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Union Calendar No. 195 

115TH CONGRESS 

1ST SESSION H. R. 1257 

[Report No. 115–275] 

To amend the Securities Exchange Act of 1934 to require the Securities 

Exchange Commission to refund or credit excess payments made to 

the Commission. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 28, 2017 

Mr. MEEKS (for himself and Mr. HULTGREN) introduced the following bill; 

which was referred to the Committee on Financial Services 

AUGUST 15, 2017 

Additional sponsors: Mrs. CAROLYN B. MALONEY of New York, Mr. FOSTER, 

Mr. HOLLINGSWORTH, and Mr. SHERMAN

AUGUST 15, 2017 

Reported with an amendment, committed to the Committee of the Whole 

House on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on February 28, 2017] 


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•HR 1257 RH

A BILL 

To amend the Securities Exchange Act of 1934 to require 

the Securities Exchange Commission to refund or credit 

excess payments made to the Commission. 


asabaliauskas on DSKBBXCHB2PROD with BILLS
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•HR 1257 RH

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Securities and Exchange 

5 Commission Overpayment Credit Act’’. 

6 SEC. 2. REFUNDING OR CREDITING OVERPAYMENT OF SEC7 TION 31 FEES. 

8 (a) DEFINITIONS.—In this section— 

9 (1) the term ‘‘Commission’’ means the Securities 

10 and Exchange Commission; 

11 (2) the term ‘‘national securities association’’ 

12 means an association that is registered under section 

13 15A of the Securities Exchange Act of 1934 (15 

14 U.S.C. 78o–3); and 

15 (3) the term ‘‘national securities exchange’’ 

16 means an exchange that is registered as a national se17 curities exchange under section 6 of the Securities Ex18 change Act of 1934 (15 U.S.C. 78f). 

19 (b) CREDIT FOR OVERPAYMENT OF FEES.—Notwith20 standing section 31(j) of the Securities Exchange Act of 

21 1934 (15 U.S.C. 78ee(j)), and subject to subsection (c) of 

22 this section, if a national securities exchange or a national 

23 securities association has paid fees and assessments to the 

24 Commission in an amount that is more than the amount 

25 that the exchange or association was required to pay under 


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•HR 1257 RH

1 section 31 of the Securities Exchange Act of 1934 (15 U.S.C. 

2 78ee) and, not later than 10 years after the date of such 

3 payment, the exchange or association informs the Commis4 sion about the payment of such excess amount, the Commis5 sion shall offset future fees and assessments due by that ex6 change or association in an amount that is equal to the 

7 difference between the amount that the exchange or associa8 tion paid and the amount that the exchange or association 

9 was required to pay under such section 31. 

10 (c) APPLICABILITY.—Subsection (b) shall apply only 

11 to fees and assessments that a national securities exchange 

12 or a national securities association was required to pay to 

13 the Commission before the date of enactment of this Act. 


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asabaliauskas on DSKBBXCHB2PROD with BILLS
Union Calendar No. 195 

115TH CONGRESS 

1ST SESSION H. R. 1257 

[Report No. 115–275] 

A BILL 

To amend the Securities Exchange Act of 1934 to 

Commission. refund or credit excess payments made to the require the Securities Exchange Commission to 

AUGUST 15, 2017 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


asabaliauskas on DSKBBXCHB2PROD with BILLS