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U.S. Code as of:
01/19/04
Section 78ee. Transaction fees
(a) Recovery of cost of services
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.
(b) Exchange-traded securities
Subject to subsection (j) of this section, each national
securities exchange shall pay to the Commission a fee at a rate
equal to $15 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) of this section, each national
securities association shall pay to the Commission a fee at a rate
equal to $15 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 30, 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 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.
(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) of
this section 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) of this section,
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) of
this section for fiscal year 2002 or any succeeding fiscal year
shall be deposited and credited as general revenue of the
Treasury.
(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) of this section 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 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) of
this section 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) of this section) 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) of this section.
(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) of this section 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) of this section) 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. An adjusted rate prescribed under
paragraph (1), (2), or (3) and published under subsection (g) of
this section shall not be subject to judicial review. Subject to
subsections (i)(1)(B) and (k) of this section -
(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) of this section 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
907 of title 2.
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