Home > 107th Congressional Bills > H.R. 1088 (ih) To amend the Securities Exchange Act of 1934 to reduce fees collected by the Securities and Exchange Commission, and for other purposes. Fiscal year Target offsetting collection amount Fiscal year Target offsetting collection amount [Introd...H.R. 1088 (ih) To amend the Securities Exchange Act of 1934 to reduce fees collected by the Securities and Exchange Commission, and for other purposes. Fiscal year Target offsetting collection amount Fiscal year Target offsetting collection amount [Introd...
``(B) an adjusted rate prescribed under paragraph
(6) shall take effect on the later of--
``(i) the first day of fiscal year 2012; or
``(ii) 5 days after the date on which a
regular appropriation to the Commission for
fiscal year 2012 is enacted.
``(9) 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 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.
``(10) Publication.--The Commission shall publish in the
Federal Register notices of the rate applicable under this
subsection and under sections 13(e) and 14(g) for each fiscal
year 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 rate is based.
``(11) Definitions.--For purposes of this subsection:
``(A) 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............................................... $337,000,000
2003............................................... $435,000,000
2004............................................... $467,000,000
2005............................................... $570,000,000
2006............................................... $689,000,000
2007............................................... $214,000,000
2008............................................... $234,000,000
2009............................................... $284,000,000
2010............................................... $334,000,000
2011............................................... $394,000,000
``(B) Baseline estimate of the aggregate maximum
offering prices.--The baseline estimate of the
aggregate maximum offering prices for any fiscal year
is the baseline estimate of the aggregate maximum
offering price at which securities are proposed to be
offered pursuant to registration statements filed with
the Commission 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 projections pursuant to section 257 of the Balanced
Budget and Emergency Deficit Control Act of 1985.''.
SEC. 5. FEES FOR STOCK REPURCHASE STATEMENTS.
Section 13(e) of the Securities Exchange Act of 1934 (15 U.S.C.
78m(e)) is amended
(1) in paragraph (3), by striking ``a fee of \1/50\ of 1
per centum of the value of securities proposed to be
purchased'' and inserting ``a fee at a rate that, subject to
paragraphs (5) and (6), is equal to $92 per $1,000,000 of the
value of securities proposed to be purchased'';
(2) by inserting after paragraph (3) the following new
paragraphs:
``(4) Offsetting collections.--Fees collected pursuant to
this subsection for any fiscal year shall be deposited and
credited as offsetting collections to the account providing
appropriations to the Commission, and, except as provided in
paragraph (9), shall not be collected for any fiscal year
except to the extent provided in advance in appropriation Acts.
No fees collected pursuant to this subsection for fiscal year
2002 or any succeeding fiscal year shall be deposited and
credited as general revenue of the Treasury.
``(5) Annual adjustment.--For each of the fiscal years 2003
through 2011, the Commission shall by order adjust the rate
required by paragraph (3) for such fiscal year to a rate that
is equal to the rate (expressed in dollars per million) that is
applicable under section 6(b) of the Securities Act of 1933 for
such fiscal year.
``(6) Final rate adjustment.--For fiscal year 2012 and all
of the succeeding fiscal years, the Commission shall by order
adjust the rate required by paragraph (3) for all of such
fiscal years to a rate that is equal to the rate (expressed in
dollars per million) that is applicable under section 6(b) of
the Securities Act of 1933 for all of such fiscal years.
``(7) Pro rata application.--The rates per $1,000,000
required by this subsection shall be applied pro rata to
amounts and balances of less than $1,000,000.
``(8) 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 (5) or (6) and published under paragraph (10) shall
not be subject to judicial review. Subject to paragraphs (4)
and (9)--
``(A) an adjusted rate prescribed under paragraph
(5) shall take effect on the later of--
``(i) the first day of the fiscal year to
which such rate applies; or
``(ii) 5 days after the date on which a
regular appropriation to the Commission for
such fiscal year is enacted; and
``(B) an adjusted rate prescribed under paragraph
(6) shall take effect on the later of--
``(i) the first day of fiscal year 2012; or
``(ii) 5 days after the date on which a
regular appropriation to the Commission for
fiscal year 2012 is enacted.
``(9) 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 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.
``(10) Publication.--The rate applicable under this
subsection for each fiscal year is published pursuant to
section 6(b)(10) of the Securities Act of 1933.''.
SEC. 6. FEES FOR PROXY SOLICITATIONS AND STATEMENTS IN CORPORATE
CONTROL TRANSACTIONS.
Section 14(g) of the Securities Exchange Act of 1934 (15 U.S.C.
78m(e)(3)) is amended--
(1) in paragraphs (1) and (3), by striking ``a fee of \1/
50\ of 1 per centum of'' each place it appears and inserting
``a fee at a rate that, subject to paragraphs (5) and (6), is
equal to $92 per $1,000,000 of'';
(2) by redesignating paragraph (4) as paragraph (11); and
(3) by inserting after paragraph (3) the following new
paragraphs:
``(4) Offsetting collections.--Fees collected pursuant to
this subsection for any fiscal year shall be deposited and
credited as offsetting collections to the account providing
appropriations to the Commission, and, except as provided in
paragraph (9), shall not be collected for any fiscal year
except to the extent provided in advance in appropriation Acts.
No fees collected pursuant to this subsection for fiscal year
2002 or any succeeding fiscal year shall be deposited and
credited as general revenue of the Treasury.
``(5) Annual adjustment.--For each of the fiscal years 2003
through 2011, the Commission shall by order adjust each of the
rates required by paragraphs (1) and (3) for such fiscal year
to a rate that is equal to the rate (expressed in dollars per
million) that is applicable under section 6(b) of the
Securities Act of 1933 for such fiscal year.
``(6) Final rate adjustment.--For fiscal year 2012 and all
of the succeeding fiscal years, the Commission shall by order
adjust each of the rates required by paragraphs (1) and (3) for
all of such fiscal years to a rate that is equal to the rate
(expressed in dollars per million) that is applicable under
section 6(b) of the Securities Act of 1933 for all of such
fiscal years.
``(7) Pro rata application.--The rates per $1,000,000
required by this subsection shall be applied pro rata to
amounts and balances of less than $1,000,000.
``(8) 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 (5) or (6) and published under paragraph (10) shall
not be subject to judicial review. Subject to paragraphs (4)
and (9)--
``(A) an adjusted rate prescribed under paragraph
(5) shall take effect on the later of--
``(i) the first day of the fiscal year to
which such rate applies; or
``(ii) 5 days after the date on which a
regular appropriation to the Commission for
such fiscal year is enacted; and
``(B) an adjusted rate prescribed under paragraph
(6) shall take effect on the later of--
``(i) the first day of fiscal year 2012; or
``(ii) 5 days after the date on which a
regular appropriation to the Commission for
fiscal year 2012 is enacted.
``(9) 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 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.
``(10) Publication.--The rate applicable under this
subsection for each fiscal year is published pursuant to
section 6(b)(10) of the Securities Act of 1933.''.
SEC. 7. TRUST INDENTURE ACT FEE.
Section 307(b) of the Trust Indenture Act of 1939 (15 U.S.C.
77ggg(b)) is amended by striking ``Commission, but, in the case'' and
all that follows and inserting ``Commission.''.
SEC. 8. COMPARABILITY PROVISIONS.
(a) Commission Demonstration Project.--Subpart C of part III of
title 5, United States Code, is amended by adding at the end the
following:
``CHAPTER 48--AGENCY PERSONNEL DEMONSTRATION PROJECT
``Sec.
``4801. Nonapplicability of chapter 47.
``4802. Securities and Exchange Commission.
``Sec. 4801. Nonapplicability of chapter 47
``Chapter 47 shall not apply to this chapter.
``Sec. 4802. Securities and Exchange Commission
``(a) In this section, the term `Commission' means the Securities
and Exchange Commission.
``(b) The Commission may appoint and fix the compensation of such
officers, attorneys, economists, examiners, and other employees as may
be necessary for carrying out its functions under the securities laws
as defined under section 3 of the Securities Exchange Act of 1934 (15
U.S.C. 78c).
``(c) Rates of basic pay for all employees of the Commission may be
set and adjusted by the Commission without regard to the provisions of
chapter 51 or subchapter III of chapter 53.
``(d) The Commission may provide additional compensation and
benefits to employees of the Commission if the same type of
compensation or benefits are then being provided by any agency referred
to under section 1206 of the Financial Institutions Reform, Recovery,
and Enforcement Act of 1989 (12 U.S.C. 1833b) or, if not then being
provided, could be provided by such an agency under applicable
provisions of law, rule, or regulation. In setting and adjusting the
total amount of compensation and benefits for employees, the Commission
shall consult with, and seek to maintain comparability with, the
agencies referred to under section 1206 of the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1833b).
``(e) The Commission shall consult with the Office of Personnel
Management in the implementation of this section.
``(f) This section shall be administered consistent with merit
system principles.''.
(b) Employees Represented by Labor Organizations.--To the extent
that any employee of the Securities and Exchange Commission is
represented by a labor organization with exclusive recognition in
accordance with chapter 71 of title 5, United States Code, no reduction
in base pay of such employee shall be made by reason of enactment of
this section (including the amendments made by this section).
(c) Implementation Plan and Report.--
(1) Implementation plan.--
(A) In general.--The Securities and Exchange
Commission shall develop a plan to implement section
4802 of title 5, United States Code, as added by this
section.
(B) Inclusion in annual performance plan and
report.--The Securities and Exchange Commission shall
include--
(i) the plan developed under this paragraph
in the annual program performance plan
submitted under section 1115 of title 31,
United States Code; and
(ii) the effects of implementing the plan
developed under this paragraph in the annual
program performance report submitted under
section 1116 of title 31, United States Code.
(2) Implementation report.--
(A) In general.--Before implementing the plan
developed under paragraph (1), the Securities and
Exchange Commission shall submit a report to the
Committee on Governmental Affairs and the Committee on
Banking, Housing, and Urban Affairs of the Senate, the
Committee on Government Reform and the Committee on
Financial Services of the House of Representatives, and
the Office of Personnel Management on the details of
the plan.
(B) Content.--The report under this paragraph shall
include--
(i) evidence and supporting documentation
justifying the plan; and
(ii) budgeting projections on costs and
benefits resulting from the plan.
(d) Technical and Conforming Amendments.--
(1) Amendments to title 5, united states code.--
(A) The table of chapters for part III of title 5,
United States Code, is amended by adding at the end of
subpart C the following:
``48. Agency Personnel Demonstration Project............... 4801.''.
(B) Section 3132(a)(1) of title 5, United States
Code, is amended--
(i) in subparagraph (C), by striking ``or''
after the semicolon;
(ii) in subparagraph (D), by inserting
``or'' after the semicolon; and
(iii) by adding at the end the following:
``(E) the Securities and Exchange Commission;''.
(C) Section 5373(a) of title 5, United States Code,
is amended--
(i) in paragraph (2), by striking ``or''
after the semicolon;
(ii) in paragraph (3), by striking the
period and inserting ``; or''; and
(iii) by adding at the end the following:
``(4) section 4802.''.
(2) Amendment to securities exchange act of 1934.--Section
4(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78d(b))
is amended by striking paragraphs (1) and (2) and inserting the
following:
``(1) Appointment and compensation.--The Commission shall
appoint and compensate officers, attorneys, economists,
examiners, and other employees in accordance with section 4802
of title 5, United States Code.
``(2) Reporting of information.--In establishing and
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