Page:United States Statutes at Large Volume 110 Part 5.djvu/368

 110 STAT. 3442 PUBLIC LAW 104-290—OCT. 11, 1996 "(i) $95 during fiscal year 1998; "(ii) $78 during fiscal year 1999; "(iii) $64 during fiscal year 2000; "(iv) $50 during fiscal year 2001; "(v) $39 during fiscal year 2002; "(vi) $28 during fiscal year 2003; "(vii) $9 during fiscal year 2004; "(viii) $5 during fiscal year 2005; and "(ix) $0 during fiscal year 2006 or any succeeding fiscal year. " (B) LIMITATION; DEPOSIT.—Except as provided in subparagraph (C), no amounts shall be collected pursuant to this paragraph (4) 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. —I f 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. "(5) PRO RATA APPLICATION OF RATES.— The rates required by this subsection shall be applied pro rata to amounts and balances equal to less than $1,000,000.". SEC. 405. 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) RECOVERY OF COST OF SERVICES.— The Commission shall, in accordance with this subsection, collect transaction fees that are designed to recover the costs to the Government of the supervision and regulation of securities markets and securities professionals, and costs related to such supervision and regulation, including enforcement activities, policy and rulemaking activities, administration, legal services, and international regulatory activities. "(b) EXCHANGE-TRADED SECURITIES. — Every national securities exchange shall pay to the Commission a fee at a rate equal to Vaoo of one percent of the aggregate dollar amount of sales of securities (other than bonds, debentures, and other evidences of indebtedness) transacted on such national securities excheinge, except that for fiscal year 2007 or any succeeding fiscal year such rate shall be equal to Vsoo of one percent of such aggregate dollar amount of sales. Fees collected pursuant to this subsection shall be deposited and collected as general revenue of the Treasury. " (c) OFF-EXCHANGE TRADES OF EXCHANGE REGISTERED SECURITIES. —Each national securities association shall pay to the Commission a fee at a rate equal to Vaoo of one percent of the aggregate dollar amount of sales transacted 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), except that for fiscal year 2007 or any succeeding fiscal year such rate shall be equal to Vsoo of one percent of such aggregate dollar

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