Page:United States Statutes at Large Volume 110 Part 5.djvu/369

 PUBLIC LAW 104-290—OCT. 11, 1996 110 STAT. 3443 amount of sales. Fees collected pursuant to this subsection shall be deposited and collected as general revenue of the Treasury. "(d) 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 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 (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 (c), 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 sale. "(2) LIMITATION; DEPOSIT OF FEES. —Except as provided in paragraph (3), no amounts shall be collected pursuant to subsection (d) for any fiscal year, 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. "(3) 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 subsection at the rate in effect during the preceding fiscal year, until such a regular appropriation is enacted. "(e) DATES FOR PAYMENT OF FEES. — The fees required by subsections (b), (c), and (d) of this section 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. "(f) EXEMPTIONS.—The Commission, by rule, may 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. "(g) PUBLICATION.— The Commission shall publish in the Federal Register, Federal Register notices of the fee rates applicable under this publication, section for each fiscal year.". (b) EFFECTIVE DATES; TRANSITION.— IS use 78ee (1) IN GENERAL.— Except as provided in paragraph (2), the note. amendment made by subsection (a) shall apply with respect to transactions in securities that occur on or after October 1, 1997. (2) OFF-EXCHANGE TRADES OF LAST SALE REPORTED TRANS- ACTIONS.— The amendment made by subsection (a) shall apply with respect to transactions described in section 31(d)(1) of

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