Page:United States Statutes at Large Volume 110 Part 5.djvu/367

 PUBLIC LAW 104-290—OCT. 11, 1996 110 STAT. 3441 TITLE IV—SECURITIES AND EXCHANGE COMMISSION AUTHORIZATION SEC. 401. SHORT TITLE. This title may be cited as the "Securities and Exchange Commission Authorization Act of 1996". SEC. 402. PURPOSES. The purposes of this title are— (1) to authorize appropriations for the Commission for fiscal year 1997; and (2) to reduce over time the rates of fees charged under the Federal securities laws. SEC. 403. AUTHORIZATION OF APPROPRIATIONS. Section 35 of the Securities Exchange Act of 1934 is amended to read as follows: "SEC. 35. AUTHORIZATION OF APPROPRIATIONS. "There are authorized to be appropriated to carry out the functions, powers, and duties of the Commission $300,000,000 for fiscal year 1997, in addition to any other funds authorized to be appropriated to the Commission.". SEC. 404. REGISTRATION FEES. Section 6(b) of the Securities Act of 1933 (15 U.S.C. 77fl[b)) is amended to read as follows: " (b) REGISTRATION FEE.— "(1) RECOVERY OF COST OF SERVICES. —The Commission shall, in accordance with this subsection, collect registration fees that are designed to recover the costs to the government of the securities registration process, and costs related to such process, including enforcement activities, policy and rulemaking activities, administration, legal services, and international regulatory activities. "(2) FEE PAYMENT REQUIRED. —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 paragraphs (3) and (4). The Commission shall publish in the Federal Register notices of the fee rates applicable under this section for each fiscal year. "(3) GENERAL REVENUE FEES. —The rate determined under this paragraph is a rate equal to $200 per $1,000,000 of the maximum aggregate price at which such securities are proposed to be offered, except that during fiscal year 2007 and any succeeding fiscal year such rate is equal to $67 per $1,000,000 of the maximum aggregate price at which such securities are proposed to be offered. Fees collected during any fiscal year pursuant to this paragraph shall be deposited and credited as general revenues of the Treasury. " (4) OFFSETTING COLLECTION FEES. — "(A) IN GENERAL.— Except as provided in subparagraphs (B) and (C), the rate determined under this paragraph is a rate equal to the following amount per $1,000,000 of the maximum aggregate price at which such securities are proposed to be offered: Securities and Exchange Commission Authorization Act of 1996. 15 USC 78a note. 15 USC 78a note. 15 USC 78kk.

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