Page:United States Statutes at Large Volume 115 Part 3.djvu/317

 PUBLIC LAW 107-123-^AN. 16, 2002 115 STAT. 2391 "(d) OFF-EXCHANGE TRADES OF LAST-SALE-REPORTED SECURI- TIES. — "(1) COVERED TRANSACTIONS.—Each national securities" and inserting the following: "(c) OFF-EXCHANGE TRADES OF EXCHANGE REGISTERED AND LAST-SALE-REPORTED SECURITIES.—Subject to subsection (j), each national securities"; (C) by inserting "registered on a national securities exchange or" after "narrow-based security index))" (as added by section 2(2)); and (D) by striking ", excluding any sales for which a fee is paid under subsection (c)"; (4) in subsection (e), by striking "except that for fiscal year 2007" and all that follows through the end of such subsection and inserting the following: "except that for fiscal year 2007 and each succeeding fiscal year such assessment shall be equal to $0.0042 for each such transaction."; (5) in subsection (f), by striking "DATES FOR PAYMENT OF FEES. — The fees required" and inserting "DATES FOR PAY- MENTS. —The fees and assessments required"; (6) by redesignating subsections (e) through (i) (as added by section 2(5)) as subsections (d) through (h), respectively; (7) by adding at the end the following new subsection: "(i) DEPOSIT OF FEES.— "(1) OFFSETTING COLLECTIONS. — Fees collected pursuant to subsections (b), (c), and (d) for any fiscal year— "(A) shall be deposited and credited as offsetting collections to the account providing appropriations to the Commission; and "(B) except as provided in subsection (k), shall not be collected for any fiscal year except to the extent provided in advance in appropriation Acts. "(2) GENERAL REVENUES PROHIBITED.—N O fees collected pursuant to subsections (b), (c), and (d) for fiscal year 2002 or any succeeding fiscal year shall be deposited and credited as general revenue of the Treasury.", (b) ADDITIONAL REDUCTIONS OF FEES.— (1) AMENDMENT.— Section 31 of the Securities Exchange Act of 1934 (15 U.S.C. 78ee) is further amended by adding after subsection (i) (as added by subsection (a)(7)) the following new subsections: " (j) RECAPTURE OF PROJECTION WINDFALLS FOR FURTHER RATE REDUCTIONS.— "(1) ANNUAL ADJUSTMENT. —For each of the fiscal years 2003 through 2011, the Commission shall by order adjust each of the rates applicable under subsections (b) and (c) for such fiscal year to a uniform adjusted rate that, when applied to the baseline estimate of the aggregate dollar amount of sales for such fiscal year, is reasonably likely to produce aggregate fee collections under this section (including assessments collected under subsection (d)) that are equal to the target offsetting collection amount for such fiscal year. "(2) MID-YEAR ADJUSTMENT.—For each of the fiscal years Deadline. 2002 through 2011, the Commission shall determine, by March 1 of such fiscal year, whether, based on the actual aggregate dollar volume of sales during the first 5 months of such fiscal year, the baseline estimate of the aggregate dollar volume

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