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U.S. GOVERNMENT
INFORMATION
Gp
115TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 115-275
SECURITIES AND EXCHANGE COMMISSION
OVERPAYMENT CREDIT ACT
AUGUST 15, 2017.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
[To accompany H.R. 1257]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 1257) to amend the Securities Exchange Act of 1934 to
require the Securities Exchange Commission to refund or credit ex-
cess payments made to the Commission, having considered the
same, report favorably thereon with an amendment and rec-
ommend that the bill as amended do pass.
The amendment is as follows:
Strike all after the enacting clause and insert the following:
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 reg-
istered 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 reg-
istered as a national securities exchange under section 6 of the Securities Ex-
change Act of 1934 (15 U.S.C. 78f).
(b) CREDIT FOR OVERPAYMENT OF FEES.-Notwithstanding section 31(j) of the Se-
curities 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
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