[Congressional Record Volume 163, Number 146 (Monday, September 11, 2017)]
[Senate]
[Pages S5168-S5169]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




       SECURITIES AND EXCHANGE COMMISSION OVERPAYMENT CREDIT ACT

  Mr. McCONNELL. Mr. President, I ask unanimous consent that the Senate 
proceed to the immediate consideration of Calendar No. 13, S. 462.
  The PRESIDING OFFICER. The clerk will report the bill by title.
  The senior assistant legislative clerk read as follows:

       A bill (S. 462) to require the Securities and Exchange 
     Commission to refund or credit certain excess payments made 
     to the Commission.

  There being no objection, the Senate proceeded to consider the bill.
  Mr. McCONNELL. Mr. President, I ask unanimous consent that the bill 
be considered read a third time and passed and the motion to reconsider 
be considered made and laid upon the table.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The bill (S. 462) was ordered to be engrossed for a third reading, 
was read the third time, and passed, as follows:

                                 S. 462

       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

[[Page S5169]]

     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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