Title 7 — Agriculture
Chapter 1 — Commodity Exchanges
§ 16a. Service fees and National Futures Association study
Statutory text
Development and implementation of plan for user fees; report to and approval by Congressional committees
Notwithstanding any other provision of law, the Commodity Futures Trading Commission may develop and implement a plan to charge and collect reasonable fees to cover the estimated cost of regulating transactions under the jurisdiction of the Commission. However, prior to implementing such a plan, the Commission shall report its intention to do so to the House Committee on Agriculture and the Senate Committee on Agriculture, Nutrition, and Forestry. The Commission shall include in its report the feasibility and desirability of collecting such fees. Any plan developed under this section shall not be implemented until approved by the House Committee on Agriculture and the Senate Committee on Agriculture, Nutrition, and Forestry. Fees collected under any plan approved under this section shall be deposited in the Treasury of the United States as miscellaneous receipts.
National Futures Association regulatory experience; report; contents
The Commodity Futures Trading Commission shall submit to Congress a report containing the results of a study of the regulatory experience of the National Futures Association for the period beginning and ending . The report shall be submitted not later than . The report shall include (but not to be limited to) the following—
the extent to which the National Futures Association has fully implemented the program provided in the rules approved by the Commission under section 17(p) and (q) of the Commodity Exchange Act [7 U.S.C. 21(p), (q)] and the effectiveness of the operation of such program;
the actual and projected cost savings to the Federal Government, if any, resulting from operations of the National Futures Association;
the actual and projected costs which the Commission and the public would have incurred if the Association had not undertaken self-regulatory responsibility for certain areas under the Commission’s jurisdiction;
problem areas, if any, encountered by the Association;
the nature of the working relationship between the Association and the Commission;
an assessment of the actual and projected efficiencies the Commission has achieved or expects to be achieved as a result of the continuing regulatory activities of the Association; and
the immediate and projected capabilities of the Commission at the time of submission of the study to turn its attention to more immediate problems of regulation, as a result of the activities of the Association.
Schedule of fees for services, activities and functions; notice and hearing; actual cost standard
Nothing in this section shall limit the authority of the Commission to promulgate, after notice and opportunity for hearing, a schedule of appropriate fees to be charged for services rendered and activities and functions performed by the Commission in conjunction with its administration and enforcement of the Commodity Exchange Act [7 U.S.C. 1 et seq.]: Provided, That the fees for any specified service or activity or function shall not exceed the actual cost thereof to the Commission.
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.
Futures Trading Act of 1978
Pub. L. 95–405 § 26 · 92 Stat. 865
Enacted · 7 U.S.C. § 16a
Pub. L. 95–405, § 26, Sept. 30, 1978, 92 Stat. 877
Source evidence
Code source credit
Pub. L. 95–405, § 26, Sept. 30, 1978, 92 Stat. 877Enacted provision · exact public law section
Sec. 26. Notwithstanding any other provision of law, the Commodity 7 USC 16a. Futures Trading Commission may develop and implement a plan to charge and collect reasonable fees to cover the estimated cost of regulating transactions under the jurisdiction of the Commission. However, Report to congressional committees. prior to implementing such a plan, the Commission shall report its intention to do so to the House Committee on Agriculture and the Senate Committee on Agriculture, Nutrition, and Forestry. The Commission shall include in its report the feasibility and desirability of collecting such fees. Any plan developed under this section shall not be implemented until approved by the House Committee on Agriculture and the Senate Committee on Agriculture, Nutrition, and Forestry. Fees collected under any plan approved under this section shall be deposited in the Treasury of the United States as miscellaneous receipts.Futures Trading Act of 1982
Pub. L. 97–444 title II § 237 · 96 Stat. 2294
Amended · 7 U.S.C. § 16a
Pub. L. 97–444 designated existing provisions as subsec. (a)
Added · 7 U.S.C. § 16a
Pub. L. 97–444 added subsecs. (b) and (c)
Source evidence
Code amendment note
Pub. L. 97–444 designated existing provisions as subsec. (a) and added subsecs. (b) and (c).Enacted provision · exact public law section
Sec. 237. national futures association study and service fees Section 26 of the Futures Trading Act of 1978 (92 Stat. 877) is amended by— 7 USC 16a. (1) inserting “(a)” immediately following the section designation; and (2) adding at the end thereof the following new subsections: Report to Congress. “(b) The Commodity Futures Trading Commission shall submit to Congress a report containing the results of a study of the regulatory experience of the National Futures Association for the period beginning January 1, 1983 and ending September 30, 1985. The report shall be submitted not later than January 1, 1986. The report shall include (but not to be limited to) the following— “(1) the extent to which the National Futures Association has fully implemented the program provided in the rules approved by the Commission under section 17 (p) and (q) of the Commodity Exchange Act and the effectiveness of the operation of such 7 USC 21. program; “(2) the actual and projected cost savings to the Federal Government, if any, resulting from operations of the National Futures Association; “(3) the actual and projected costs which the Commission and the public would have incurred if the Association had not undertaken self-regulatory responsibility for certain areas under the Commission’s jurisdiction; “(4) problem areas, if any, encountered by the Association; “(5) the nature of the working relationship between the Association and the Commission; “(6) an assessment of the actual and projected efficiencies the Commission has achieved or expects to be achieved as a result of the continuing regulatory activities of the Association; and “(7) the immediate and projected capabilities of the Commission at the time of submission of the study to turn its attention to more immediate problems of regulation, as a result of the activities of the Association. “(c) Nothing in this section shall limit the authority of the Commission to promulgate, after notice and opportunity for hearing, a schedule of appropriate fees to be charged for services rendered and activities and functions performed by the Commission in conjunction with its administration and enforcement of the Commodity 7 USC 1. Exchange Act: Provided, That the fees for any specified service or activity or function shall not exceed the actual cost thereof to the Commission.”.Effective date note
Amendment by Pub. L. 97–444 effective Jan. 11, 1983, see section 239 of Pub. L. 97–444, set out as a note under section 2 of this title.
3 of 3 references resolved to an enrolled provision
Editorial Notes
References in Text
The Commodity Exchange Act, referred to in subsec. (c), is act Sept. 21, 1922, ch. 369, 42 Stat. 998, which is classified generally to chapter 1 (§ 1 et seq.) of this title. For complete classification of this Act to the Code, see section 1 of this title and Tables.
Codification
Section was enacted as part of the Futures Trading Act of 1978, and not as part of the Commodity Exchange Act which comprises this chapter.
Amendments
1983—Pub. L. 97–444 designated existing provisions as subsec. (a) and added subsecs. (b) and (c).
Statutory Notes and Related Subsidiaries
Effective Date of 1983 Amendment
Amendment by Pub. L. 97–444 effective , see section 239 of Pub. L. 97–444, set out as a note under section 2 of this title.
Effective Date
Section effective , see section 28 of Pub. L. 95–405, set out as an Effective Date of 1978 Amendment note under section 2 of this title.
Study of Assessments on Transactions
Pub. L. 102–546, title II, § 218, , 106 Stat. 3612, required the Comptroller General to conduct a study to determine whether it was feasible to fund some or all of the enforcement and market surveillance activities of the Commodity Futures Trading Commission through the imposition of an assessment on commodity futures and options transactions executed pursuant to the Commodity Exchange Act, and report, by one year after , to Congress the Commission determinations together with any appropriate recommendations for the implementation of such a program of assessment-based funding.
Credits
1978–1983 · 2 acts
Show as published
(Pub. L. 95–405, § 26, , 92 Stat. 877; Pub. L. 97–444, title II, § 237, , 96 Stat. 2325.)