avoid requiring rates that are unduly mathematically
complex.
‘‘(3) EFFECTIVE
DATE
OF
ADJUSTMENTS.—
Such adjusted rates shall apply—
‘‘(A) with respect to any fee described in
paragraph (1), (2), (3), or (5) of subsection (c),
to any fee paid on or after January 1 of such
fiscal year; and
‘‘(B) with respect to any fee described in
paragraph (4) of such subsection, to any fee
based on a transaction occurring on or after
January 1 of such fiscal year.
Any such adjusted rate shall continue to apply until
the effective date of a subsequent adjusted rate.
‘‘(c) FEES TO WHICH ADJUSTMENTS APPLY.—For
purposes of this section, the fees described in this sub-
section are—
‘‘(1) the fees collected under section 6(b) of the
Securities Act of 1933;
‘‘(2) the fees collected under section 13(e) of
this title;
‘‘(3) the fees collected under section 14(g) of
this title;
‘‘(4) the fees collected under section 31 of this
title; and
‘‘(5) the fees collected under section 203A of
the Investment Advisers Act of 1940.
‘‘(d) APPLICABLE SURPLUS AMOUNT.—For purposes
of subsection (b)(1)(A), the applicable surplus amount is
equal to—
‘‘(1) $171,000,000 for fiscal year 1994;
‘‘(2) $174,000,000 for fiscal year 1995;
‘‘(3) $178,000,000 for fiscal year 1996;
‘‘(4) $181,000,000 for fiscal year 1997;
‘‘(5) $184,000,000 for fiscal year 1998; and
‘‘(6) zero each succeeding fiscal year.
‘‘(e) DEPOSIT AND CREDIT OF OFFSETTING COLLEC-
TIONS.—
‘‘(1) OFFSETTING
COLLECTIONS
CONTINGENT
ON APPROPRIATIONS.—The authority of the Com-
mission to collect and deposit fees as offsetting col-
lections pursuant to paragraph (2) is available only
to the extent provided in advance in appropriations
Acts.
‘‘(2) OFFSETTING COLLECTIONS.—Of the mon-
eys received during any fiscal year from fees de-
scribed in subsection (c), there shall (subject to
paragraph (1)) be deposited as an offsetting collec-
tion in, and credited to, the account providing ap-
propriations to carry out the functions described in
the sections referred to in such subsection, an
amount equal to the amount appropriated to the
Commission for such fiscal year (determined without
regard to any reduction attributable to such offset-
ting collections and excluding any amounts that are
permitted to remain available after the close of the
succeeding fiscal year).
‘‘(3) GENERAL REVENUES.—The remainder of
any moneys received during any fiscal year (after
complying with paragraph (2)) shall be deposited in
the Treasury of the United States as miscellaneous
receipts.
‘‘(f) JUDICIAL REVIEW; REPORTS TO CONGRESS.—
The determinations and adjustments made by the Com-
mission under this section shall not be subject to judicial
review. The Commission shall, not less than 30 days be-
fore the effective date of any adjustments required by this
section, submit such adjustments to the Congress together
with a report explaining the estimates and calculations on
which such adjustments are based.
‘‘(g) RECLASSIFICATION FOR BUDGET PURPOSES.—
‘‘(1) EFFECT
ON
DISCRETIONARY
SPENDING
LIMITS.—For purposes of complying with section
251 of the Balanced Budget and Emergency Deficit
Control Act of 1985, the change mandated by sub-
section (e) of this section in the budgetary treatment
of certain moneys received from fees shall be treated
as a change in concepts and definitions within the
meaning of section 251(b)(1)(A) of that Act. Ac-
cordingly—
‘‘(A) at the earliest time allowed by section
251(b)(1) of that Act, the Director of the Office
of Management and Budget shall adjust the
discretionary spending limits in accordance with
section 251(b)(1) to reflect this change in con-
cepts and definitions; and
‘‘(B) if a final sequestration report under
section 254(g) of that Act is issued before the
adjustment under subparagraph (A) occurs, the
change in budgetary treatment mandated by
subsection (e) of this section shall be dis-
regarded for all purposes of that report.
‘‘(2) EFFECT ON PAY-AS-YOU-GO LIMITS.—The
changes mandated by this section shall be treated as
affecting receipts for purposes of section 252 of that
Act only to the extent that the applicable surplus
amount differs from the surplus amount in the base-
line. For this purpose, the surplus amount in the
baseline shall be determined by subtracting the base-
line estimate of outlays of the Commission from the
baseline estimate of receipts generated by the fees
described in subsection (c).’’.
(b) ADJUSTMENT OF FEES TO RECOVER COSTS.—
(1) CHANGES
IN
APPLICATION
AND
COLLEC-
TION OF TRANSACTION FEES UNDER SECTION 31 OF
THE SECURITIES EXCHANGE ACT OF 1934.—Section
31 of the Securities Exchange Act of 1934 (15
U.S.C. 78ee) is amended to read as follows:
‘‘TRANSACTION FEES
‘‘SEC. 31. (a) COST RECOVERY.—The Commission
shall, in accordance with this section and subject to section
31A(e), collect transaction fees to recover the costs of su-
pervision and regulation of, and enforcement with respect
to, securities markets and securities professionals. Such
costs shall include a proportional share of related Commis-
sion expenses in the following areas: enforcement activi-
ties, policy and rulemaking activities, administration, legal
services, investor information services, and international
regulatory activities.
‘‘(b) EXCHANGE-TRADED SECURITIES.—Every na-
tional securities exchange shall pay to the Commission a
fee in an amount equal to 1/300th of 1 percent of the
aggregate dollar amount of sales of securities (other than
bonds, debentures, and other evidences of indebtedness)
transacted on such national securities exchange.
‘‘(c) OFF-EXCHANGE-TRADED
SECURITIES.—For
transactions occurring on or after January 1, 1994, every
national securities association shall pay to the Commission
a fee in an amount equal to 1/300th of 1 percent of the
aggregate dollar amount of sales transacted by or through
any member of such association otherwise than on a na-
tional securities exchange of—
‘‘(1) securities registered on such an exchange
(other than bonds, debentures, and other evidences
of indebtedness); and
‘‘(2) securities (other than bonds, debentures,
and other evidences of indebtedness) subject to
prompt last sale reporting pursuant to the rules of
a registered national securities association.
‘‘(d) DATES FOR PAYMENT OF FEES.—For trans-
actions occurring on or after January 1, 1994, the fees
required by subsections (b) and (c) shall be paid semi-
annually. Fees shall be paid on September 15 for trans-
actions occurring during the period from the preceding
January 1 through June 30, and shall be paid on March
15 for transactions occurring during the period from the
preceding July 1 through December 31.
‘‘(e) EXEMPTIONS.—The Commission, by rule, may
exempt any sale of securities or any class of sales of secu-
rities from any fee imposed by this section, if the Commis-
sion finds that such exemption is consistent with the pub-
lic interest, the equal regulation of markets and brokers
and dealers, and the development of a national market
system.
‘‘(f) RATES SUBJECT TO ADJUSTMENT AND CONTIN-
GENT ON APPROPRIATIONS.—The fees required by this
section are subject to adjustment by the Commission pur-
suant to section 31A of this title. The authority to collect
such fees and the total amount of such fees are subject
to subsection (e) of such section.’’.
(2) REGISTRATION FEES.—Section 6(b) of the
Securities Act of 1933 (15 U.S.C. 77f(b)) is amend-
ed to read as follows:
‘‘(b)(1) The Commission shall, in accordance with
this subsection and subject to section 31A(e) of the Secu-
rities Exchange Act of 1934, collect registration fees to
recover the costs of services of the securities registration
process. Such costs shall include a proportional share of
related Commission expenses in the following areas: en-
forcement activities, policy and rulemaking activities, ad-
ministration, legal services, investor information services,
and international regulatory activities.
‘‘(2) At the time of filing a registration statement,
the applicant shall pay to the Commission a fee of 1⁄32
of 1 percent of the maximum aggregate price at which
such securities are proposed to be offered, but in no case
shall such fee be less than $100.
‘‘(3) The fees required by this subsection are subject
to adjustment by the Commission pursuant to section 31A
of the Securities Exchange Act of 1934. The authority to
collect such fees and the total amount of such fees are
subject to subsection (e) of such section.’’.
(3) SELF-TENDERING TRANSACTIONS.—Section
13(e)(3) of the Securities Exchange Act of 1934 (15
U.S.C. 78m(e)(3)) is amended—
(A) by inserting after ‘‘(3)’’ the following:
‘‘The Commission shall, in accordance with this
paragraph and subject to section 31A(e), collect
fees to recover the costs of supervision and reg-
ulation of, and enforcement with respect to, dis-
closure relating to transactions subject to this
subsection. Such costs shall include a propor-
tional share of related Commission expenses in
the following areas: enforcement activities, pol-
icy and rulemaking activities, administration,
legal services, investor information services, and
international regulatory activities.’’;
(B) by striking ‘‘1⁄50 of 1 per centum’’ and
inserting ‘‘1⁄32 of 1 percent’’; and
(C) by adding at the end thereof the fol-
lowing: ‘‘The fees required by this paragraph
are subject to adjustment by the Commission
pursuant to section 31A of the Securities Ex-
change Act of 1934. The authority to collect
such fees and the total amount of such fees are
subject to subsection (e) of such section.’’.
(4) PROXY FILING FEES.—Section 14(g) of the
Securities Exchange Act of 1934 (15 U.S.C. 78n(g))
is amended—
(A) by striking ‘‘1⁄50 of 1 per centum’’ each
place it appears in paragraphs (1)(A)(i),
(1)(A)(ii), and (3) and inserting ‘‘1⁄32 of 1 per-
cent’’;
(B) 
by 
redesignating 
paragraphs 
(1)
through (4) as paragraphs (2) through (5);
(C) by striking such subsection designation
and by inserting before such redesignated para-
graph (2) the following:
‘‘(g)(1) The Commission shall, in accordance with
this paragraph and subject to section 31A(e), collect proxy
filing fees to recover the costs of supervision and regula-
tion of the proxy filing and disclosure process. Such costs
shall include a proportional share of related Commission
expenses in the following areas: enforcement activities,
policy and rulemaking activities, administration, legal
services, investor information services, and international
regulatory activities.’’; and
(D) by adding at the end thereof the fol-
lowing new paragraph:
‘‘(6) The fees required by this subsection are subject
to adjustment by the Commission pursuant to section 31A
of this title. The authority to collect such fees and the
total amount of such fees are subject to subsection (e) of
such section.’’.
(c) EFFECTIVE DATES.—Except as otherwise pro-
vided therein, the amendments made by this section are
effective for fiscal years after fiscal year 1993.
SEC. 4. FEE STRUCTURE STUDY.
(a) STUDY REQUIRED.—The Securities and Ex-
change Commission shall conduct a study of the structure
and procedures for the collection of fees by the Commis-
sion pursuant to the amendments made by this Act. Such
study shall include (but not be limited to) an examination
of—
(1) the expanding statutory mandate and regu-
latory responsibilities of the Commission,
(2) the adequacy of current fees to meet Com-
mission resource needs,
(3) the possible need for new fees in specific
program areas,
(4) the extent to which beneficiaries of Commis-
sion regulatory activities equitably share fee bur-
dens, and
(5) the impact of specific fees on the inter-
national competitiveness of United States markets.
(b) REPORT REQUIRED.—Not later than March 31,
1995, the Commission shall submit to the Congress a final
report containing a detailed statement of findings made
and conclusions drawn from the study conducted under
this section, including such recommendations for adminis-
trative and legislative action as the Commission deter-
mines to be appropriate.
Passed the House of Representatives July 20, 1993.
Attest:
Clerk.