II

106TH CONGRESS

2D SESSION S. 2107

To amend the Securities Act of 1933 and the Securities Exchange Act

of 1934 to reduce securities fees in excess of those required to fund

the operations of the Securities and Exchange Commission, to adjust

compensation provisions for employees of the Commission, and for other

purposes.

IN THE SENATE OF THE UNITED STATES

FEBRUARY 28, 2000

Mr. GRAMM (for himself, Mr. GRAMS, Mr. SCHUMER, and Mr. MACK) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To amend the Securities Act of 1933 and the Securities

Exchange Act of 1934 to reduce securities fees in excess

of those required to fund the operations of the Securities

and Exchange Commission, to adjust compensation provisions for employees of the Commission, and for other

purposes.

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; TABLE OF CONTENTS.

4 (a) SHORT TITLE.—This Act may be cited as the

5 ‘‘Competitive Market Supervision Act’’.
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1 (b) TABLE OF CONTENTS.—The table of contents for

2 this Act is as follows:

Sec. 1. Short title; table of contents.

Sec. 2. Reduction in registration fee rates; elimination of general revenue component.

Sec. 3. Reduction in merger and tender fee rates; reclassification as offsetting

collections.

Sec. 4. Reduction in transaction fees; elimination of general revenue component.

Sec. 5. Adjustments to fees.

Sec. 6. Comparability Provisions.

Sec. 7. Effective date.

3 SEC. 2. REDUCTION IN REGISTRATION FEE RATES; ELIMI4 NATION OF GENERAL REVENUE COMPONENT.

5 Section 6(b) of the Securities Act of 1933 (15 U.S.C.

6 77f(b)) is amended—

7 (1) by striking paragraph (2) and inserting the

8 following:

9 ‘‘(2) FEE PAYMENT REQUIRED.—At the time of

10 filing a registration statement, the applicant shall

11 pay to the Commission a fee that shall be equal to

12 the amount determined under the rate established by

13 paragraph (3). The Commission shall publish in the

14 Federal Register notices of the fee rate applicable

15 under this section for each fiscal year.’’;

16 (2) by striking paragraph (3);

17 (3) by redesignating paragraphs (4) and (5) as

18 paragraphs (3) and (4), respectively;

19 (4) in paragraph (3), as redesignated—
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1 (A) by striking subparagraph (A) and in2 serting the following:

3 ‘‘(A) IN GENERAL.—Except as provided in

4 subparagraphs (B) and (C), the rate deter5 mined under this paragraph is a rate equal to

6 the following amount per $1,000,000 of the

7 maximum aggregate price at which the securi8 ties are proposed to be offered:

9 ‘‘(i) $67 for each of fiscal years 2001

10 through 2006.

11 ‘‘(ii) $33 for fiscal year 2007 and

12 each fiscal year thereafter.’’; and

13 (B) in subparagraph (B), by striking ‘‘this

14 paragraph (4)’’ and inserting ‘‘this paragraph’’;

15 and

16 (5) by striking paragraph (4), as redesignated,

17 and inserting the following:

18 ‘‘(4) PRO RATA APPLICATION OF RATE.—The

19 rate required by this subsection shall be applied pro

20 rata to amounts and balances equal to less than

21 $1,000,000.’’.
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1 SEC. 3. REDUCTION IN MERGER AND TENDER FEE RATES;

2 RECLASSIFICATION AS OFFSETTING COLLEC3 TIONS.

4 (a) SECTION 13.—Section 13(e)(3) of the Secu5 rities Exchange Act of 1934 (15 U.S.C. 78m(e)(3))

6 is amended to read as follows:

7 ‘‘(3) FEES.—

8 ‘‘(A) IN GENERAL.—At the time of the fil9 ing of any statement that the Commission may

10 require by rule pursuant to paragraph (1), the

11 person making the filing shall pay to the Com12 mission a fee equal to—

13 ‘‘(i) $67 for each $1,000,000 of the

14 value of the securities proposed to be pur15 chased, for each of fiscal years 2001

16 through 2006; and

17 ‘‘(ii) $33 for each $1,000,000 of the

18 value of securities proposed to be pur19 chased, for fiscal year 2007 and each fiscal

20 year thereafter.

21 ‘‘(B) REDUCTION.—The fee required by

22 this paragraph shall be reduced with respect to

23 securities in an amount equal to any fee paid

24 with respect to any securities issued in connec25 tion with the proposed transaction under sec26 tion 6(b) of the Securities Act of 1933, or the
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1 fee paid under that section shall be reduced in

2 an amount equal to the fee paid to the Commis3 sion in connection with such transaction under

4 this paragraph.

5 ‘‘(C) LIMITATION; DEPOSIT OF FEES.—

6 ‘‘(i) LIMITATION.—Except as provided

7 in subparagraph (D), no amounts shall be

8 collected pursuant to this paragraph for

9 any fiscal year, except to the extent pro10 vided in advance in appropriations Acts.

11 ‘‘(ii) DEPOSIT OF FEES.—Fees col12 lected during any fiscal year pursuant to

13 this paragraph shall be deposited and cred14 ited as offsetting collections in accordance

15 with appropriations Acts.

16 ‘‘(D) LAPSE OF APPROPRIATIONS.—If, on

17 the first day of a fiscal year, a regular appro18 priation to the Commission has not been en19 acted for that fiscal year, the Commission shall

20 continue to collect fees (as offsetting collec21 tions) under this paragraph at the rate in effect

22 during the preceding fiscal year, until such a

23 regular appropriation is enacted.

24 ‘‘(E) PRO RATA APPLICATION OF RATE.—

25 The rate required by this paragraph shall be
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1 applied pro rata to amounts and balances equal

2 to less than $1,000,000.’’.

3 (b) SECTION 14.—

4 (1) PRELIMINARY PROXY SOLICITATIONS.—Sec5 tion 14(g)(1) of the Securities Exchange Act of

6 1934 (15 U.S.C. 78n(g)(1)) is amended—

7 (A) in subparagraph (A), by striking

8 ‘‘Commission the following fees’’ and all that

9 follows through the end of the subparagraph

10 and inserting ‘‘Commission—

11 ‘‘(i) for preliminary proxy solicitation

12 material involving an acquisition, merger,

13 or consolidation, if there is a proposed pay14 ment of each or transfer of securities or

15 property to shareholders, a fee equal to—

16 ‘‘(I) $67 for each $1,000,000 of

17 such proposed payment, or of the

18 value of such securities or other prop19 erty proposed to be transferred, for

20 each of fiscal years 2001 through

21 2006; and

22 ‘‘(II) $33 for each $1,000,000 of

23 such proposed payment, or of the

24 value of such securities or other prop25 erty proposed to be transferred, for
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1 fiscal year 2007 and each fiscal year

2 thereafter; and

3 ‘‘(ii) for preliminary proxy solicitation

4 material involving a proposed sale or other

5 disposition of substantially all of the assets

6 of a company, a fee equal to—

7 ‘‘(I) $67 for each $1,000,000 of

8 the cash or of the value of any securi9 ties or other property proposed to be

10 received upon such sale or disposition,

11 for each of fiscal years 2001 through

12 2006; and

13 ‘‘(II) $33 for each $1,000,000 of

14 the cash or of the value of any securi15 ties or other property proposed to be

16 received upon such sale or disposition,

17 for fiscal year 2007 and each fiscal

18 year thereafter.’’;

19 (B) in subparagraph (B), by inserting

20 ‘‘REDUCTION.—’’ before ‘‘The fee’’; and

21 (C) by adding at the end the following:

22 ‘‘(C) LIMITATION; DEPOSIT OF FEES.—

23 ‘‘(i) LIMITATION.—Except as provided

24 in subparagraph (D), no amounts shall be

25 collected pursuant to this paragraph for
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1 any fiscal year, except to the extent pro2 vided in advance in appropriations Acts.

3 ‘‘(ii) DEPOSIT OF FEES.—Fees col4 lected during any fiscal year pursuant to

5 this paragraph shall be deposited and cred6 ited as offsetting collections in accordance

7 with appropriations Acts.

8 ‘‘(D) LAPSE OF APPROPRIATIONS.—If, on

9 the first day of a fiscal year, a regular appro10 priation to the Commission has not been en11 acted for that fiscal year, the Commission shall

12 continue to collect fees (as offsetting collec13 tions) under this paragraph at the rate in effect

14 during the preceding fiscal year, until such a

15 regular appropriation is enacted.

16 ‘‘(E) PRO RATA APPLICATION OF RATE.—

17 The rate required by this paragraph shall be

18 applied pro rata to amounts and balances equal

19 to less than $1,000,000.’’.

20 (2) OTHER FILINGS.—Section 14(g)(3) of the

21 Securities Exchange Act of 1934 (15 U.S.C.

22 78n(g)(3)) is amended—

23 (A) by striking ‘‘At the time’’ and insert24 ing the following: ‘‘OTHER FILINGS.—

25 ‘‘(A) FEE RATE.—At the time’’;
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1 (B) by striking ‘‘the Commission a fee of’’

2 and all that follows through ‘‘The fee’’ and in3 serting the following: ‘‘the Commission a fee

4 equal to—

5 ‘‘(i) $67 for each $1,000,000 of the

6 aggregate amount of cash or of the value

7 of securities or other property proposed to

8 be offered, for each of fiscal years 2001

9 through 2006; and

10 ‘‘(ii) $33 for each $1,000,000 of the

11 aggregate amount of cash or of the value

12 of securities or other property proposed to

13 be offered, for fiscal year 2007 and each

14 fiscal year thereafter.

15 ‘‘(B) REDUCTION.—The fee required under

16 subparagraph (A)’’; and

17 (C) by adding at the end the following:

18 ‘‘(C) LIMITATION; DEPOSIT OF FEES.—

19 ‘‘(i) LIMITATION.—Except as provided

20 in subparagraph (D), no amounts shall be

21 collected pursuant to this paragraph for

22 any fiscal year, except to the extent pro23 vided in advance in appropriations Acts.

24 ‘‘(ii) DEPOSIT OF FEES.—Fees col25 lected during any fiscal year pursuant to
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1 this paragraph shall be deposited and cred2 ited as offsetting collections in accordance

3 with appropriations Acts.

4 ‘‘(D) LAPSE OF APPROPRIATIONS.—If, on

5 the first day of a fiscal year, a regular appro6 priation to the Commission has not been en7 acted for that fiscal year, the Commission shall

8 continue to collect fees (as offsetting collec9 tions) under this paragraph at the rate in effect

10 during the preceding fiscal year, until such a

11 regular appropriations is enacted.

12 ‘‘(E) PRO RATA APPLICATION OF RATE.—

13 The rate required by this paragraph shall be

14 applied pro rata to amounts and balances equal

15 to less than $1,000,000.’’.

16 SEC. 4. REDUCTION IN TRANSACTION FEES; ELIMINATION

17 OF GENERAL REVENUE COMPONENT.

18 Section 31 of the Securities Exchange Act of 1934

19 (15 U.S.C. 78ee) is amended—

20 (1) by striking subsections (b) through (d) and

21 inserting the following:

22 ‘‘(b) TRANSACTION FEES.—

23 ‘‘(1) IN GENERAL.—Each national securities ex24 change and national securities association shall pay

25 to the Commission a fee at a rate equal to the trans-
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1 action offsetting collection rate described in para2 graph (2) of the aggregate dollar amount of sales of

3 securities (other than bonds, debentures, and other

4 evidences of indebtedness)—

5 ‘‘(A) transacted on such national securities

6 exchange;

7 ‘‘(B) transacted by or through any member

8 of such association otherwise than on a national

9 securities exchange of securities registered on

10 such an exchange; and

11 ‘‘(C) transacted by or through any member

12 of such association otherwise than on a national

13 securities exchange of securities that are subject

14 to prompt last sale reporting pursuant to the

15 rules of the Commission or a registered national

16 securities association, excluding any sales for

17 which a fee is paid under subparagraph (B).

18 ‘‘(2) FEE RATE.—

19 ‘‘(A) TRANSACTION OFFSETTING COLLEC20 TION RATE.—For purposes of this subsection,

21 the ‘transaction offsetting collection rate’ for a

22 fiscal year is the uniform rate required to reach

23 the transaction fee cap for that fiscal year.
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1 ‘‘(B) TRANSACTION FEE CAP.—For pur2 poses of this paragraph, the ‘transaction fee

3 cap’ shall be equal to—

4 ‘‘(i) $413,000,000 for fiscal year

5 2001;

6 ‘‘(ii) $497,000,000 for fiscal year

7 2002;

8 ‘‘(iii) $607,000,000 for fiscal year

9 2003;

10 ‘‘(iv) $706,000,000 for fiscal year

11 2004;

12 ‘‘(v) $896,000,000 for fiscal year

13 2005;

14 ‘‘(vi) $1,094,000,000 for fiscal year

15 2006;

16 ‘‘(vii) $554,000,000 for fiscal year

17 2007;

18 ‘‘(viii) $580,000,000 for fiscal year

19 2008;

20 ‘‘(ix) $719,000,000 for fiscal year

21 2009; and

22 ‘‘(x) $884,000,000 for fiscal year

23 2010 and each fiscal year thereafter.

24 ‘‘(c) LIMITATION; DEPOSIT OF FEES.—
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1 ‘‘(1) LIMITATION.—Except as provided in sub2 section (d), no amount may be collected pursuant to

3 subsection (b) for any fiscal year, except to the ex4 tent provided in advance in appropriation Acts.

5 ‘‘(2) DEPOSIT OF FEES.—Fees collected during

6 any fiscal year pursuant to this section shall be de7 posited and credited as offsetting collections in ac8 cordance with appropriations Acts.

9 ‘‘(d) LAPSE OF APPROPRIATIONS.—If, on the first

10 day of a fiscal year, a regular appropriation to the Com11 mission has not been enacted for that fiscal year, the Com12 mission shall continue to collect fees (as offsetting collec13 tions) under this section at the rate in effect during the

14 preceding fiscal year (prior to adjustments, if any, under

15 subsections (b) and (c) of section 5 of the Competitive

16 Market Supervision Act), until such a regular appropria17 tions is enacted.’’;

18 (2) in subsection (e), by striking ‘‘subsections

19 (b), (c), and (d)’’ and inserting ‘‘subsection (b)’’;

20 and

21 (3) in subsection (g), by striking ‘‘rates’’ and

22 inserting ‘‘rate’’.

23 SEC. 5. ADJUSTMENTS TO FEE RATES.

24 (a) ESTIMATES OF COLLECTIONS.—
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1 (1) The Securities and Exchange Commission

2 (hereafter in this Act referred to as the ‘‘Commis3 sion’’) shall, 1 month after submission of its initial

4 report under subsection (e)(1) and on a monthly

5 basis thereafter, project the aggregate amount of

6 fees from all sources likely to be collected by the

7 Commission during the current fiscal year.

8 (2) Each national securities exchange and na9 tional securities association shall file with the Com10 mission within 10 days after the end of each month

11 an estimate of the fee required to be paid pursuant

12 to section 31 of the Securities Exchange Act of 1934

13 by such national securities exchange or national se14 curities association for transactions and sales occur15 ring during such month and such other information

16 and documents as the Commission may require as

17 necessary or appropriate to project the aggregate

18 amount of fees pursuant to paragraph (1).

19 (b) FLOOR FOR TOTAL FEE COLLECTIONS.—If, at

20 any time the end of the first half of the fiscal year, the

21 Commission projects under subsection (a) that the aggre22 gate amount of fees collected by the Commission will, dur23 ing that fiscal year, fall below an amount equal to the floor

24 for total fee collections, the Commission may by order,

25 subject to subsection (e), increase the fee rate established
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1 under section 31 of the Securities Exchange Act of 1934

2 to the extent necessary to bring estimated collections to

3 an amount equal to the floor for total fee collections. Such

4 increase shall apply only to transactions and sales occur5 ring on or after the effective date specified in such order

6 through August 31 of that fiscal year. Such increase shall

7 not affect the obligation of each national securities ex8 change and national securities association to pay the Com9 mission the fee required by section 31 of the Securities

10 Exchange Act of 1934 at the fee rate in effect prior to

11 the effective date of such order for transactions and sales

12 occurring prior to the effective date of such order. In exer13 cising its authority under this subsection, the Commission

14 shall not be required to comply with the provisions of sec15 tion 553 of title 5, United States Code.

16 (c) CAP ON TOTAL FEE COLLECTIONS.—If, at any

17 time after the end of the first half of the fiscal year, the

18 Commission projects under subsection (a) that the aggre19 gate amount of fees collected by the Commission will ex20 ceed the cap on total fee collections by more than five per21 cent during any fiscal year, the Commission shall by order,

22 subject to subsection (e), decrease the fee rate or suspend

23 collection of fees under section 31 of the Securities Ex24 change Act of 1934 to the extent necessary to bring esti25 mated collections to an amount equal to the cap on total
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1 fee collections. Such decrease or suspension shall apply

2 only to transactions and sales occurring on or after the

3 effective date specified in such order through August 31

4 of that fiscal year. Such decrease or suspension shall not

5 affect the obligation of each national securities exchange

6 and national securities association to pay the Commission

7 the fee required by section 31 of the Securities Exchange

8 Act of 1934 at the fee rate in effect prior to the effective

9 date of such order for transactions and sales occurring

10 prior to the effective date of such order. In exercising its

11 authority under this subsection, the Commission shall not

12 be required to comply with the provisions of section 553

13 of title 5, United States Code.

14 (d) DEFINITIONS.—

15 (1) For purposes of this section, the term ‘‘floor

16 for total fee collections’’ means the greater of—

17 (A) the total amount appropriated to the

18 Commission for fiscal year 2001 (adjusted an19 nually, based on the annual percentage change,

20 if any, in the Consumer Price Index for all

21 urban consumers, as published by the Depart22 ment of Labor); or

23 (B) the amount authorized for the Com24 mission pursuant to section 35 of the Securities
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1 Exchange Act of 1934 (15 U.S.C. 78kk), if ap2 plicable.

3 (2) For purposes of this section, the term ‘‘cap

4 on total fee collections’’ means—

5 (A) for fiscal years 2001 through 2010,

6 the baseline amount for aggregate offsetting

7 collections for such fiscal year under section

8 6(b) of the Securities Act of 1933 and section

9 31 of the Securities Exchange Act of 1934, as

10 projected for such fiscal year by the Congres11 sional Budget Office pursuant to section 257 of

12 the Balanced Budget and Emergency Deficit

13 Control Act of 1985 in its most recently pub14 lished report of its baseline projection before

15 the date of enactment of this Act; and

16 (B) for fiscal years 2011 and thereafter,

17 the amount authorized for the Commission pur18 suant to section 35 of the Securities Exchange

19 Act of 1934 (15 U.S.C. 78kk).

20 (e) REPORTS TO CONGRESS; JUDICIAL REVIEW; NO21 TICE.—

22 (1) INITIAL REPORT.—Not later than 90 days

23 after the date of enactment of this Act, the Commis24 sion shall report to the Committee on Banking,

25 Housing, and Urban Affairs of the Senate and the
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1 Committee on Commerce of the House of Represent2 atives to explain the methodology used by the Com3 mission to make projections under subsection (a).

4 Within 30 days after the beginning of each fiscal

5 year, the Commission may report to the Committee

6 on Banking, Housing, and Urban Affairs of the Sen7 ate and the Committee on Commerce of the House

8 of Representatives on revisions to the methodology

9 used by the Commission to make projections under

10 subsection (a) for such fiscal year and subsequent

11 fiscal years.

12 (2) JUDICIAL REVIEW; REPORTS OF INTENT TO

13 ACT.—The determinations made and the actions

14 taken by the Commission under this subsection shall

15 not be subject to judicial review. Not later than 45

16 days before taking action under subsection (b) or

17 (c), the Commission shall report to the Committee

18 on Banking, Housing, and Urban Affairs of the Sen19 ate and the Committee on Commerce of the House

20 of Representatives on its intent to take such action.

21 (3) NOTICE.—Not later than 30 days before

22 taking action under subsection (b) or (c), the Com23 mission shall notify each national securities ex24 change and national securities association of its in25 tent to take such action.
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1 SEC. 6. COMPARABILITY PROVISIONS.

2 (a) SECURITIES AND EXCHANGE COMMISSION EM3 PLOYEES.—

4 (1) IN GENERAL.—Section 4(b) of the Securi5 ties Exchange Act of 1934 (15 U.S.C. 78d(b)) is

6 amended by redesignating paragraph (3) as para7 graph (2), and by striking paragraphs (1) and (2)

8 and inserting the following:

9 ‘‘(1) APPOINTMENT AND COMPENSATION.—

10 ‘‘(A) IN GENERAL.—The Commission may

11 appoint and fix the compensation of such offi12 cers, attorneys, economists, examiners, and

13 other employees as may be necessary for car14 rying out its functions under this Act.

15 ‘‘(B) RATES OF PAY.—Rates of basic pay

16 for all employees of the Commission may be set

17 and adjusted by the Commission without regard

18 to the provisions of chapter 51 or subchapter

19 III of chapter 53 of title 5, United States Code.

20 ‘‘(C) COMPARABILITY.—The Commission

21 may provide additional compensation and bene22 fits to employees of the Commission if the same

23 type of compensation or benefits are then being

24 provided by any agency referred to under sec25 tion 1206(a) of the Financial Institutions Re26 form, Recovery, and Enforcement Act of 1989
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1 (12 U.S.C. 1833b) or, if not then being pro2 vided, could be provided by such an agency

3 under applicable provisions of law, rule, or reg4 ulation. In setting and adjusting the total

5 amount of compensation and benefits for em6 ployees, the Commission shall consult with, and

7 seek to maintain comparability with, the agen8 cies referred to under section 1206(a) of the Fi9 nancial Institutions Reform, Recovery, and En10 forcement Act of 1989 (12 U.S.C. 1833b).’’.

11 (2) EMPLOYEES REPRESENTED BY LABOR OR12 GANIZATIONS.—To the extent that any employee of

13 the Commission is represented by a labor organiza14 tion with exclusive recognition in accordance with

15 chapter 71 of title 5, United States Code, no reduc16 tion in base pay of such employee shall be made by

17 reason of enactment of this subsection.

18 (b) REPORTING ON INFORMATION BY THE COMMIS19 SION.—Section 1206 of the Financial Institutions Reform,

20 Recovery, and Enforcement Act of 1989 (12 U.S.C.

21 1833b) is amended—

22 (1) by inserting ‘‘(a) IN GENERAL.—’’ before

23 ‘‘The Federal Deposit’’;
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1 (2) by striking ‘‘the Thrift Depositor Protection

2 Oversight Board of the Resolution Trust Corpora3 tion’’; and

4 (3) by adding at the end the following:

5 ‘‘(b) In establishing and adjusting schedules of com6 pensation and benefits for employees of the Securities and

7 Exchange Commission under applicable provisions of law,

8 the Commission shall inform the heads of the agencies re9 ferred to under subsection (a) and Congress of such com10 pensation and benefits and shall seek to maintain com11 parability with such agencies regarding compensation and

12 benefits.’’.

13 (c) TECHNICAL AMENDMENTS.—

14 (1) Section 3132(a)(1) of title 5, United States

15 Code, is amended—

16 (A) in subparagraph (C), by striking ‘‘or’’

17 after the semicolon;

18 (B) in subparagraph (D), by inserting

19 ‘‘or’’ after the semicolon; and

20 (C) by adding at the end the following:

21 ‘‘(E) the Securities and Exchange Commis22 sion.’’.

23 (2) Section 5373(a) of title 5, United States

24 Code, is amended—
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1 (A) in paragraph (2), by striking ‘‘or’’

2 after the semicolon;

3 (B) in paragraph (3), by striking the pe4 riod and inserting ‘‘; or’’; and

5 (C) by adding at the end the following:

6 ‘‘(4) section 4(b) of the Securities Exchange

7 Act of 1934.’’.

8 SEC. 7. EFFECTIVE DATE.

9 (a) IN GENERAL.—Subject to subsection (b), this Act

10 and the amendments made by this Act shall become effec11 tive on October 1, 2000.

12 (b) EXCEPTIONS.—The authorities provided by sec13 tion 13(e)(3)(D), section 14(g)(1)(D), section

14 14(g)(3)(D), and section 31(d) of the Securities Exchange

15 Act of 1934, as so designated by this Act, shall not apply

16 until October 1, 2001.

Æ