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B-183949 1 (1975-09-22)

handle is hein.gao/gaobadcnd0001 and id is 1 raw text is: 0%,tER THE COMPTROLLER GENERAL DECISION OF THE UNITED STATES 4/ WASHINGTON, D.C. 2os46 FILE: B-183949 OATE: SEP 2 2 1975 MATTER OF: Refund by Securities and Exchange Commission of investment adviser fees. DIGEST: Annual charge assessed pursuant to User Charge Statute, 31 U.S.C. § 483a (1970), by Securities and Exchange Commission upon investment advisers and deposited in Treasury as miscellaneous receipts, which charge is now considered erroneous by SEC because of recent Supreme Court decisions, may be refunded by SEC out of permanent indefinite appropriation established by 31 U.S.C. § 725q-1 (1970) to pay moneys erroneously received and covered. This refund is authorized to all who paid such invalid fee regardless of whether payment was made under protest. This decision is in response to a request from the Chairman of the Securities and Exchange Comm-ission (SEC). On Iarch 29, 1974, the SEC repealed its $100 annual assessment imposed upon investment advisers registered with the Comnission. This fee wazs chargad, pur- suant to the User Charge Statute, 31 U.S.C. § 483a (1970) to all investment advisers registered with Co-mission, whether or not any services were .performed on behalf of the registrant. The fee was imposed only for the years 1971, 1972 and 1973. The charge was repealed in response to two recent Supreme Court decisions construing the User Charge Statute. While the decisions did not deal specifically with these investment adviser fees, the SEC feels that its annual investment adviser fee did not meet the criteria set forth in those decisions. See National Cable Television Association, Inc. v. United States, et al., 415 U.S. 336 (1974) and Federal Power Cornission v. New England Power Company, et al., 415 U.S. 343 (1974). Cf. id., fa. 4, p. 350, where these fees are mentioned. The Commission is now in receipt of numerous requests for refunds of the $100 fee from persons registered as investment advisers during the 3 years in question. The Comaission desires to return the fees but it questions the right of a person to a refund of fees erroneously collected in the absence of a protest at the time the fee was paid: In this regard we are advised that it would probably be impossible for the Commission to ascertain whether any given registrant paid under protest. Hence the Chairman of SEC seeks our decision on the SEC's authority to refund the subject fees. PUBLISHED DECISION 55 Comp. Gen......

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