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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Securities and Exchange Commission
Fee Reduction Act of 1996''.

SEC. 2. REDUCING REGISTRATION FEES.

Section 6(b) of the Securities Act of 1933 (15 U.S.C. 77f(b)) is
amended to read as follows:
''(b) Registration Fee.--
''(1) Fee payment required.--
''(A) In general.--At the time of filing a
registration statement, the applicant shall pay to the
Commission a fee that shall be equal to the sum of the
amounts (if any) determined under the rates established
by paragraph (3).
''(B) Publication of fees.--The Commission shall
publish in the Federal Register notices of the fee
rates applicable under this subsection for each fiscal
year.
''(C) Amounts of fees.--In no case shall a minimum
fee required by this subsection be greater than $100.
''(2) General revenue fees.--
''(A) Rate.--The rate determined under this
paragraph is a rate equal to--
''(i) during each fiscal year before fiscal
year 2002, $200 for each $1,000,000 of the
maximum aggregate price at which the subject
securities are proposed to be offered; and
''(ii) during fiscal year 2002 and each
succeeding fiscal year, $182 for each
$1,000,000 of the maximum aggregate price at
which the subject securities are proposed to be
offered.
''(B) Revenues of treasury.--Fees collected during
any fiscal year pursuant to this paragraph shall be
deposited and credited as general revenues of the
Treasury.
''(3) Offsetting collection fees.--
''(A) In general.--Except as provided in
subparagraphs (B) and (C), for each $1,000,000 of the
maximum aggregate price at which the subject securities
are proposed to be offered, the rate determined under
this paragraph is a rate equal to--
''(i) $103 during fiscal year 1997;
''(ii) $70 during fiscal year 1998;
''(iii) $38 during fiscal year 1999;
''(iv) $17 during fiscal year 2000; and
''(v) $0 during fiscal year 2001 or any
succeeding fiscal year.
''(B) Limitation; deposit.--Except as provided in
subparagraph (C), no amounts shall be collected
pursuant to this paragraph for any fiscal year except
to the extent provided in advance in appropriations
Acts. Fees collected during any fiscal year pursuant to
this paragraph shall be deposited and credited as
offsetting collections in accordance with
appropriations Acts.
''(C) Lapse of appropriations.--If, on the first
day of a fiscal year, a regular appropriation to the
Commission has not been enacted, the Commission shall
continue to collect fees (as offsetting collections)
under this paragraph at the rate in effect during the
preceding fiscal year, until such a regular
appropriation is enacted.''.

SEC. 3. TRANSACTION FEES.

(a) Amendment.--Section 31 of the Securities Exchange Act of 1934
(15 U.S.C. 78ee) is amended to read as follows:

''SEC. 31. TRANSACTION FEES.

''(a) Exchange-Traded Securities.--
''(1) Rate.--Each national securities exchange shall pay to
the Commission a fee at a rate equal to--
''(A) $33 for each $1,000,000 of the aggregate
dollar amount of sales of securities (other than bonds,
debentures, and other evidences of indebtedness)
transacted on such national securities exchange during
the period to which the fee relates under subsection
(d); and
''(B) for fiscal year 2002 and each succeeding
fiscal year, $25 for each $1,000,000 of such aggregate
dollar amount of sales during the period to which the
fee relates under subsection (d).
''(2) Revenues of treasury.--Fees collected pursuant to
this subsection shall be deposited and collected as general
revenue of the Treasury.
''(b) Off-Exchange-Trades of Exchange-Registered Securities.--
''(1) Rates.--Each national securities association shall
pay to the Commission a fee at a rate equal to--
''(A) $33 for each $1,000,000 of the aggregate
dollar amount of sales transacted during the period to
which the fee relates under subsection (d) by or
through any member of such association otherwise than
on a national securities exchange of securities
registered on such an exchange (other than bonds,
debentures, and other evidences of indebtedness); and
''(B) for fiscal year 2002 and each succeeding
fiscal year, $25 for each $1,000,000 of the aggregate
dollar amount of sales referral to in subparagraph (A)
during the period to which the fee relates under
subsection (d).
''(2) Revenues of treasury.--Fees collected pursuant to
this subsection shall be deposited and collected as general
revenue of the Treasury.
''(c) Off-Exchange-Trades of Last-Sale-Reported Securities.--
''(1) Covered transactions.--Each national securities
association shall pay to the Commission a fee at a rate equal
to the dollar amount determined under paragraph (2) for each
$1,000,000 of the aggregate dollar amount of sales transacted
during the period to which the fee relates under subsection (d)
by or through any member of such association otherwise than on
a national securities exchange of securities (other than bonds,
debentures, and other evidences of indebtedness) subject to
prompt last sale reporting pursuant to the rules of the
Commission or a registered national securities association,
excluding any sales for which a fee is paid under subsection
(b).
''(2) Fee rates.--Except as provided in paragraph (4), the
dollar amount determined under this paragraph is--
''(A) $12 for fiscal year 1997;
''(B) $14 for fiscal year 1998;
''(C) $17 for fiscal year 1999;
''(D) $18 for fiscal year 2000;
''(E) $20 for fiscal year 2001; and
''(F) $25 for fiscal year 2002 or for any
succeeding fiscal year.
''(3) Limitation; deposit of fees.--Except as provided in
paragraph (4), no amounts shall be collected pursuant to this
subsection for any fiscal year beginning before October 1,
2001, except to the extent provided in advance in
appropriations Acts. Fees collected during any such fiscal year
pursuant to this subsection shall be deposited and credited as
offsetting collections to the account providing appropriations
to the Commission, except that any amounts in excess of the
following amounts (and any amount collected for fiscal years
beginning on or after October 1, 2001) shall be deposited and
credited as general revenues of the Treasury:
''(A) $20,000,000 for fiscal year 1997.
''(B) $26,000,000 for fiscal year 1998.
''(C) $32,000,000 for fiscal year 1999.
''(D) $32,000,000 for fiscal year 2000.
''(E) $32,000,000 for fiscal year 2001.
''(F) $0 for fiscal year 2002 and any succeeding
fiscal year.
''(4) Lapse of appropriations.--If, on the first day of a
fiscal year, a regular appropriation to the Commission has not
been enacted, the Commission shall continue to collect fees (as
offsetting collections) under this subsection at the rate in
effect during the preceding fiscal year, until such a regular
appropriation is enacted.
''(d) Dates for Payment of Fees.--The fees required by subsections
(a), (b), and (c) shall be paid--
''(1) on or before March 15, with respect to transactions
and sales occurring during the period beginning on the
preceding September 1 and ending at the close of the preceding
December 31; and
''(2) on or before September 30, with respect to
transactions and sales occurring during the period beginning on
the preceding January 1 and ending at the close of the
preceding August 31.
''(e) Exemptions.--
''(1) Commission authority.--The Commission may, by rule,
exempt any sale of securities or any class of sales of
securities from any fee imposed by this section, if the
Commission finds that such exemption is consistent with the
public interest, the equal regulation of markets and brokers
and dealers, and the development of a national market system.
''(2) Low-volume transactions.--No fee shall be assessed
under this section for transactions involving portfolios of
equity securities taking place at times of day characterized by
low volume and during nontraditional trading hours, as
determined by the Commission.
''(f) Publication.--The Commission shall publish in the Federal
Register notices of the fee rates applicable under this section for
each fiscal year.''.
(b) Effective Date; Transition.--
(1) Effective date.--Except as provided in paragraph (2),
the amendment made by subsection (a) shall apply with respect
to transactions in securities that occur on or after October 1,
1996.
(2) Off-exchange trades of last sale reported
transactions.--The amendment made by subsection (a) shall apply
with respect to transactions described in section 31(d)(1) of
the Securities Exchange Act of 1934 (as amended by subsection
(a) of this section) that occur on or after October 1, 1996.
(3) Rule of construction.--Nothing in this subsection shall
be construed to affect the obligation of national securities
exchanges and registered brokers and dealers under section 31
of the Securities Exchange Act of 1934, as in effect on the day
before the effective date of the amendment made by subsection
(a), to make the payments required by such section on March 15,
1997.

SEC. 4. TIME FOR PAYMENT.

Section 4(e) of the Securities Exchange Act of 1934 (15 U.S.C.
78d(e)) is amended by inserting before the period at the end the
following: '', and the Commission may also specify the time that such
fee shall be determined and paid relative to the filing of any
statement or document with the Commission''.

SEC. 5. ELIMINATION OF UNNECESSARY FEES.

The fees authorized by the amendments made by this Act are in lieu
of, and not in addition to, any fees that the Securities and Exchange
Commission is authorized to impose or collect pursuant to section 9701
of title 31, United States Code.
Securities and Exchange Commission Fee Reduction Act of 1996 - Amends the Securities Act of 1933 to: (1) prohibit the minimum required registration fee from exceeding $100 (current law prohibits the minimum fee from being less than $100); and (2) set forth a schedule for general revenue fees and offsetting collection fees in diminishing amounts through FY 2001.
(Sec. 3) Amends the Securities Exchange Act of 1934 to revise the transaction fee schedule for: (1) exchange-traded securities; (2) off-exchange trades of exchange-registered securities; (3) off-exchange trades of last-sale-reported securities.
Declares that such fees are in lieu of, and not in addition to, any fees that the Securities and Exchange Commission is authorized to impose or collect.