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B-239769.2 1 (1992-07-24)

handle is hein.gao/gaobadoco0001 and id is 1 raw text is: Comptroller General of the United States Wahlngw, DCo, 20548 Decision Matter cf: Securities and Exchange Commission Authority to Refund A'aunts Erroneously Collected FilQ: B-239769.2 Dato: July 24, 1992 DIGEST Pursuant to section 6(c) of the Investment Company Act, the Securities and Exchange Commission (Commission) has broad authority to exempt a private investment company from a filing deadline, If, pursuaht to this statutory authority, the Commission exempts the investment company from its filing deadline and consequenoly determines that the filing fees were erroneously collected and covered into the Treasury, the Treasury may charge the refund to the permanent, indefinite appropriation established under 31 U.S.C. § 1322 (b) (2). DECISION The Director, Division of Investment Management, Securities and Exchange Commission (Commission) asked whether the Commission, having determined to grant an exemption from a filing deadline, is authorized to refund to Flex-funds, an open-end investment company, the previously submitted filing fee. We conclude that the Commission is authorized to refund all amounts determined as a recult of the exercise of the Commission's exemption authority to have been erroneously paid by Flex-funds. Such amounts may be charged to the permanent, indefinite appropriation established under 31 U.S.C. § 1322(b) (2). BACKGROUND The Investment Company Act of 1940 (Act) permits open-end investment companies such as Flex-funds to register an indefinite number of securities under the Securities Act of 1933, so long as they subse'uently file a notice with the Commission of, and pay a fee for, the securities sold each fiscal year. 15 U.S.C. § 80a-24(f). Under the Commission's Rule 24f-2, companies must file the notice within 6 months of the close of the company's fiscal year. 17 C.F.R. § 270.24f-2(b) (1). If the company files its notice within 2 months of the close of its fiscal year, its payment is based ,.714

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