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...


Google
 
Web GovRecords.org


  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
107th CONGRESS
  1st Session
                                H. R. 1088

_______________________________________________________________________

                                 AN ACT


 
 To amend the Securities Exchange Act of 1934 to reduce fees collected 
   by the Securities and Exchange Commission, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Investor and Capital Markets Fee 
Relief Act''.

SEC. 2. IMMEDIATE TRANSACTION FEE REDUCTIONS.

    Section 31 of the Securities Exchange Act of 1934 (15 U.S.C. 78ee) 
is amended--
            (1) by striking ``\1/300\ of one percent'' each place it 
        appears in subsections (b) and (d) and inserting ``$15 per 
        $1,000,000'';
            (2) by striking ``and security futures products'' each 
        place it appears in such subsections and inserting ``security 
        futures products, and options on securities indexes (excluding 
        a narrow-based security index)'';
            (3) in the first sentence of subsection (b), by striking 
        ``, except that'' and all that follows through the end of such 
        sentence and inserting a period;
            (4) in paragraph (1) of subsection (d), by striking ``, 
        except that'' and all that follows through the end of such 
        paragraph and inserting a period;
            (5) in subsection (e), by striking ``$0.02'' and inserting 
        ``$0.009''; and
            (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.''.

SEC. 3. REVISION OF SECURITIES TRANSACTION FEE PROVISIONS; ADDITIONAL 
              FEE REDUCTIONS.

    (a) Pooling and Allocation of Collections.--Section 31 of the 
Securities Exchange Act of 1934 (15 U.S.C. 78ee) is further amended--
            (1) in subsection (b)--
                    (A) by striking ``Every'' and inserting ``Subject 
                to subsection (j), each''; and
                    (B) by striking the last sentence;
            (2) by striking subsection (c);
            (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)'';
            (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.'';
            (5) in subsection (f), by striking ``Dates for Payment of 
        Fees.--The fees required'' and inserting ``Dates for 
        Payments.--The fees and assessments required'';
            (6) by redesignating subsections (e) through (i) (as added 
        by section 2(5)) as subsections (d) through (h), respectively;
            (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.''.
    (b) Additional Reductions of Fees.--
            (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 
        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 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 (l)(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) 30 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) 30 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.''.
            (2) Conforming amendment.--Section 31(g) of such Act (as 
        redesignated by subsection (a)(6) of this section) is amended 
        by inserting before the period at the end the following: ``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''.

SEC. 4. REDUCTION OF REGISTRATION FEES.

    Section 6(b) of the Securities Act of 1933 (15 U.S.C. 77f(b)) is 
amended by striking paragraphs (2) through (5) and inserting the 
following:
            ``(2) Fee payment required.--At the time of filing a 
        registration statement, the applicant shall pay to the 
        Commission a fee at a rate that shall be equal to $92 per 
        $1,000,000 of the maximum aggregate price at which such 
        securities are proposed to be offered, except that during 
        fiscal year 2003 and any succeeding fiscal year such fee shall 
        be adjusted pursuant to paragraph (5) or (6).
            ``(3) Offsetting collections.--Fees collected pursuant to 
        this subsection 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 paragraph (9), shall 
                not be collected for any fiscal year except to the 
                extent provided in advance in appropriation Acts.
            ``(4) General revenues prohibited.--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 (2) for such fiscal year to a rate that, 
        when applied to the baseline estimate of the aggregate maximum 
        offering prices for such fiscal year, is reasonably likely to 
        produce aggregate fee collections under this subsection that 
        are equal to the target offsetting collection amount 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 (2) for all of such 
        fiscal years to a rate that, when applied to the baseline 
        estimate of the aggregate maximum offering prices for fiscal 
        year 2012, is reasonably likely to produce aggregate fee 
        collections under this subsection in fiscal year 2012 equal to 
        the target offsetting collection amount for fiscal year 2011.
            ``(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 (3)(B) 
        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

Pages: 1 2 3 Next >>

Other Popular 107th Congressional Bills Documents:

1 H.R. 1066 (ih) To amend the Outer Continental Shelf Lands Act to direct the Secretary of the Interior to cease mineral leasing activity on submerged land of the Outer Continental Shelf that is adjacent to a coastal State that has declared a moratorium on...
2 H.R. 940 (ih) To establish a statute of repose for durable goods used in a trade or business. [Introduced in House] ...
3 S. 295 (es) To provide emergency relief to small businesses affected by significant increases in the prices of heating oil, natural gas, propane, and kerosene, and for other purposes. [Engrossed in Senate] ...
4 H.R. 2012 (ih) To amend title 5, United States Code, to eliminate an inequity in the applicability of early retirement eligibility requirements to military reserve technicians. [Introduced in House] ...
5 S. 273 (is) To amend title 28, United States Code, to divide New Jersey into 2 judicial districts. [Introduced in Senate] ...
6 H.R. 2218 (ih) To amend the Occupational Safety and Health Act of 1970 to provide for coverage under that Act of employees of States and political subdivisions of States. [Introduced in House] ...
7 S.Res. 69 (ats) Congratulating the Fighting Irish of the University of Notre Dame for winning the 2001 women's basketball championship. [Agreed to Senate] ...
8 S.Res. 23 (is) Expressing the sense of the Senate that the President should award the Presidential Medal of Freedom posthumously to Dr. Benjamin Elijah Mays in honor of his distinguished career as an educator, civil and human rights leader, and public the...
9 H.Con.Res. 73 (rh) Expressing the sense of Congress that the 2008 Olympic Games should not [Reported in House] ...
10 H.Res. 112 (eh) [Engrossed in House] ...
11 S. 27 (is) To amend the Federal Election Campaign Act of 1971 to provide bipartisan campaign reform. [Introduced in Senate] ...
12 S.Con.Res. 6 (rs) Expressing sympathy for the victims of the devastating earthquake that struck India on January 26, 2001, and support for ongoing aid efforts. [Reported in Senate] ...
13 H.R. 1127 (ih) To amend the Internal Revenue Code of 1986 to allow a deduction for amounts paid for health insurance and prescription drug costs of individuals. [Introduced in House] ...
14 H.R. 601 (rh) To ensure the continued access of hunters to those Federal lands [Reported in House] ...
15 S.Res. 112 (ats) Honoring the United States Army on its 226th birthday. [Agreed to Senate] ...
16 H.R. 2189 (ih) To amend the Internal Revenue Code of 1986 to allow the use of completed contract method of accounting in the case of certain long- term naval vessel construction contracts. [Introduced in House] ...
17 H.R. 643 (eh) To reauthorize the African Elephant Conservation Act. [Engrossed in House] ...
18 H.Res. 83 (rh) Providing for consideration of the bill (H.R. 3) to amend the Internal Revenue Code of 1986 to reduce individual income tax rates. [Reported in House] ...
19 H.R. 2017 (ih) To direct the Administrator of the Environmental Protection Agency to conduct a study of the feasibility of developing regional vehicle fuel specifications for the United States and of implementing the use of a uniform blend of gasoline in...
20 H.Con.Res. 44 (ih) Recognizing the vital importance of hunting as a legitimate tool of wildlife resource management. [Introduced in House] ...
21 H.R. 1287 (ih) To amend the Public Health Service Act with respect to the Vaccine Injury Compensation Program. [Introduced in House] ...
22 S. 846 (is) For the relief of J.L. Simmons Company, Inc., of Champaign, Illinois. [Introduced in Senate] ...
23 S. 396 (is) To provide for national quadrennial summits on small business and State summits on small business, to establish the White House Quadrennial Commission on Small Business, and for other purposes. [Introduced in Senate] ...
24 H.R. 105 (ih) To require Congress and the President to fulfill their constitutional duty to take personal responsibility for Federal laws. [Introduced in House] ...
25 H.Res. 28 (eh) [Engrossed in House] ...
26 H.Con.Res. 66 (rfs) Authorizing the printing of a revised and updated version of the House document entitled ``Women in Congress, 1917-1990''. [Referred in Senate] ...
27 H.R. 1355 (ih) To merge the deposit insurance funds at the Federal Deposit Insurance Corporation. [Introduced in House] ...
28 H.R. 881 (ih) To amend the Fair Labor Standards Act of 1938 to prohibit the issuance of a certificate for subminimum wages for individuals with impaired vision or blindness. [Introduced in House] ...
29 S.Res. 33 (rs) Authorizing expenditures by the Special Committee on Aging. [Reported in Senate] ...
30 H.R. 872 (ih) To amend the Internal Revenue Code of 1986 to provide individual and corporate income tax rate reductions. [Introduced in House] ...


Other Documents:

107th Congressional Bills Records and Documents

GovRecords.org presents information on various agencies of the United States Government. Even though all information is believed to be credible and accurate, no guarantees are made on the complete accuracy of our government records archive. Care should be taken to verify the information presented by responsible parties. Please see our reference page for congressional, presidential, and judicial branch contact information. GovRecords.org values visitor privacy. Please see the privacy page for more information.
House Rules:

104th House Rules
105th House Rules
106th House Rules

Congressional Bills:

104th Congressional Bills
105th Congressional Bills
106th Congressional Bills
107th Congressional Bills
108th Congressional Bills

Supreme Court Decisions

Supreme Court Decisions

Additional

1995 Privacy Act Documents
1997 Privacy Act Documents
1994 Unified Agenda
2004 Unified Agenda

Congressional Documents:

104th Congressional Documents
105th Congressional Documents
106th Congressional Documents
107th Congressional Documents
108th Congressional Documents

Congressional Directory:

105th Congressional Directory
106th Congressional Directory
107th Congressional Directory
108th Congressional Directory

Public Laws:

104th Congressional Public Laws
105th Congressional Public Laws
106th Congressional Public Laws
107th Congressional Public Laws
108th Congressional Public Laws

Presidential Records

1994 Presidential Documents
1995 Presidential Documents
1996 Presidential Documents
1997 Presidential Documents
1998 Presidential Documents
1999 Presidential Documents
2000 Presidential Documents
2001 Presidential Documents
2002 Presidential Documents
2003 Presidential Documents
2004 Presidential Documents

Home Executive Judicial Legislative Additional Reference About Privacy