee in an amount equal to one three-hundredths of 1 per centum of the aggregate dollar amount of the sales of securities registered on a national securities exchange (other than bonds, debentures, and other evidences of indebtedness) transacted by such broker or dealer otherwise than on such an exchange during each preceding calendar year: Provided, however, That no payment shall be required for any calendar year in which such payment would be less than one hundred dollars. The Commission, by rule, may exempt any sale of securities or any class of sales of securities from any fee imposed by this section, if the Commission finds that such exemption is consistent with the public interest, the equal regulation of markets and brokers and dealers, and the development of a national market system.”

  4. Securities Litigation Uniform Standards Act of 1998

    Pub. L. 105–353 title III § 301(b)(14) · 112 Stat. 3227

    Substituted · 15 U.S.C. § 78ee(a)

    Pub. L. 105–353 substituted “this section” for “this subsection”

    Source evidence

    Code amendment note
    Subsec. (a). Pub. L. 105–353 substituted “this section” for “this subsection”.

    Enacted provision · exact public law section
    (14) Section 31(a) (15 U.S.C. 78ee(a)) is amended by striking “this subsection” and inserting “this section”.

  5. Consolidated Appropriations Act, 2001

    Pub. L. 106–554 § 1(a)(5)(tII)(s206)(f)(1) · 114 Stat. 2763

    Inserted · 15 U.S.C. § 78ee(a)

    Pub. L. 106–554, § 1(a)(5) [title II, § 206(f)(1)], inserted “and assessments” after “fees”

    Source evidence

    Code amendment note
    Subsec. (a). Pub. L. 106–554, § 1(a)(5) [title II, § 206(f)(1)], inserted “and assessments” after “fees”.

    Enacted provision · exact public law section
    (5) H.R. 5660, as introduced on December 14, 2000.

  6. Consolidated Appropriations Act, 2001

    Pub. L. 106–554 § 1(a)(5)(tII)(s206)(f)(2) · 114 Stat. 2763

    Substituted · 15 U.S.C. § 78ee(b); 15 U.S.C. § 78ee(c); 15 U.S.C. § 78ee(d)(1)

    Pub. L. 106–554, § 1(a)(5) [title II, § 206(f)(2)], substituted “other evidences of indebtedness, and security futures products” for “and other evidences of indebtedness”

    Source evidence

    Code amendment note
    Subsecs. (b), (c), (d)(1). Pub. L. 106–554, § 1(a)(5) [title II, § 206(f)(2)], substituted “other evidences of indebtedness, and security futures products” for “and other evidences of indebtedness”.

    Enacted provision · exact public law section
    (5) H.R. 5660, as introduced on December 14, 2000.

  7. Consolidated Appropriations Act, 2001

    Pub. L. 106–554 § 1(a)(5)(tII)(s206)(f)(6) · 114 Stat. 2763

    Redesignated · 15 U.S.C. § 78ee(e)

    Pub. L. 106–554, § 1(a)(5) [title II, § 206(f)(6)], added subsec. (e). Former subsec. (e) redesignated (f)

    Source evidence

    Code amendment note
    Subsec. (e). Pub. L. 106–554, § 1(a)(5) [title II, § 206(f)(6)], added subsec. (e). Former subsec. (e) redesignated (f).

    Enacted provision · exact public law section
    (5) H.R. 5660, as introduced on December 14, 2000.

  8. Consolidated Appropriations Act, 2001

    Pub. L. 106–554 § 1(a)(5)(tII)(s206)(f)(5) · 114 Stat. 2763

    Redesignated · 15 U.S.C. § 78ee(f)

    Pub. L. 106–554, § 1(a)(5) [title II, § 206(f)(5)], redesignated subsec. (e) as (f). Former subsec. (f) redesignated (g)

    Source evidence

    Code amendment note
    Subsec. (f). Pub. L. 106–554, § 1(a)(5) [title II, § 206(f)(5)], redesignated subsec. (e) as (f). Former subsec. (f) redesignated (g).

    Enacted provision · exact public law section
    (5) H.R. 5660, as introduced on December 14, 2000.

  9. Consolidated Appropriations Act, 2001

    Pub. L. 106–554 § 1(a)(5)(tII)(s206)(f)(3) · 114 Stat. 2763

    Inserted · 15 U.S.C. § 78ee(f)

    Pub. L. 106–554, § 1(a)(5) [title II, § 206(f)(3)], inserted “or assessment” after “fee”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 106–554, § 1(a)(5) [title II, § 206(f)(3)], inserted “or assessment” after “fee”.

    Enacted provision · exact public law section
    (5) H.R. 5660, as introduced on December 14, 2000.

  10. Consolidated Appropriations Act, 2001

    Pub. L. 106–554 § 1(a)(5)(tII)(s206)(f)(5) · 114 Stat. 2763

    Redesignated · 15 U.S.C. § 78ee(g)

    Pub. L. 106–554, § 1(a)(5) [title II, § 206(f)(5)], redesignated subsec. (f) as (g). Former subsec. (g) redesignated (h)

    Source evidence

    Code amendment note
    Subsec. (g). Pub. L. 106–554, § 1(a)(5) [title II, § 206(f)(5)], redesignated subsec. (f) as (g). Former subsec. (g) redesignated (h).

    Enacted provision · exact public law section
    (5) H.R. 5660, as introduced on December 14, 2000.

  11. Consolidated Appropriations Act, 2001

    Pub. L. 106–554 § 1(a)(5)(tII)(s206)(f)(4) · 114 Stat. 2763

    Inserted · 15 U.S.C. § 78ee(g)

    Pub. L. 106–554, § 1(a)(5) [title II, § 206(f)(4)], inserted “and assessment” after “fee”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 106–554, § 1(a)(5) [title II, § 206(f)(4)], inserted “and assessment” after “fee”.

    Enacted provision · exact public law section
    (5) H.R. 5660, as introduced on December 14, 2000.

  12. Consolidated Appropriations Act, 2001

    Pub. L. 106–554 § 1(a)(5)(tII)(s206)(f)(5) · 114 Stat. 2763

    Redesignated · 15 U.S.C. § 78ee(h)

    Pub. L. 106–554, § 1(a)(5) [title II, § 206(f)(5)], redesignated subsec. (g) as (h)

    Source evidence

    Code amendment note
    Subsec. (h). Pub. L. 106–554, § 1(a)(5) [title II, § 206(f)(5)], redesignated subsec. (g) as (h).

    Enacted provision · exact public law section
    (5) H.R. 5660, as introduced on December 14, 2000.

  13. Investor and Capital Markets Fee Relief Act

    Pub. L. 107–123 § 3(a)(1) · 115 Stat. 2390

    1. Substituted · 15 U.S.C. § 78ee(b)

      Pub. L. 107–123, § 3(a)(1), substituted “Subject to subsection (j), each” for “Every”

    2. Struck · 15 U.S.C. § 78ee(b)

      Pub. L. 107–123, § 3(a)(1), struck out at end “Fees collected pursuant to this subsection shall be deposited and collected as general revenue of the Treasury.”

    Source evidence

    Code amendment note
    Subsec. (b). Pub. L. 107–123, § 3(a)(1), substituted “Subject to subsection (j), each” for “Every” and struck out at end “Fees collected pursuant to this subsection shall be deposited and collected as general revenue of the Treasury.”

    Enacted provision · exact public law section
    (1) in subsection (b)— (A) by striking “Every” and inserting “Subject to subsection (j), each”; and (B) by striking the last sentence;

  14. Investor and Capital Markets Fee Relief Act

    Pub. L. 107–123 § 2(1) · 115 Stat. 2390

    1. Substituted · 15 U.S.C. § 78ee(b)

      Pub. L. 107–123, § 2(1)–(3), substituted “$15 per $1,000,000” for “1⁄300 of one percent”

    2. Substituted · 15 U.S.C. § 78ee(b)

      Pub. L. 107–123, § 2(1)–(3), substituted “security futures products, and options on securities indexes (excluding a narrow-based security index)” for “and security futures products”

    3. Struck · 15 U.S.C. § 78ee(b)

      Pub. L. 107–123, § 2(1)–(3), struck out “, except that for fiscal year 2007 or any succeeding fiscal year such rate shall be equal to 1⁄800 of one percent of such aggregate dollar amount of sales” before period at end of first sentence

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 107–123, § 2(1)–(3), substituted “$15 per $1,000,000” for “1⁄300 of one percent” and “security futures products, and options on securities indexes (excluding a narrow-based security index)” for “and security futures products” and struck out “, except that for fiscal year 2007 or any succeeding fiscal year such rate shall be equal to 1⁄800 of one percent of such aggregate dollar amount of sales” before period at end of first sentence.

    Enacted provision · exact public law section
    (1) by striking “1/300 of one percent” each place it appears in subsections (b) and (d) and inserting “$15 per $1,000,000”;

  15. Investor and Capital Markets Fee Relief Act

    Pub. L. 107–123 § 3(a)(3) · 115 Stat. 2390

    1. Redesignated · 15 U.S.C. § 78ee(c)

      Pub. L. 107–123, § 3(a)(3), redesignated subsec. (d) as (c)

    2. Substituted · 15 U.S.C. § 78ee(c)

      Pub. L. 107–123, § 3(a)(3), substituted “Off-exchange trades of exchange registered and last-sale-reported securities” for “Off-exchange trades of last-sale-reported securities” in subsec. heading

    3. Struck · 15 U.S.C. § 78ee(c)

      Pub. L. 107–123, § 3(a)(3), struck out par. (1) heading

    4. Substituted · 15 U.S.C. § 78ee(c)

      Pub. L. 107–123, § 3(a)(3), substituted “Subject to subsection (j), each national securities” for “Each national securities”

    5. Inserted · 15 U.S.C. § 78ee(c)

      Pub. L. 107–123, § 3(a)(3), inserted “registered on a national securities exchange or” after “narrow-based security index))”

    6. Struck · 15 U.S.C. § 78ee(c)

      Pub. L. 107–123, § 3(a)(3), struck out “, excluding any sales for which a fee is paid under subsection (c) of this section” after “national securities association”

    7. Struck · 15 U.S.C. § 78ee(c)

      Pub. L. 107–123, § 3(a)(3), struck out pars. (2) and (3), which related to deposit of fees and lapse of appropriations

    Source evidence

    Code amendment note
    Subsec. (c). Pub. L. 107–123, § 3(a)(3), redesignated subsec. (d) as (c), substituted “Off-exchange trades of exchange registered and last-sale-reported securities” for “Off-exchange trades of last-sale-reported securities” in subsec. heading, struck out par. (1) heading, substituted “Subject to subsection (j), each national securities” for “Each national securities”, inserted “registered on a national securities exchange or” after “narrow-based security index))”, struck out “, excluding any sales for which a fee is paid under subsection (c) of this section” after “national securities association”, and struck out pars. (2) and (3), which related to deposit of fees and lapse of appropriations.

    Enacted provision · exact public law section
    (3) in subsection (d)— (A) by striking paragraphs (2) and (3); (B) by striking the following: “(d) Off-Exchange Trades of Last-Sale-Reported Securities.— “(1) Covered transactions.— Each national securities ” and inserting the following: “(c) Off-Exchange Trades of Exchange Registered and Last-Sale-Reported Securities.— Subject to subsection (j), each national securities ”; (C) by inserting “registered on a national securities exchange or” after “narrow-based security index))” (as added by section 2(2)); and (D) by striking excluding any sales for which a fee is paid under subsection (c)”;

  16. Investor and Capital Markets Fee Relief Act

    Pub. L. 107–123 § 3(a)(2) · 115 Stat. 2390

    Struck · 15 U.S.C. § 78ee(c)

    Pub. L. 107–123, § 3(a)(2), struck out heading and text of former subsec. (c). Text read as follows: “Each national securities association shall pay to the Commission a fee at a rate equal to 1⁄300 of one percent of the aggregate dollar amount of sales transacted by or through any member of such association otherwise than on a national securities exchange of securities registered on such an exchange (other than bonds, debentures, other evidences of indebtedness, and security futures products), except that for fiscal year 2007 or any succeeding fiscal year such rate shall be equal to 1⁄800 of one percent of such aggregate dollar amount of sales. Fees collected pursuant to this subsection shall be deposited and collected as general revenue of the Treasury.”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 107–123, § 3(a)(2), struck out heading and text of former subsec. (c). Text read as follows: “Each national securities association shall pay to the Commission a fee at a rate equal to 1⁄300 of one percent of the aggregate dollar amount of sales transacted by or through any member of such association otherwise than on a national securities exchange of securities registered on such an exchange (other than bonds, debentures, other evidences of indebtedness, and security futures products), except that for fiscal year 2007 or any succeeding fiscal year such rate shall be equal to 1⁄800 of one percent of such aggregate dollar amount of sales. Fees collected pursuant to this subsection shall be deposited and collected as general revenue of the Treasury.”

    Enacted provision · exact public law section
    (2) by striking subsection (c);

  17. Investor and Capital Markets Fee Relief Act

    Pub. L. 107–123 § 2(1) · 115 Stat. 2390

    1. Substituted · 15 U.S.C. § 78ee(c)

      Pub. L. 107–123, § 2(1),(2), (4), which directed that subsec. (d) be amended by substituting “$15 per $1,000,000” for “1⁄300 of one percent”

    2. Substituted · 15 U.S.C. § 78ee(c)

      Pub. L. 107–123, § 2(1),(2), (4), which directed that subsec. (d) be amended by substituting “security futures products, and options on securities indexes (excluding a narrow-based security index)” for “and security futures products”

    3. Redesignated · 15 U.S.C. § 78ee(c)

      Pub. L. 107–123, § 2(1),(2), (4), which directed that subsec. (d) be striking out “, except that for fiscal year 2007, or any succeeding fiscal year, such rate shall be equal to 1⁄800 of one percent of such aggregate dollar amount of sale” before period at end of par. (1), was executed by making the amendment in subsec. (c), to reflect the probable intent of Congress and the amendment by Pub. L. 107–123, § 3(a)(3), which redesignated subsec. (d) as (c). See above

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 107–123, § 2(1),(2), (4), which directed that subsec. (d) be amended by substituting “$15 per $1,000,000” for “1⁄300 of one percent” and “security futures products, and options on securities indexes (excluding a narrow-based security index)” for “and security futures products”, and striking out “, except that for fiscal year 2007, or any succeeding fiscal year, such rate shall be equal to 1⁄800 of one percent of such aggregate dollar amount of sale” before period at end of par. (1), was executed by making the amendment in subsec. (c), to reflect the probable intent of Congress and the amendment by Pub. L. 107–123, § 3(a)(3), which redesignated subsec. (d) as (c). See above.

    Enacted provision · exact public law section
    (1) by striking “1/300 of one percent” each place it appears in subsections (b) and (d) and inserting “$15 per $1,000,000”;

  18. Investor and Capital Markets Fee Relief Act

    Pub. L. 107–123 § 3(a)(4) · 115 Stat. 2390

    1. Redesignated · 15 U.S.C. § 78ee(d)

      Pub. L. 107–123, § 3(a)(4), (6), redesignated subsec. (e) as (d)

    2. Redesignated · 15 U.S.C. § 78ee(d)

      Pub. L. 107–123, § 3(a)(4), (6), substituted “except that for fiscal year 2007 and each succeeding fiscal year such assessment shall be equal to $0.0042 for each such transaction” for “except that for fiscal year 2007 or any succeeding fiscal year such assessment shall be equal to $0.0075 for each such transaction. Assessments collected pursuant to this subsection shall be deposited and collected as general revenue of the Treasury”. Former subsec. (d) redesignated (c)

    Source evidence

    Code amendment note
    Subsec. (d). Pub. L. 107–123, § 3(a)(4), (6), redesignated subsec. (e) as (d) and substituted “except that for fiscal year 2007 and each succeeding fiscal year such assessment shall be equal to $0.0042 for each such transaction” for “except that for fiscal year 2007 or any succeeding fiscal year such assessment shall be equal to $0.0075 for each such transaction. Assessments collected pursuant to this subsection shall be deposited and collected as general revenue of the Treasury”. Former subsec. (d) redesignated (c).

    Enacted provision · exact public law section
    (4) in subsection (e), by striking “except that for fiscal year 2007” and all that follows through the end of such subsection and inserting the following: “except that for fiscal year 2007 and each succeeding fiscal year such assessment shall be equal to $0.0042 for each such transaction.”;

  19. Investor and Capital Markets Fee Relief Act

    Pub. L. 107–123 § 2(5) · 115 Stat. 2390

    Redesignated · 15 U.S.C. § 78ee(d)

    Pub. L. 107–123, § 2(5), which directed that subsec. (e) be amended by substituting “$0.009” for “$0.02”, was executed by making the amendment in subsec. (d), to reflect the probable intent of Congress and the amendment by Pub. L. 107–123, § 3(a)(4), (6) which redesignated subsec. (e) as (d). See above

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 107–123, § 2(5), which directed that subsec. (e) be amended by substituting “$0.009” for “$0.02”, was executed by making the amendment in subsec. (d), to reflect the probable intent of Congress and the amendment by Pub. L. 107–123, § 3(a)(4), (6) which redesignated subsec. (e) as (d). See above.

    Enacted provision · exact public law section
    (5) in subsection (e), by striking “$0.02” and inserting “$0,009”; and

  20. Investor and Capital Markets Fee Relief Act

    Pub. L. 107–123 § 3(a)(5) · 115 Stat. 2390

    1. Redesignated · 15 U.S.C. § 78ee(e)

      Pub. L. 107–123, § 3(a)(5), (6), redesignated subsec. (f) as (e)

    2. Redesignated · 15 U.S.C. § 78ee(e)

      Pub. L. 107–123, § 3(a)(5), (6), substituted “Dates for payments” for “Dates for payment of fees” in heading and “The fees and assessments required” for “The fees required” in introductory provisions. Former subsec. (e) redesignated (d)

    Source evidence

    Code amendment note
    Subsec. (e). Pub. L. 107–123, § 3(a)(5), (6), redesignated subsec. (f) as (e) and substituted “Dates for payments” for “Dates for payment of fees” in heading and “The fees and assessments required” for “The fees required” in introductory provisions. Former subsec. (e) redesignated (d).

    Enacted provision · exact public law section
    (5) in subsection (f) by striking “Dates for Payment of Fees.—The fees required” and inserting “Dates for Payments.—The fees and assessments required”;

  21. Investor and Capital Markets Fee Relief Act

    Pub. L. 107–123 § 3(a)(6) · 115 Stat. 2390

    Redesignated · 15 U.S.C. § 78ee(f)

    Pub. L. 107–123, § 3(a)(6), redesignated subsec. (g) as (f). Former subsec. (f) redesignated (e)

    Source evidence

    Code amendment note
    Subsec. (f). Pub. L. 107–123, § 3(a)(6), redesignated subsec. (g) as (f). Former subsec. (f) redesignated (e).

    Enacted provision · exact public law section
    (6) by redesignating subsections (e) through (i) (as added by section 2(5)) as subsections (d) through (h), respectively;

  22. Investor and Capital Markets Fee Relief Act

    Pub. L. 107–123 § 3(a)(6) · 115 Stat. 2390

    1. Redesignated · 15 U.S.C. § 78ee(g)

      Pub. L. 107–123, § 3(a)(6), (b)(2), redesignated subsec. (h) as (g)

    2. Redesignated · 15 U.S.C. § 78ee(g)

      Pub. L. 107–123, § 3(a)(6), (b)(2), inserted before period at end “not later than April 30 of the fiscal year preceding the fiscal year to which such rate applies, together with any estimates or projections on which such fees are based”. Former subsec. (g) redesignated (f)

    Source evidence

    Code amendment note
    Subsec. (g). Pub. L. 107–123, § 3(a)(6), (b)(2), redesignated subsec. (h) as (g) and inserted before period at end “not later than April 30 of the fiscal year preceding the fiscal year to which such rate applies, together with any estimates or projections on which such fees are based”. Former subsec. (g) redesignated (f).

    Enacted provision · exact public law section
    (6) by redesignating subsections (e) through (i) (as added by section 2(5)) as subsections (d) through (h), respectively;

  23. Investor and Capital Markets Fee Relief Act

    Pub. L. 107–123 § 3(a)(6) · 115 Stat. 2390

    Redesignated · 15 U.S.C. § 78ee(h)

    Pub. L. 107–123, § 3(a)(6), redesignated subsec. (i), as enacted by Pub. L. 107–123, § 2(6), as (h). See below. Former subsec. (h) redesignated (g)

    Source evidence

    Code amendment note
    Subsec. (h). Pub. L. 107–123, § 3(a)(6), redesignated subsec. (i), as enacted by Pub. L. 107–123, § 2(6), as (h). See below. Former subsec. (h) redesignated (g).

    Enacted provision · exact public law section
    (6) by redesignating subsections (e) through (i) (as added by section 2(5)) as subsections (d) through (h), respectively;

  24. Investor and Capital Markets Fee Relief Act

    Pub. L. 107–123 § 3(a)(7) · 115 Stat. 2390

    Added · 15 U.S.C. § 78ee(i)

    Pub. L. 107–123, § 3(a)(7), added subsec. (i)

    Source evidence

    Code amendment note
    Subsec. (i). Pub. L. 107–123, § 3(a)(7), added subsec. (i).

    Enacted provision · exact public law section
    (7) by adding at the end the following new subsection: “(i) Deposit of Fees.— “(1) Offsetting collections.— Fees collected pursuant to subsections (b), (c), and (d) for any fiscal year— “(A) shall be deposited and credited as offsetting collections to the account providing appropriations to the Commission; and “(B) except as provided in subsection (k), shall not be collected for any fiscal year except to the extent provided in advance in appropriation Acts. “(2) General revenues prohibited.— No fees collected pursuant to subsections (b), (c), and (d) for fiscal year 2002 or any succeeding fiscal year shall be deposited and credited as general revenue of the Treasury. ” .

  25. Investor and Capital Markets Fee Relief Act

    Pub. L. 107–123 § 2(6) · 115 Stat. 2390

    Added · 15 U.S.C. § 78ee(i)

    Pub. L. 107–123, § 2(6), added subsec. (i)

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 107–123, § 2(6), added subsec. (i).

    Enacted provision · exact public law section
    (6) by adding at the end the following new subsection: “(i) Pro Rata Application.— The rates per $1,000,000 required by this section shall be applied pro rata to amounts and balances of less than $1,000,000. ” .

  26. Investor and Capital Markets Fee Relief Act

    Pub. L. 107–123 § 3(b)(1) · 115 Stat. 2390

    Added · 15 U.S.C. § 78ee(j)(l)

    Pub. L. 107–123, § 3(b)(1), added subsecs. (j) to (l)

    Source evidence

    Code amendment note
    Subsecs. (j) to (l). Pub. L. 107–123, § 3(b)(1), added subsecs. (j) to (l).

    Enacted provision · exact public law section
    (1) Amendment.— Section 31 of the Securities Exchange Act of 1934 (15 U.S.C. 78ee) is further amended by adding after subsection (i) (as added by subsection (a)(7)) the following new subsections: “(j) Recapture of Projection Windfalls for Further Rate Reductions.— “(1) Annual adjustment.— For each of the fiscal years 2003 through 2011, the Commission shall by order adjust each of the rates applicable under subsections (b) and (c) for such fiscal year to a uniform adjusted rate that, when applied to the baseline estimate of the aggregate dollar amount of sales for such fiscal year, is reasonably likely to produce aggregate fee collections under this section (including assessments collected under subsection (d)) that are equal to the target offsetting collection amount for such fiscal year. “(2) Mid-year adjustment.— For each of the fiscal years Deadline. 2002 through 2011, the Commission shall determine, by March 1 of such fiscal year, whether, based on the actual aggregate dollar volume of sales during the first 5 months of such fiscal year, the baseline estimate of the aggregate dollar volume of sales used under paragraph (1) for such fiscal year (or $48,800,000,000,000 in the case of fiscal year 2002) is reasonably likely to be 10 percent (or more) greater or less than the actual aggregate dollar volume of sales for such fiscal Deadline. year. If the Commission so determines, the Commission shall by order, no later than such March 1, adjust each of the rates applicable under subsections (b) and (c) for such fiscal year to a uniform adjusted rate that, when applied to the revised estimate of the aggregate dollar amount of sales for the remainder of such fiscal year, is reasonably likely to produce aggregate fee collections under this section (including fees collected during such 5-month period and assessments collected under subsection (d)) that are equal to the target offsetting collection amount for such fiscal year. In making such revised estimate, the Commission shall, after consultation with the Congressional Budget Office and the Office of Management and Budget, use the same methodology required by subsection (1)(2). “(3) Final rate adjustment.— For fiscal year 2012 and all of the succeeding fiscal years, the Commission shall by order adjust each of the rates applicable under subsections (b) and (c) for all of such fiscal years to a uniform adjusted rate that, when applied to the baseline estimate of the aggregate dollar amount of sales for fiscal year 2012, is reasonably likely to produce aggregate fee collections under this section in fiscal year 2012 (including assessments collected under subsection (d)) equal to the target offsetting collection amount for fiscal year 2011. “(4) Review and effective date.— In exercising its authority under this subsection, the Commission shall not be required to comply with the provisions of section 553 of title 5, United States Code. An adjusted rate prescribed under paragraph (1), (2), or (3) and published under subsection (g) shall not be subject to judicial review. Subject to subsections (i)(1)(B) and (k)— “(A) an adjusted rate prescribed under paragraph (1) shall take effect on the later of— “(i) the first day of the fiscal year to which such rate applies; or “(ii) thirty days after the date on which a regular appropriation to the Commission for such fiscal year is enacted; “(B) an adjusted rate prescribed under paragraph (2) shall take effect on April 1 of the fiscal year to which such rate applies; and “(C) an adjusted rate prescribed under paragraph (3) shall take effect on the later of— “(i) the first day of fiscal year 2012; or “(ii) thirty days after the date on which a regular appropriation to the Commission for fiscal year 2012 is enacted. “(k) Lapse of Appropriation.— 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 (as offsetting collections) the fees and assessments under subsections (b), (c), and (d) at the rate in effect during the preceding fiscal year, until 30 days after the date such a regular appropriation is enacted. “(l) Definitions.— For purposes of this section; “(1) Target offsetting collection amount.— The target offsetting collection amount for each of the fiscal years 2002 through 2011 is determined according to the following table: Target offsetting “Fiscal year: collection amount 2002 .......................................................... $732,000,000 2003 .......................................................... $849,000,000 2004 .......................................................... $1,028,000,000 2005 .......................................................... $1,220,000,000 2006 .......................................................... $1,435,000,000 2007 .......................................................... $881,000,000 2008 .......................................................... $892,000,000 2009 .......................................................... $1,023,000,000 2010 .......................................................... $1,161,000,000 2011 .......................................................... $1,321,000,000 “(2) Baseline estimate of the aggregate dollar amount of sales.— 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.”.

  27. Investor Protection and Securities Reform Act of 2010

    Pub. L. 111–203 § 991(a)(1)(A) · 124 Stat. 1376

    1. Added · 15 U.S.C. § 78ee(a)

      Pub. L. 111–203, § 991(a)(1)(A), added subsec. (a)

    2. Struck · 15 U.S.C. § 78ee(a)

      Pub. L. 111–203, § 991(a)(1)(A), struck out former subsec. (a). Prior to amendment, text read as follows: “The Commission shall, in accordance with this section, collect transaction fees and assessments that are designed to recover the costs to the Government of the supervision and regulation of securities markets and securities professionals, and costs related to such supervision and regulation, including enforcement activities, policy and rulemaking activities, administration, legal services, and international regulatory activities.”

    Source evidence

    Code amendment note
    Subsec. (a). Pub. L. 111–203, § 991(a)(1)(A), added subsec. (a) and struck out former subsec. (a). Prior to amendment, text read as follows: “The Commission shall, in accordance with this section, collect transaction fees and assessments that are designed to recover the costs to the Government of the supervision and regulation of securities markets and securities professionals, and costs related to such supervision and regulation, including enforcement activities, policy and rulemaking activities, administration, legal services, and international regulatory activities.”

    Enacted provision · exact public law section
    (A) by striking subsection (a) and inserting the following: “(a) Recovery of Costs of Annual Appropriation.— Fees. Assessments. The Commission shall, in accordance with this section, collect transaction fees and assessments that are designed to recover the costs to the Government of the annual appropriation to the Commission by Congress.” ;

    Effective date note
    Amendment by section 991(d)(1) of Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of Title 12, Banks and Banking. Pub. L. 111–203, title IX, § 991(a)(2), July 21, 2010, 124 Stat. 1951, provided that: “The amendments made by this subsection [amending this section] shall take effect on the later of—

  28. Investor Protection and Securities Reform Act of 2010

    Pub. L. 111–203 § 991(a)(1)(B) · 124 Stat. 1376

    Substituted · 15 U.S.C. § 78ee(e)(2)

    Pub. L. 111–203, § 991(a)(1)(B), substituted “September 25” for “September 30”

    Source evidence

    Code amendment note
    Subsec. (e)(2). Pub. L. 111–203, § 991(a)(1)(B), substituted “September 25” for “September 30”.

    Enacted provision · exact public law section
    (B) in subsection (e)(2), by striking “September 30” and inserting “September 25”;

    Effective date note
    Amendment by section 991(d)(1) of Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of Title 12, Banks and Banking. Pub. L. 111–203, title IX, § 991(a)(2), July 21, 2010, 124 Stat. 1951, provided that: “The amendments made by this subsection [amending this section] shall take effect on the later of—

  29. Investor Protection and Securities Reform Act of 2010

    Pub. L. 111–203 § 991(a)(1)(C) · 124 Stat. 1376

    Substituted · 15 U.S.C. § 78ee(g)

    Pub. L. 111–203, § 991(a)(1)(C), substituted “30 days after the date on which an Act making a regular appropriation to the Commission for such fiscal year is enacted” for “April 30 of the fiscal year preceding the fiscal year to which such rate applies”

    Source evidence

    Code amendment note
    Subsec. (g). Pub. L. 111–203, § 991(a)(1)(C), substituted “30 days after the date on which an Act making a regular appropriation to the Commission for such fiscal year is enacted” for “April 30 of the fiscal year preceding the fiscal year to which such rate applies”.

    Enacted provision · exact public law section
    (C) in subsection (g), by striking “April 30 of the fiscal year preceding the fiscal year to which such rate applies” and inserting “30 days after the date on which an Act making a regular appropriation to the Commission for such fiscal year is enacted”;

    Effective date note
    Amendment by section 991(d)(1) of Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of Title 12, Banks and Banking. Pub. L. 111–203, title IX, § 991(a)(2), July 21, 2010, 124 Stat. 1951, provided that: “The amendments made by this subsection [amending this section] shall take effect on the later of—

  30. Investor Protection and Securities Reform Act of 2010

    Pub. L. 111–203 § 991(a)(1)(D) · 124 Stat. 1376

    1. Added · 15 U.S.C. § 78ee(j)

      Pub. L. 111–203, § 991(a)(1)(D), added subsec. (j)

    2. Struck · 15 U.S.C. § 78ee(j)

      Pub. L. 111–203, § 991(a)(1)(D), struck out former subsec. (j) which related to recapture of projection windfalls for further rate reductions

    Source evidence

    Code amendment note
    Subsec. (j). Pub. L. 111–203, § 991(a)(1)(D), added subsec. (j) and struck out former subsec. (j) which related to recapture of projection windfalls for further rate reductions.

    Enacted provision · exact public law section
    (D) by striking subsection (j) and inserting the following: “(j) Adjustments to Fee Rates.— “(1) Annual adjustment.— Subject to subsections (i)(1)(B) and (k), for each fiscal year, the Commission shall by order adjust each of the rates applicable under subsections (b) and (c) for such fiscal year to a uniform adjusted rate that, when applied to the baseline estimate of the aggregate dollar amount of sales for such fiscal year, is reasonably likely to produce aggregate fee collections under this section (including assessments collected under subsection (d) of this section) that are equal to the regular appropriation to the Commission by Congress for such fiscal year. “(2) Mid-year adjustment.— Determination. Deadline. Subject to subsections (i)(1)(B) and (k), for each fiscal year, the Commission shall determine, by March 1 of such fiscal year, whether, based on the actual aggregate dollar volume of sales during the first 5 months of such fiscal year, the baseline estimate of the aggregate dollar volume of sales used under paragraph (1) for such fiscal year is reasonably likely to be 10 percent (or more) greater or less than the actual aggregate dollar volume of sales for such fiscal year. Order. Deadline. If the Commission so determines, the Commission shall by order, no later than March 1, adjust each of the rates applicable under subsections (b) and (c) for such fiscal year to a uniform adjusted rate that, when applied to the revised estimate of the aggregate dollar amount of sales for the remainder of such fiscal year, is reasonably likely to produce aggregate fee collections under this section (including fees collected during such five-month period and assessments collected under subsection (d) of this section) that are equal to the regular appropriation to the Commission by Congress for such fiscal year. In making such revised estimate, the Commission shall, after consultation with the Congressional Budget Office and the Office of Management and Budget, use the same methodology required by subsection (l). “(3) Review.— In exercising its authority under this subsection, the Commission shall not be required to comply with the provisions of section 553 of title 5, United States Code. An adjusted rate prescribed under paragraph (1) or (2) and published under subsection (g) shall not be subject to judicial review. “(4) Effective date.— “(A) Annual adjustment.— Subject to subsections (i)(1)(B) and (k), an adjusted rate prescribed under paragraph (1) shall take effect on the later of— “(i) the first day of the fiscal year to which such rate applies; or “(ii) 60 days after the date on which an Act making a regular appropriation to the Commission for such fiscal year is enacted. “(B) Mid-year adjustment.— An adjusted rate prescribed under paragraph (2) shall take effect on April 1 of the fiscal year to which such rate applies.” ;

    Effective date note
    Amendment by section 991(d)(1) of Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of Title 12, Banks and Banking. Pub. L. 111–203, title IX, § 991(a)(2), July 21, 2010, 124 Stat. 1951, provided that: “The amendments made by this subsection [amending this section] shall take effect on the later of—

  31. Investor Protection and Securities Reform Act of 2010

    Pub. L. 111–203 § 991(a)(1)(E) · 124 Stat. 1376

    Substituted · 15 U.S.C. § 78ee(k)

    Pub. L. 111–203, § 991(a)(1)(E), substituted “60 days” for “30 days”

    Source evidence

    Code amendment note
    Subsec. (k). Pub. L. 111–203, § 991(a)(1)(E), substituted “60 days” for “30 days”.

    Enacted provision · exact public law section
    (E) in subsection (k), by striking “30 days” and inserting “60 days”; and

    Effective date note
    Amendment by section 991(d)(1) of Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of Title 12, Banks and Banking. Pub. L. 111–203, title IX, § 991(a)(2), July 21, 2010, 124 Stat. 1951, provided that: “The amendments made by this subsection [amending this section] shall take effect on the later of—

  32. Investor Protection and Securities Reform Act of 2010

    Pub. L. 111–203 § 991(a)(1)(F) · 124 Stat. 1376

    1. Substituted · 15 U.S.C. § 78ee(l)

      Pub. L. 111–203, § 991(a)(1)(F), substituted “Baseline estimate of the aggregate dollar amount of sales” for “Definitions” in heading

    2. Struck · 15 U.S.C. § 78ee(l)

      Pub. L. 111–203, § 991(a)(1)(F), struck out introductory provisions “For purposes of this section:”, par. (2) designation and heading “Baseline estimate of the aggregate dollar amount of sales”, and par. (1) which provided table of target offsetting collection amounts for fiscal years 2002 through 2011

    Source evidence

    Code amendment note
    Subsec. (l). Pub. L. 111–203, § 991(a)(1)(F), substituted “Baseline estimate of the aggregate dollar amount of sales” for “Definitions” in heading and struck out introductory provisions “For purposes of this section:”, par. (2) designation and heading “Baseline estimate of the aggregate dollar amount of sales”, and par. (1) which provided table of target offsetting collection amounts for fiscal years 2002 through 2011.

    Enacted provision · exact public law section
    (F) in subsection (l), by striking “Definitions.—” and all that follows through “sales.—The baseline” and inserting “Baseline Estimate of the Aggregate Dollar Amount of Sales.—The baseline”.

    Effective date note
    Amendment by section 991(d)(1) of Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of Title 12, Banks and Banking. Pub. L. 111–203, title IX, § 991(a)(2), July 21, 2010, 124 Stat. 1951, provided that: “The amendments made by this subsection [amending this section] shall take effect on the later of—

  33. Investor Protection and Securities Reform Act of 2010

    Pub. L. 111–203 § 991(d)(1) · 124 Stat. 1376

    Added · 15 U.S.C. § 78ee(m)

    Pub. L. 111–203, § 991(d)(1), added subsec. (m)

    Source evidence

    Code amendment note
    Subsec. (m). Pub. L. 111–203, § 991(d)(1), added subsec. (m).

    Enacted provision · exact public law section
    (1) Amendment.— Section 31 of the Securities Exchange Act of 1934 (15 U.S.C. 78ee) is amended by adding at the end the following: “(m) Transmittal of Commission Budget Requests.— “(1) Budget required.— For fiscal year 2012, and each fiscal year thereafter, the Commission shall prepare and submit a budget to the President. Whenever the Commission submits a budget estimate or request to the President or the Office of Management and Budget, the Commission shall concurrently transmit copies of the estimate or request to the Committee on Appropriations of the Senate, the Committee on Appropriations of the House of Representatives, the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Committee on Financial Services of the House of Representatives. “(2) Submission to congress.— The President shall submit each budget submitted under paragraph (1) to Congress, in unaltered form, together with the annual budget for the Administration submitted by the President. “(3) Contents.— The Commission shall include in each budget submitted under paragraph (1)— “(A) an itemization of the amount of funds necessary to carry out the functions of the Commission. “(B) an amount to be designated as contingency funding to be used by the Commission to address unanticipated needs; and “(C) a designation of any activities of the Commission for which multi-year budget authority would be suitable.” .

    Effective date note
    Amendment by section 991(d)(1) of Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of Title 12, Banks and Banking. Pub. L. 111–203, title IX, § 991(a)(2), July 21, 2010, 124 Stat. 1951, provided that: “The amendments made by this subsection [amending this section] shall take effect on the later of—

48 of 50 references resolved to an enrolled provision · 2 partial

Editorial Notes

Amendments1944–2010 · 7 rounds

2010

Subsec. (a). Pub. L. 111–203, § 991(a)(1)(A), added subsec. (a) and struck out former subsec. (a). Prior to amendment, text read as follows: “The Commission shall, in accordance with this section, collect transaction fees and assessments that are designed to recover the costs to the Government of the supervision and regulation of securities markets and securities professionals, and costs related to such supervision and regulation, including enforcement activities, policy and rulemaking activities, administration, legal services, and international regulatory activities.”

Subsec. (e)(2). Pub. L. 111–203, § 991(a)(1)(B), substituted “September 25” for “September 30”.

Subsec. (g). Pub. L. 111–203, § 991(a)(1)(C), substituted “30 days after the date on which an Act making a regular appropriation to the Commission for such fiscal year is enacted” for “April 30 of the fiscal year preceding the fiscal year to which such rate applies”.

Subsec. (j). Pub. L. 111–203, § 991(a)(1)(D), added subsec. (j) and struck out former subsec. (j) which related to recapture of projection windfalls for further rate reductions.

Subsec. (k). Pub. L. 111–203, § 991(a)(1)(E), substituted “60 days” for “30 days”.

Subsec. (l). Pub. L. 111–203, § 991(a)(1)(F), substituted “Baseline estimate of the aggregate dollar amount of sales” for “Definitions” in heading and struck out introductory provisions “For purposes of this section:”, par. (2) designation and heading “Baseline estimate of the aggregate dollar amount of sales”, and par. (1) which provided table of target offsetting collection amounts for fiscal years 2002 through 2011.

Subsec. (m). Pub. L. 111–203, § 991(d)(1), added subsec. (m).

2002

Subsec. (b). Pub. L. 107–123, § 3(a)(1), substituted “Subject to subsection (j), each” for “Every” and struck out at end “Fees collected pursuant to this subsection shall be deposited and collected as general revenue of the Treasury.”

Pub. L. 107–123, § 2(1)–(3), substituted “$15 per $1,000,000” for “1⁄300 of one percent” and “security futures products, and options on securities indexes (excluding a narrow-based security index)” for “and security futures products” and struck out “, except that for fiscal year 2007 or any succeeding fiscal year such rate shall be equal to 1⁄800 of one percent of such aggregate dollar amount of sales” before period at end of first sentence.

Subsec. (c). Pub. L. 107–123, § 3(a)(3), redesignated subsec. (d) as (c), substituted “Off-exchange trades of exchange registered and last-sale-reported securities” for “Off-exchange trades of last-sale-reported securities” in subsec. heading, struck out par. (1) heading, substituted “Subject to subsection (j), each national securities” for “Each national securities”, inserted “registered on a national securities exchange or” after “narrow-based security index))”, struck out “, excluding any sales for which a fee is paid under subsection (c) of this section” after “national securities association”, and struck out pars. (2) and (3), which related to deposit of fees and lapse of appropriations.

Pub. L. 107–123, § 3(a)(2), struck out heading and text of former subsec. (c). Text read as follows: “Each national securities association shall pay to the Commission a fee at a rate equal to 1⁄300 of one percent of the aggregate dollar amount of sales transacted by or through any member of such association otherwise than on a national securities exchange of securities registered on such an exchange (other than bonds, debentures, other evidences of indebtedness, and security futures products), except that for fiscal year 2007 or any succeeding fiscal year such rate shall be equal to 1⁄800 of one percent of such aggregate dollar amount of sales. Fees collected pursuant to this subsection shall be deposited and collected as general revenue of the Treasury.”

Pub. L. 107–123, § 2(1),(2), (4), which directed that subsec. (d) be amended by substituting “$15 per $1,000,000” for “1⁄300 of one percent” and “security futures products, and options on securities indexes (excluding a narrow-based security index)” for “and security futures products”, and striking out “, except that for fiscal year 2007, or any succeeding fiscal year, such rate shall be equal to 1⁄800 of one percent of such aggregate dollar amount of sale” before period at end of par. (1), was executed by making the amendment in subsec. (c), to reflect the probable intent of Congress and the amendment by Pub. L. 107–123, § 3(a)(3), which redesignated subsec. (d) as (c). See above.

Subsec. (d). Pub. L. 107–123, § 3(a)(4), (6), redesignated subsec. (e) as (d) and substituted “except that for fiscal year 2007 and each succeeding fiscal year such assessment shall be equal to $0.0042 for each such transaction” for “except that for fiscal year 2007 or any succeeding fiscal year such assessment shall be equal to $0.0075 for each such transaction. Assessments collected pursuant to this subsection shall be deposited and collected as general revenue of the Treasury”. Former subsec. (d) redesignated (c).

Pub. L. 107–123, § 2(5), which directed that subsec. (e) be amended by substituting “$0.009” for “$0.02”, was executed by making the amendment in subsec. (d), to reflect the probable intent of Congress and the amendment by Pub. L. 107–123, § 3(a)(4), (6) which redesignated subsec. (e) as (d). See above.

Subsec. (e). Pub. L. 107–123, § 3(a)(5), (6), redesignated subsec. (f) as (e) and substituted “Dates for payments” for “Dates for payment of fees” in heading and “The fees and assessments required” for “The fees required” in introductory provisions. Former subsec. (e) redesignated (d).

Subsec. (f). Pub. L. 107–123, § 3(a)(6), redesignated subsec. (g) as (f). Former subsec. (f) redesignated (e).

Subsec. (g). Pub. L. 107–123, § 3(a)(6), (b)(2), redesignated subsec. (h) as (g) and inserted before period at end “not later than April 30 of the fiscal year preceding the fiscal year to which such rate applies, together with any estimates or projections on which such fees are based”. Former subsec. (g) redesignated (f).

Subsec. (h). Pub. L. 107–123, § 3(a)(6), redesignated subsec. (i), as enacted by Pub. L. 107–123, § 2(6), as (h). See below. Former subsec. (h) redesignated (g).

Subsec. (i). Pub. L. 107–123, § 3(a)(7), added subsec. (i).

Pub. L. 107–123, § 2(6), added subsec. (i).

Subsecs. (j) to (l). Pub. L. 107–123, § 3(b)(1), added subsecs. (j) to (l).

2000

Subsec. (a). Pub. L. 106–554, § 1(a)(5) [title II, § 206(f)(1)], inserted “and assessments” after “fees”.

Subsecs. (b), (c), (d)(1). Pub. L. 106–554, § 1(a)(5) [title II, § 206(f)(2)], substituted “other evidences of indebtedness, and security futures products” for “and other evidences of indebtedness”.

Subsec. (e). Pub. L. 106–554, § 1(a)(5) [title II, § 206(f)(6)], added subsec. (e). Former subsec. (e) redesignated (f).

Subsec. (f). Pub. L. 106–554, § 1(a)(5) [title II, § 206(f)(5)], redesignated subsec. (e) as (f). Former subsec. (f) redesignated (g).

Pub. L. 106–554, § 1(a)(5) [title II, § 206(f)(3)], inserted “or assessment” after “fee”.

Subsec. (g). Pub. L. 106–554, § 1(a)(5) [title II, § 206(f)(5)], redesignated subsec. (f) as (g). Former subsec. (g) redesignated (h).

Pub. L. 106–554, § 1(a)(5) [title II, § 206(f)(4)], inserted “and assessment” after “fee”.

Subsec. (h). Pub. L. 106–554, § 1(a)(5) [title II, § 206(f)(5)], redesignated subsec. (g) as (h).

1998

Subsec. (a). Pub. L. 105–353 substituted “this section” for “this subsection”.

1996

Pub. L. 104–290 reenacted section catchline without change and amended text generally. Prior to amendment, text read as follows: “Every national securities exchange shall pay to the Commission on or before March 15 of each calendar year a fee in an amount equal to one three-hundredths of 1 per centum of the aggregate dollar amount of the sales of securities (other than bonds, debentures, and other evidences of indebtedness) transacted on such national securities exchange during each preceding calendar year to which this section applies. Every registered broker and dealer shall pay to the Commission on or before March 15 of each calendar year a fee in an amount equal to one three-hundredths of 1 per centum of the aggregate dollar amount of the sales of securities registered on a national securities exchange (other than bonds, debentures, and other evidences of indebtedness) transacted by such broker or dealer otherwise than on such an exchange during each preceding calendar year: Provided, however, That no payment shall be required for any calendar year in which such payment would be less than one hundred dollars. The Commission, by rule, may exempt any sale of securities or any class of sales of securities from any fee imposed by this section, if the Commission finds that such exemption is consistent with the public interest, the equal regulation of markets and brokers and dealers, and the development of a national market system.”

1975

Pub. L. 94–29 amended section generally, extending provisions requiring the payment of fees to include transactions in listed securities which occur in the over-the-counter market.

1944

Act , amended section generally, inserting provisions exempting from the payment of the fee securities designated for exemption by the Secretary of the Treasury.

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

Amendment by section 991(d)(1) of Pub. L. 111–203 effective 1 day after , except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of Title 12, Banks and Banking.

Pub. L. 111–203, title IX, § 991(a)(2), , 124 Stat. 1951, provided that:

“The amendments made by this subsection [amending this section] shall take effect on the later of—

“(A)

; or

“(B)

the date of enactment of an Act making a regular appropriation to the [Securities and Exchange] Commission for fiscal year 2012 [Div. C of Pub. L. 112–74, approved ].”

Effective Date of 2002 Amendment

Pub. L. 107–123, § 11, , 115 Stat. 2401, provided that:

“(a)

In General.—

Except as provided in subsections (b) and (c), the amendments made by this Act [see Short Title of 2002 Amendment note set out under section 78a of this title] shall take effect on .

“(b)

Immediate Transaction Fee Reductions.—

The amendments made by section 2 [amending this section] shall take effect on the later of—

“(1)

the first day of fiscal year 2002; or

“(2)

thirty days after the date on which a regular appropriation to the Commission for such fiscal year is enacted.

“(c)

Additional Exceptions.—

The authorities provided by section 6(b)(9) of the Securities Act of 1933 [15 U.S.C. 77f(b)(9)] and sections 13(e)(9), 14(g)(9), and 31(k) of the Securities Exchange Act of 1934 [15 U.S.C. 78m(e)(9), 78n(g)(9), and 78ee(k)], as so designated by this Act, shall not apply until .”

Effective Date of 1996 Amendment

Pub. L. 104–290, title IV, § 405(b), , 110 Stat. 3443, provided that:

“(1)

In general.—

Except as provided in paragraph (2), the amendment made by subsection (a) [amending this section] shall apply with respect to transactions in securities that occur on or after .

“(2)

Off-exchange trades of last sale reported transactions.—

The amendment made by subsection (a) [amending this section] shall apply with respect to transactions described in section 31(d)(1) of the Securities Exchange Act of 1934 [subsec. (d)(1) of this section] (as amended by subsection (a) of this section) that occur on or after .”

Effective Date of 1975 Amendment

Amendment by Pub. L. 94–29 effective , see section 31(a) of Pub. L. 94–29, set out as a note under section 78b of this title.

Securities and Exchange Commission Overpayment Credit

Pub. L. 115–174, title V, § 505, , 132 Stat. 1362, provided that:

“(a)

Definitions.—

In this section—

“(1)

the term ‘Commission’ means the Securities and Exchange Commission;

“(2)

the term ‘national securities association’ means an association that is registered under section 15A of the Securities Exchange Act of 1934 (15 U.S.C. 78o–3); and

“(3)

the term ‘national securities exchange’ means an exchange that is registered as a national securities exchange under section 6 of the Securities Exchange Act of 1934 (15 U.S.C. 78f).

“(b)

Credit for Overpayment of Fees.—

Notwithstanding section 31(j) of the Securities Exchange Act of 1934 (15 U.S.C. 78ee(j)), and subject to subsection (c) of this section, if a national securities exchange or a national securities association has paid fees and assessments to the Commission in an amount that is more than the amount that the exchange or association was required to pay under section 31 of the Securities Exchange Act of 1934 (15 U.S.C. 78ee) and, not later than 10 years after the date of such payment, the exchange or association informs the Commission about the payment of such excess amount, the Commission shall offset future fees and assessments due by that exchange or association in an amount that is equal to the difference between the amount that the exchange or association paid and the amount that the exchange or association was required to pay under such section 31.

“(c)

Applicability.—

Subsection (b) shall apply only to fees and assessments that a national securities exchange or a national securities association was required to pay to the Commission before the date of enactment of this Act [].”

Budget of the President

Pub. L. 111–203, title IX, § 991(d)(2), , 124 Stat. 1954, provided that: “For fiscal year 2012, and each fiscal year thereafter, the annual budget for the Administration submitted by the President to Congress shall reflect the amendments made by this section [amending this section and sections 77f, 78d, 78m, 78n, and 78kk of this title].”

Study of the Effect of Fee Reductions

Pub. L. 107–123, § 9, , 115 Stat. 2400, provided that:

“(a)

Study.—

The Office of Economic Analysis of the Securities and Exchange Commission (hereinafter referred to as the ‘Office’) shall conduct a study of the extent to which the benefits of reductions in fees effected as a result of this Act [see Short Title of 2002 Amendment note set out under section 78a of this title] are passed on to investors.

“(b)

Factors for Consideration.—

In conducting the study under subsection (a), the Office shall—

“(1)

consider the various elements of the securities industry directly and indirectly benefiting from the fee reductions, including purchasers and sellers of securities, members of national securities exchanges, issuers, broker-dealers, underwriters, participants in investment companies, retirement programs, and others;

“(2)

consider the impact on different types of investors, such as individual equity holders, individual investment company shareholders, businesses, and other types of investors;

“(3)

include in the interpretation of the term ‘investor’ shareholders of entities subject to the fee reductions; and

“(4)

consider the economic benefits to investors flowing from the fee reductions to include such factors as market efficiency, expansion of investment opportunities, and enhanced liquidity and capital formation.

“(c)

Report to Congress.—

Not later than 2 years after the date of the enactment of this Act [], the Securities and Exchange Commission shall submit to the Congress the report prepared by the Office on the findings of the study conducted under subsection (a).”

Fees From National Securities Associations for Member Transactions Other Than on National Securities Exchanges

Pub. L. 104–208, div. A, title I, § 101(a) [title V], , 110 Stat. 3009, 3009–61, provided in part: “That effective , every national securities association shall pay to the Commission a fee at a rate of one-three-hundredth of one percentum of the aggregate dollar amount of sales transacted by or through any member of such association otherwise than on a national securities exchange (other than bonds, debentures, and other evidences of indebtedness) subject to prompt last sale reporting pursuant to the rules of the Commission or a registered national securities association, excluding any sales for which a fee is paid under section 31 of the Securities Exchange Act of 1934 (15 U.S.C. 78ee), and such increase shall be deposited as an offsetting collection to this appropriation, to remain available until expended, to recover the costs to the Government of the supervision and regulation of securities markets and securities professionals: Provided further, That the fee due from every national securities association shall be paid on or before , with respect to transactions and sales occurring during the period beginning on , and ending at the close of ”.

Adjustment of Transaction Fee Rate

By order dated , the Securities and Exchange Commission adjusted the fee rates applicable under subsecs. (b) and (c) of this section to $8.00 per $1,000,000, effective , see 88 F.R. 5051.

By order dated , the Securities and Exchange Commission adjusted the fee rates applicable under subsecs. (b) and (c) of this section to $22.90 per $1,000,000, effective , see 87 F.R. 21931.

By order dated , the Securities and Exchange Commission adjusted the fee rates applicable under subsecs. (b) and (c) of this section to $5.10 per $1,000,000, effective , see 86 F.R. 6694.

By order dated , the Securities and Exchange Commission adjusted the fee rates applicable under subsecs. (b) and (c) of this section to $22.10 per $1,000,000, effective , see 85 F.R. 2218.

By order dated , the Securities and Exchange Commission adjusted the fee rates applicable under subsecs. (b) and (c) of this section to $20.70 per $1,000,000, effective , see 84 F.R. 9576.

By order dated , the Securities and Exchange Commission adjusted the fee rates applicable under subsecs. (b) and (c) of this section to $13.00 per $1,000,000, effective , see 83 F.R. 17577.

By order dated , the Securities and Exchange Commission adjusted the fee rates applicable under subsecs. (b) and (c) of this section to $23.10 per $1,000,000, effective , see 82 F.R. 25895.

By order dated , the Securities and Exchange Commission adjusted the fee rates applicable under subsecs. (b) and (c) of this section to $21.80 per $1,000,000, effective , see 81 F.R. 1458.

By order dated , the Securities and Exchange Commission adjusted the fee rates applicable under subsecs. (b) and (c) of this section to $18.40 per $1,000,000, effective , see 80 F.R. 2978.

By order dated , the Securities and Exchange Commission adjusted the fee rates applicable under subsecs. (b) and (c) of this section to $22.10 per $1,000,000, effective , see 79 F.R. 9504.

By order dated , the Securities and Exchange Commission adjusted the fee rates applicable under subsecs. (b) and (c) of this section to $17.40 per $1,000,000, effective , see 78 F.R. 25515.

By order dated , the Securities and Exchange Commission adjusted the fee rates applicable under subsecs. (b) and (c) of this section to $22.40 per $1,000,000, effective , see 77 F.R. 13663.

By order dated , the Securities and Exchange Commission adjusted the fee rates applicable under subsecs. (b) and (c) of this section to $18.00 per $1,000,000, effective , see 77 F.R. 3818.

Executive Documents

Transfer of Functions

For transfer of functions of Securities and Exchange Commission, with certain exceptions, to Chairman of such Commission, see Reorg. Plan No. 10 of 1950, §§ 1, 2, eff. , 15 F.R. 3175, 64 Stat. 1265, set out under section 78d of this title.

Credits

1934–2010 · 8 acts
  1. 1934June 6, 1934, ch. 404, title I, § 31, 48 Stat. 904
  2. 1944Mar. 17, 1944, ch. 101, 58 Stat. 117
  3. 1975Pub. L. 94–29, § 22, , 89 Stat. 162
  4. 1996Pub. L. 104–290, title IV, § 405(a), , 110 Stat. 3442
  5. 1998Pub. L. 105–353, title III, § 301(b)(14), , 112 Stat. 3236
  6. 2000Pub. L. 106–554, § 1(a)(5) [title II, § 206(f)], , 114 Stat. 2763, 2763A–432
  7. 2002Pub. L. 107–123, §§ 2, 3, , 115 Stat. 2390
  8. 2010Pub. L. 111–203, title IX, § 991(a)(1), (d)(1), , 124 Stat. 1950, 1954.
Show as published

(June 6, 1934, ch. 404, title I, § 31, 48 Stat. 904; Mar. 17, 1944, ch. 101, 58 Stat. 117; Pub. L. 94–29, § 22, , 89 Stat. 162; Pub. L. 104–290, title IV, § 405(a), , 110 Stat. 3442; Pub. L. 105–353, title III, § 301(b)(14), , 112 Stat. 3236; Pub. L. 106–554, § 1(a)(5) [title II, § 206(f)], , 114 Stat. 2763, 2763A–432; Pub. L. 107–123, §§ 2, 3, , 115 Stat. 2390; Pub. L. 111–203, title IX, § 991(a)(1), (d)(1), , 124 Stat. 1950, 1954.)

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