H.R. 1257 — what changed
Securities and Exchange Commission Overpayment Credit Act
From Introduced in House to Reported in House. 1 section amended between Introduced in House and Reported in House.
Sec. 2 Refunding or crediting overpayment of section 31 fees
changed
In general—Definitions— Section 31 of the Securities Exchange Act of 1934 (15 U.S.C. 78ee) is amended by adding at the end the following:In this section—
added
the term Commission means the Securities and Exchange Commission;
added
the term national securities association means an association that is registered under section 15A of the Securities Exchange Act of 1934 (15 U.S.C. 78o–3); and
added
the term national securities exchange means an exchange that is registered as a national securities exchange under section 6 of the Securities Exchange Act of 1934 (15 U.S.C. 78f).
removed
“(n) Overpayment—If a national securities exchange or national securities association pays to the Commission an amount in excess of fees and assessments due under this section and informs the Commission of such amount paid in excess within 10 years of the date of the payment, the Commission shall offset future fees and assessments due by such exchange or association in an amount equal to such excess amount.”
changed
Applicability—Credit for overpayment of fees— The amendment made by this Notwithstanding section shall apply 31(j) of the Securities Exchange Act of 1934 (15 U.S.C. 78ee(j)), and subject to any subsection (c) of this section, if a national securities exchange or a national securities association has paid fees and assessments paid before, on, to the Commission in an amount that is more than the amount that the exchange or association was required to pay under section 31 of the Securities Exchange Act of 1934 (15 U.S.C. 78ee) and, not later than 10 years after the date of enactment such payment, the exchange or association informs the Commission about the payment of this section.such excess amount, the Commission shall offset future fees and assessments due by that exchange or association in an amount that is equal to the difference between the amount that the exchange or association paid and the amount that the exchange or association was required to pay under such section 31.
added
Applicability— Subsection (b) shall apply only to fees and assessments that a national securities exchange or a national securities association was required to pay to the Commission before the date of enactment of this Act.