Securities and Exchange Commission Overpayment Credit Act

Bill: 114-s-3461
Sponsor: full_name: Sen. Kirk, Mark Steven [R-IL]
Introduced: 2016-09-29
Policy area: Finance and Financial Sector
Subjects: Executive agency funding and structure

Financial services and investments

Securities

Securities and Exchange Commission (SEC)

User charges and fees
Latest action: action_date: 2016-09-29
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2016-09-29
action_desc: Introduced in Senate
text: <p><b>Securities and Exchange Commission Overpayment Credit Act</b></p> <p>This bill instructs the Securities and Exchange Commission (SEC) to offset, by a prescribed amount, future fees and assessments due by a national securities exchange or a national securities association that has paid fees and assessments to the SEC in an amount exceeding the amount of transaction fees required under the Securities and Exchange Act of 1934 if, within 10 years of paying such excess amount, the exchange or association informs the SEC about payment of that amount. </p>

tv_txt: II 114th CONGRESS 2d Session S. 3461 IN THE SENATE OF THE UNITED STATES September 29, 2016 Mr. Kirk 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.

1. Short title This Act may be cited as the Securities and Exchange Commission Overpayment Credit Act . 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.