Securities and Exchange Commission Overpayment Credit Act

Bill: 115-s-462
Sponsor: full_name: Sen. Heller, Dean [R-NV]
Introduced: 2017-02-28
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: 2017-09-12
text: Held at the desk.

Summaries:
action_date: 2017-02-28
action_desc: Introduced in Senate
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: 2017-03-13
action_desc: Reported to Senate without amendment
text: <p>(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)</p> <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>

action_date: 2017-09-11
action_desc: Passed Senate without amendment
text: <p>(This measure has not been amended since it was introduced. The expanded summary of the Senate reported version is repeated here.)</p> <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: II 115th CONGRESS 1st Session S. 462 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.

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.

tv_txt: II Calendar No. 13 115th CONGRESS 1st Session S. 462 IN THE SENATE OF THE UNITED STATES February 28, 2017 Mr. Heller (for himself, Ms. Heitkamp , Mr. Donnelly , Mr. Toomey , and Mr. Warner ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs March 13, 2017 Reported by Mr. Crapo , without amendment 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.

March 13, 2017 Reported without amendment

tv_txt: 115th CONGRESS 1st Session S. 462 IN THE SENATE OF THE UNITED STATES AN ACT 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.

Passed the Senate September 11, 2017. Secretary