(4) PUBLICATION.—The Commission shall pub-
lish in the Federal Register notices of the fee rates 
applicable under this subsection for a fiscal year not 
later than 30 days after such rates are set, together 
with any estimates or projections on which the fee 
rates are based. 
(5) INAPPLICABILITY
OF
RULEMAKING
RE-
QUIREMENTS.—In exercising its authority under this 
subsection, the Commission shall not be required to 
comply with section 553 of title 5, United States 
Code. 
(6) NO
JUDICIAL
REVIEW.—A fee rate pre-
scribed under this subsection and published in ac-
cordance with paragraph (4) shall not be subject to 
judicial review. 
(b) PAYMENT AND COLLECTION OF FEES.— 
(1) 
CLEARED
TRANSACTIONS; 
UNCLEARED 
SWAPS REPORTED TO SWAP DATA REPOSITORIES.— 
(A) PAYMENT OF FEES.— 
(i) CLEARED TRANSACTIONS.—In the 
case of a contract of sale of a commodity 
for future delivery, an option on such a 
contract, or a swap or securities-based 
swap that is cleared by a derivatives clear-
ing organization registered or exempt from 
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registration under the Commodity Ex-
change Act or by a clearing agency reg-
istered or exempt from registration under 
the Securities Exchange Act of 1934, as 
applicable, each party to the agreement, 
contract, or transaction shall pay the fee 
determined under subsection (a) to the de-
rivatives clearing organization or clearing 
agency, as applicable. 
(ii) UNCLEARED SWAPS REPORTED TO 
SWAP DATA REPOSITORIES.—In the case of 
a swap or securities-based swap that is not 
cleared by a derivatives clearing organiza-
tion registered or exempt from registration 
under the Commodity Exchange Act or by 
a clearing agency registered or exempt 
from registration under the Securities Ex-
change Act of 1934 and that is accepted 
by a swap data repository registered under 
section 21 of the Commodity Exchange Act 
(7 U.S.C. 24a) or a securities-based swap 
data repository registered under section 
13n of the Securities Exchange Act of 
1934 (15 U.S.C. 78m(n)), as applicable, 
each party to the swap or securities-based 
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swap shall pay the transaction fee deter-
mined under subsection (a) to the swap 
data repository or securities-based swap 
data repository. 
(B) COLLECTION OF FEES.—The Commis-
sion shall collect the fees paid in accordance 
with subparagraph (A) in such manner and 
within such time as the Commission determines 
appropriate. 
(2) UNCLEARED SWAPS REPORTED TO COMMIS-
SION.—In the case of a swap or securities-based 
swap that is not cleared by a derivatives clearing or-
ganization or a clearing agency registered or exempt 
from registration under the Commodity Exchange 
Act or the Securities Exchange Act of 1934 and that 
is reported to the Commission pursuant to such 
Acts, each party to the swap or securities-based 
swap shall pay the fee determined under subsection 
(a) to the Commission in a manner and within such 
time as the Commission determines appropriate. 
SEC. 402. FUNDING AUTHORITY OF THE COMMISSION. 
(a) COMMODITY FUTURES TRADING COMMISSION.— 
Section 12 of the Commodity Exchange Act (7 U.S.C. 16) 
is amended— 
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(1) in subsection (b)(1), by striking ‘‘and as 
may be from time to time appropriated for by Con-
gress’’; 
(2) by striking subsection (d); and 
(3) in subsection (f)(3), by striking ‘‘Any pay-
ment or reimbursement accepted shall be considered 
a reimbursement to the appropriated funds of the 
Commission.’’ and inserting ‘‘Such payments or re-
imbursements shall be available to the Commission 
without further appropriation.’’. 
(b) SECURITIES EXCHANGE COMMISSION.—Section 
31 of the Securities Exchange Act of 1934 (15 U.S.C. 
78ee) is amended— 
(1) in subsection (a)— 
(A) in the heading for such subsection, by 
striking ‘‘RECOVERY OF COSTS OF ANNUAL AP-
PROPRIATION’’ and inserting ‘‘IN GENERAL’’; 
and 
(B) by striking ‘‘recover the costs to the 
Government of the annual appropriation to the 
Commission by Congress’’ and inserting ‘‘cover 
the costs to the Commission for the supervision 
and regulation of securities markets and securi-
ties professionals, and use such fees and assess-
ments without further appropriation’’; 
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(2) by striking subsection (i); 
(3) in subsection (j)— 
(A) by striking ‘‘regular appropriation to 
the Commission by Congress’’ each place such 
term appears and inserting ‘‘target offsetting 
collection amount’’; and 
(B) by amending paragraph (4)(A) to read 
as follows: 
‘‘(A) ANNUAL ADJUSTMENT.—An adjusted 
rate prescribed under paragraph (1) shall take 
effect on the first day of the fiscal year to 
which such rate applies.’’; and 
(4) by striking subsection (k). 
TITLE 
V—TRANSITIONAL, 
SAV-
INGS, 
AND 
CONFORMING 
PROVISIONS 
SEC. 501. SAVINGS PROVISIONS. 
(a) CONTINUITY OF LEGAL INSTRUMENTS.—All or-
ders, determinations, rules, regulations, permits, grants, 
contracts, certificates, licenses, and privileges— 
(1) which have been issued, made, granted, or 
allowed to become effective by the President, the Se-
curities and Exchange Commission, or the Com-
modity Futures Trading Commission, or any compo-
nent thereof, or by a court of competent jurisdiction, 
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in the performance of functions which are trans-
ferred under this Act to the Commission, and 
(2) which are in effect at the time this Act 
takes effect, 
shall continue in effect according to their terms until 
modified, terminated, superseded, set aside, or revoked in 
accordance with the law by the President, the Commission, 
or other authorized official, a court of competent jurisdic-
tion, or by operation of law. 
(b) CONTINUITY OF PROCEEDINGS.— 
(1) IN GENERAL.—The provisions of this Act 
shall not affect any proceedings, including notices of 
proposed rulemaking, or any application for any li-
cense, permit, certificate, or financial assistance 
pending on the effective date of this Act before ei-
ther the Securities and Exchange Commission or the 
Commodity Futures Trading Commission, or any 
component thereof, functions of which are trans-
ferred by this Act. Such proceedings and applica-
tions, to the extent that they relate to functions so 
transferred, shall be continued. Orders shall be 
issued in such proceedings, appeals shall be taken 
therefrom, and payments shall be made pursuant to 
such orders, as if this Act had not been enacted and 
orders issued in any such proceedings shall continue 
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