Securities and Exchange Commission Overpayment Credit Act

Bill: 115-hr-1257
Sponsor: full_name: Rep. Meeks, Gregory W. [D-NY-5]
Introduced: 2017-02-28
Policy area: Finance and Financial Sector
Subjects: Executive agency funding and structure

Securities

Securities and Exchange Commission (SEC)

User charges and fees
Latest action: action_date: 2017-08-15
text: Placed on the Union Calendar, Calendar No. 195.

Summaries:
action_date: 2017-02-28
action_desc: Introduced in House
text: <p><b>Securities and Exchange Commission Overpayment Credit Act</b></p> <p>This bill requires the Securities and Exchange Commission (SEC) to offset future fees and assessments due from a national securities exchange or&nbsp;association that: (1)&nbsp;has previously overpaid such fees and assessments, and (2)&nbsp;informs the SEC of the overpayment within 10 years.</p>

action_date: 2017-08-15
action_desc: Reported to House with amendment(s)
text: <p><b>Securities and Exchange Commission Overpayment Credit Act</b></p> <p>(Sec. 2) This bill requires the Securities and Exchange Commission (SEC) to offset future fees and assessments due from a national securities exchange or&nbsp;association that: (1)&nbsp;has previously overpaid such fees and assessments, and (2)&nbsp;informs the SEC of the overpayment within 10 years.</p>

tv_txt: I 115th CONGRESS 1st Session H. R. 1257 IN THE HOUSE OF REPRESENTATIVES February 28, 2017 Mr. Meeks (for himself and Mr. Hultgren ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Securities Exchange Act of 1934 to require the Securities Exchange Commission to refund or credit 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) In general Section 31 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78ee ) is amended by adding at the end the following: (n) Overpayment If a national securities exchange or national securities association pays to the Commission an amount in excess of fees and assessments due under this section and informs the Commission of such amount paid in excess within 10 years of the date of the payment, the Commission shall offset future fees and assessments due by such exchange or association in an amount equal to such excess amount. . (b) Applicability The amendment made by this section shall apply to any fees and assessments paid before, on, or after the date of enactment of this section.

tv_txt: IB Union Calendar No. 195 115th CONGRESS 1st Session H. R. 1257 [Report No. 115–275] IN THE HOUSE OF REPRESENTATIVES February 28, 2017 Mr. Meeks (for himself and Mr. Hultgren ) introduced the following bill; which was referred to the Committee on Financial Services August 15, 2017 Additional sponsors: Mrs. Carolyn B. Maloney of New York , Mr. Foster , Mr. Hollingsworth , and Mr. Sherman August 15, 2017 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic For text of introduced bill, see copy of bill as introduced on February 28, 2017 A BILL To amend the Securities Exchange Act of 1934 to require the Securities Exchange Commission to refund or credit 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.

August 15, 2017 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed