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[[Page 2389]]

               INVESTOR AND CAPITAL MARKETS FEE RELIEF ACT

[[Page 115 STAT. 2390]]

Public Law 107-123
107th Congress

                                 An Act


 
To amend the Securities <<NOTE: Jan. 16, 2002 -  [H.R. 1088]>>  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 <<NOTE: Investor and Capital 
Markets Fee Relief Act.>> assembled,

SECTION 1. SHORT <<NOTE: 15 USC 78a note.>> 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:

[[Page 115 STAT. 2391]]

    ``(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) <<NOTE: Deadline.>> 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

[[Page 115 STAT. 2392]]

        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. <<NOTE: Deadline.>> 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) 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) <<NOTE: Termination date.>> 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.

[[Page 115 STAT. 2393]]

    ``(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: <<NOTE: Deadline.>>  ``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.

[[Page 115 STAT. 2394]]

            ``(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) five 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--

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