Laws: Cases and Codes : U.S. Code : Title 15 : Section 78ee
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U.S. Code as of:
01/19/04
Section 78ee - Notes
SOURCE
(June 6, 1934, ch. 404, title I, Sec. 31, 48 Stat. 904; Mar. 17,
1944, ch. 101, 58 Stat. 117; Pub. L. 94-29, Sec. 22, June 4, 1975,
89 Stat. 162; Pub. L. 104-290, title IV, Sec. 405(a), Oct. 11,
1996, 110 Stat. 3442; Pub. L. 105-353, title III, Sec. 301(b)(14),
Nov. 3, 1998, 112 Stat. 3236; Pub. L. 106-554, Sec. 1(a)(5) [title
II, Sec. 206(f)], Dec. 21, 2000, 114 Stat. 2763, 2763A-432; Pub. L.
107-123, Secs. 2, 3, Jan. 16, 2002, 115 Stat. 2390.)
AMENDMENTS
2002 - Subsec. (b). Pub. L. 107-123, Sec. 3(a)(1), substituted
"Subject to subsection (j) of this section, each" for "Every" and
struck out at end "Fees collected pursuant to this subsection shall
be deposited and collected as general revenue of the Treasury."
Pub. L. 107-123, Sec. 2(1)-(3), substituted "$15 per $1,000,000"
for " 1/300 of one percent" and "security futures products, and
options on securities indexes (excluding a narrow-based security
index)" for "and security futures products" and struck out ",
except that for fiscal year 2007 or any succeeding fiscal year such
rate shall be equal to 1/800 of one percent of such aggregate
dollar amount of sales" before period at end of first sentence.
Subsec. (c). Pub. L. 107-123, Sec. 3(a)(3), redesignated subsec.
(d) as (c), substituted "Off-exchange trades of exchange registered
and last-sale-reported securities" for "Off-exchange trades of
last-sale-reported securities" in subsec. heading, struck out par.
(1) heading, substituted "Subject to subsection (j) of this
section, each national securities" for "Each national securities",
inserted "registered on a national securities exchange or" after
"narrow-based security index))", struck out ", excluding any sales
for which a fee is paid under subsection (c) of this section" after
"national securities association", and struck out pars. (2) and
(3), which related to deposit of fees and lapse of appropriations.
Pub. L. 107-123, Sec. 3(a)(2), struck out heading and text of
former subsec. (c). Text read as follows: "Each national securities
association shall pay to the Commission a fee at a rate equal to
1/300 of one percent 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 registered on
such an exchange (other than bonds, debentures, other evidences of
indebtedness, and security futures products), except that for
fiscal year 2007 or any succeeding fiscal year such rate shall be
equal to 1/800 of one percent of such aggregate dollar amount of
sales. Fees collected pursuant to this subsection shall be
deposited and collected as general revenue of the Treasury."
Pub. L. 107-123, Sec. 2(1),(2), (4), which directed that subsec.
(d) be amended by substituting "$15 per $1,000,000" for " 1/300 of
one percent" and "security futures products, and options on
securities indexes (excluding a narrow-based security index)" for
"and security futures products", and striking out ", except that
for fiscal year 2007, or any succeeding fiscal year, such rate
shall be equal to (!1/800) of one percent of such aggregate dollar
amount of sale" before period at end of par. (1), was executed by
making the amendment in subsec. (c), to reflect the probable intent
of Congress and the amendment by Pub. L. 107-123, Sec. 3(a)(3),
which redesignated subsec. (d) as (c). See above.
Subsec. (d). Pub. L. 107-123, Sec. 3(a)(4), (6), redesignated
subsec. (e) as (d) and substituted "except that for fiscal year
2007 and each succeeding fiscal year such assessment shall be equal
to $0.0042 for each such transaction" for "except that for fiscal
year 2007 or any succeeding fiscal year such assessment shall be
equal to $0.0075 for each such transaction. Assessments collected
pursuant to this subsection shall be deposited and collected as
general revenue of the Treasury". Former subsec. (d) redesignated
(c).
Pub. L. 107-123, Sec. 2(5), which directed that subsec. (e) be
amended by substituting "$0.009" for "$0.02", was executed by
making the amendment in subsec. (d), to reflect the probable intent
of Congress and the amendment by Pub. L. 107-123, Sec. 3(a)(4), (6)
which redesignated subsec. (e) as (d). See above.
Subsec. (e). Pub. L. 107-123, Sec. 3(a)(5), (6), redesignated
subsec. (f) as (e) and substituted "Dates for payments" for "Dates
for payment of fees" in heading and "The fees and assessments
required" for "The fees required" in introductory provisions.
Former subsec. (e) redesignated (d).
Subsec. (f). Pub. L. 107-123, Sec. 3(a)(6), redesignated subsec.
(g) as (f). Former subsec. (f) redesignated (e).
Subsec. (g). Pub. L. 107-123, Sec. 3(a)(6), (b)(2), redesignated
subsec. (h) as (g) and inserted before period at end "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". Former subsec. (g) redesignated (f).
Subsec. (h). Pub. L. 107-123, Sec. 3(a)(6), redesignated subsec.
(i), as enacted by Pub. L. 107-123, Sec. 2(6), as (h). See below.
Former subsec. (h) redesignated (g).
Subsec. (i). Pub. L. 107-123, Sec. 3(a)(7), added subsec. (i).
Pub. L. 107-123, Sec. 2(6), added subsec. (i).
Subsecs. (j) to (l). Pub. L. 107-123, Sec. 3(b)(1), added
subsecs. (j) to (l).
2000 - Subsec. (a). Pub. L. 106-554, Sec. 1(a)(5) [title II, Sec.
206(f)(1)], inserted "and assessments" after "fees".
Subsecs. (b), (c), (d)(1). Pub. L. 106-554, Sec. 1(a)(5) [title
II, Sec. 206(f)(2)], substituted "other evidences of indebtedness,
and security futures products" for "and other evidences of
indebtedness".
Subsec. (e). Pub. L. 106-554, Sec. 1(a)(5) [title II, Sec.
206(f)(6)], added subsec. (e). Former subsec. (e) redesignated (f).
Subsec. (f). Pub. L. 106-554, Sec. 1(a)(5) [title II, Sec.
206(f)(5)], redesignated subsec. (e) as (f). Former subsec. (f)
redesignated (g).
Pub. L. 106-554, Sec. 1(a)(5) [title II, Sec. 206(f)(3)],
inserted "or assessment" after "fee".
Subsec. (g). Pub. L. 106-554, Sec. 1(a)(5) [title II, Sec.
206(f)(5)], redesignated subsec. (f) as (g). Former subsec. (g)
redesignated (h).
Pub. L. 106-554, Sec. 1(a)(5) [title II, Sec. 206(f)(4)],
inserted "and assessment" after "fee".
Subsec. (h). Pub. L. 106-554, Sec. 1(a)(5) [title II, Sec.
206(f)(5)], redesignated subsec. (g) as (h).
1998 - Subsec. (a). Pub. L. 105-353 substituted "this section"
for "this subsection".
1996 - Pub. L. 104-290 reenacted section catchline without change
and amended text generally. Prior to amendment, text read as
follows: "Every national securities exchange shall pay to the
Commission on or before March 15 of each calendar year a fee in an
amount equal to one three-hundredths of 1 per centum of the
aggregate dollar amount of the sales of securities (other than
bonds, debentures, and other evidences of indebtedness) transacted
on such national securities exchange during each preceding calendar
year to which this section applies. Every registered broker and
dealer shall pay to the Commission on or before March 15 of each
calendar year a fee in an amount equal to one three-hundredths of 1
per centum of the aggregate dollar amount of the sales of
securities registered on a national securities exchange (other than
bonds, debentures, and other evidences of indebtedness) transacted
by such broker or dealer otherwise than on such an exchange during
each preceding calendar year: Provided, however, That no payment
shall be required for any calendar year in which such payment would
be less than one hundred dollars. The Commission, by rule, may
exempt any sale of securities or any class of sales of securities
from any fee 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."
1975 - Pub. L. 94-29 amended section generally, extending
provisions requiring the payment of fees to include transactions in
listed securities which occur in the over-the-counter market.
1944 - Act Mar. 17, 1944, amended section generally, inserting
provisions exempting from the payment of the fee securities
designated for exemption by the Secretary of the Treasury.
TRANSFER OF FUNCTIONS
For transfer of functions of Securities and Exchange Commission,
with certain exceptions, to Chairman of such Commission, see Reorg.
Plan No. 10 of 1950, Secs. 1, 2, eff. May 24, 1950, 15 F.R. 3175,
64 Stat. 1265, set out under section 78d of this title.
STUDY OF THE EFFECT OF FEE REDUCTIONS
Pub. L. 107-123, Sec. 9, Jan. 16, 2002, 115 Stat. 2400, provided
that:
"(a) Study. - The Office of Economic Analysis of the Securities
and Exchange Commission (hereinafter referred to as the 'Office')
shall conduct a study of the extent to which the benefits of
reductions in fees effected as a result of this Act [see Short
Title of 2002 Amendment note set out under section 78a of this
title] are passed on to investors.
"(b) Factors for Consideration. - In conducting the study under
subsection (a), the Office shall -
"(1) consider the various elements of the securities industry
directly and indirectly benefiting from the fee reductions,
including purchasers and sellers of securities, members of
national securities exchanges, issuers, broker-dealers,
underwriters, participants in investment companies, retirement
programs, and others;
"(2) consider the impact on different types of investors, such
as individual equity holders, individual investment company
shareholders, businesses, and other types of investors;
"(3) include in the interpretation of the term 'investor'
shareholders of entities subject to the fee reductions; and
"(4) consider the economic benefits to investors flowing from
the fee reductions to include such factors as market efficiency,
expansion of investment opportunities, and enhanced liquidity and
capital formation.
"(c) Report to Congress. - Not later than 2 years after the date
of the enactment of this Act [Jan. 16, 2002], the Securities and
Exchange Commission shall submit to the Congress the report
prepared by the Office on the findings of the study conducted under
subsection (a)."
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