[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 3461 Introduced in Senate (IS)]

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114th CONGRESS
  2d Session
                                S. 3461

 To require the Securities and Exchange Commission to refund or credit 
            certain excess payments made to the Commission.


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                   IN THE SENATE OF THE UNITED STATES

                           September 29, 2016

   Mr. Kirk introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
 To require the Securities and Exchange Commission to refund or credit 
            certain excess payments made to the Commission.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Securities and Exchange Commission 
Overpayment Credit Act''.

SEC. 2. REFUNDING OR CREDITING OVERPAYMENT OF SECTION 31 FEES.

    (a) Definitions.--In this section--
            (1) the term ``Commission'' means the Securities and 
        Exchange Commission;
            (2) 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
            (3) 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).
    (b) Credit for Overpayment of Fees.--Notwithstanding section 31(j) 
of the Securities Exchange Act of 1934 (15 U.S.C. 78ee(j)), and subject 
to subsection (c) of this section, if a national securities exchange or 
a national securities association has paid fees and assessments 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 such payment, the exchange or association informs the 
Commission about the payment of 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.
    (c) 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.
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