Page:United States Statutes at Large Volume 124.djvu/1976

 124 STAT. 1950 PUBLIC LAW 111–203—JULY 21, 2010 National Association of Insurance Commissioners in March 2010; and (ii) adopts rules that substantially meet or exceed the minimum requirements of any successor modifica- tions to the model regulations described in subpara- graph (A) within 5 years of the adoption by the Associa- tion of any further successors thereto; or (B) by an insurance company that adopts and imple- ments practices on a nationwide basis for the sale of any insurance or endowment policy or annuity contract or optional annuity contract that meet or exceed the minimum requirements established by the National Association of Insurance Commissioners Suitability in Annuity Trans- actions Model Regulation (Model 275), and any successor thereto, and is therefore subject to examination by the State of domicile of the insurance company, or by any other State where the insurance company conducts sales of such products, for the purpose of monitoring compliance under this section. (b) RULE OF CONSTRUCTION.—Nothing in this section shall be construed to affect whether any insurance or endowment policy or annuity contract or optional annuity contract that is not described in this section is or is not an exempt security under section 3(a)(8) of the Securities Act of 1933 (15 U.S.C. 77c(a)(8)). Subtitle J—Securities and Exchange Commission Match Funding SEC. 991. SECURITIES AND EXCHANGE COMMISSION MATCH FUNDING. (a) MATCH FUNDING AUTHORITY.— (1) AMENDMENTS.—Section 31 of the Securities Exchange Act of 1934 (15 U.S.C. 78ee) is amended— (A) by striking subsection (a) and inserting the fol- lowing: ‘‘(a) RECOVERY OF COSTS OF ANNUAL APPROPRIATION.—The Commission shall, in accordance with this section, collect trans- action fees and assessments that are designed to recover the costs to the Government of the annual appropriation to the Commission by Congress.’’; (B) in subsection (e)(2), by striking ‘‘September 30’’ and inserting ‘‘September 25’’; (C) in subsection (g), by striking ‘‘April 30 of the fiscal year preceding the fiscal year to which such rate applies’’ and inserting ‘‘30 days after the date on which an Act making a regular appropriation to the Commission for such fiscal year is enacted’’; (D) by striking subsection (j) and inserting the fol- lowing: ‘‘(j) ADJUSTMENTS TO FEE RATES.— ‘‘(1) ANNUAL ADJUSTMENT.—Subject to subsections (i)(1)(B) and (k), for each fiscal year, 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 Fees. Assessments. Deadline.