Title: Securities and Exchange Commission Overpayment Credit Act
Policy area: Finance and Financial Sector

Summary:
Securities and Exchange Commission Overpayment Credit Act
This bill requires the Securities and Exchange Commission (SEC) to offset future fees and assessments due from a national securities exchange or association that: (1) has previously overpaid such fees and assessments, and (2) informs the SEC of the overpayment within 10 years.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 462 Introduced in Senate (IS)]

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115th CONGRESS
  1st Session
                                 S. 462

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 28, 2017

 Mr. Heller (for himself, Ms. Heitkamp, Mr. Donnelly, and Mr. Toomey) 
introduced the following bill; which was read twice and referred to the 
            Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


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

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Securities and Exchange Commission 
Overpayment Credit Act''.

SEC. 2. REFUNDING OR CREDITING OVERPAYMENT OF SECTION 31 FEES.

    (a) Definitions.--In this section--
            (1) the term ``Commission'' means the Securities and 
        Exchange Commission;
            (2) the term ``national securities association'' means an 
        association that is registered under section 15A of the 
        Securities Exchange Act of 1934 (15 U.S.C. 78o-3); and
            (3) the term ``national securities exchange'' means an 
        exchange that is registered as a national securities exchange 
        under section 6 of the Securities Exchange Act of 1934 (15 
        U.S.C. 78f).
    (b) Credit for Overpayment of Fees.--Notwithstanding section 31(j) 
of the Securities Exchange Act of 1934 (15 U.S.C. 78ee(j)), and subject 
to subsection (c) of this section, if a national securities exchange or 
a national securities association has paid fees and assessments to the 
Commission in an amount that is more than the amount that the exchange 
or association was required to pay under section 31 of the Securities 
Exchange Act of 1934 (15 U.S.C. 78ee) and, not later than 10 years 
after the date of such payment, the exchange or association informs the 
Commission about the payment of such excess amount, the Commission 
shall offset future fees and assessments due by that exchange or 
association in an amount that is equal to the difference between the 
amount that the exchange or association paid and the amount that the 
exchange or association was required to pay under such section 31.
    (c) Applicability.--Subsection (b) shall apply only to fees and 
assessments that a national securities exchange or a national 
securities association was required to pay to the Commission before the 
date of enactment of this Act.
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