The Text of the Dodd-Frank Act
International Association of
Risk and Compliance Professionals (IARCP)
Dodd Frank Act Section 991 
Subtitle J—Securities and Exchange
Commission Match Funding
SEC. 991. SECURITIES AND EXCHANGE
COMMISSION MATCH FUNDING.
(a) MATCH FUNDING AUTHORITY.—
(1) AMENDMENTS.—Section 31 of the Securities Exchange
Act of 1934 (15 U.S.C. 78ee) is amended—
(A) by striking
subsection (a) and inserting the following:
‘‘(a)
RECOVERY OF COSTS OF ANNUAL APPROPRIATION.—The
Commission shall, in accordance with this section, collect
transaction fees and assessments that are designed to recover the
costs to the Government of the annual appropriation to the
Commission by Congress.’’;
(B) in subsection (e)(2), by
striking ‘‘September 30’’ and inserting ‘‘September 25’’;
(C) in subsection (g), by striking ‘‘April 30 of the fiscal year
preceding the fiscal year to which such rate applies’’ and
inserting ‘‘30 days after the date on which an Act making a
regular appropriation to the Commission for such fiscal year is
enacted’’;
(D) by striking subsection (j) and inserting the
following:
‘‘(j) ADJUSTMENTS TO FEE
RATES.—
‘‘(1) ANNUAL ADJUSTMENT.—Subject to
subsections (i)(1)(B) and (k), for each fiscal year, the
Commission shall by order adjust each of the rates applicable
under subsections (b) and(c) for such fiscal year to a uniform
adjusted rate that, when applied to the baseline estimate of the
aggregate dollar amount of sales for such fiscal year, is
reasonably likely to produce aggregate fee collections under this
section (including assessments collected under subsection (d) of
this section) that are equal to the regular appropriation to the
Commission by Congress for such fiscal year.
‘‘(2)
MID-YEAR ADJUSTMENT.—Subject to
subsections (i)(1)(B) and (k), for each fiscal year, the
Commission shall determine, by March 1 of such fiscal year,
whether, based on the actual aggregate dollar volume of sales
during the first 5 months of such fiscal year, the baseline
estimate of the aggregate dollar volume of sales used under
paragraph (1) for such fiscal year is reasonably likely to be 10
percent (or more) greater or less than the actual aggregate dollar
volume of sales for such fiscal year.
If the Commission so
determines, the Commission shall by order, no later than March 1,
adjust each of the rates applicable under subsections (b) and (c)
for such fiscal year to a uniform adjusted rate that, when applied
to the revised estimate of the aggregate dollar amount of sales
for the remainder of such fiscal year, is reasonably likely to
produce aggregate fee collections under this section (including
fees collected during such five-month period and assessments
collected under subsection (d) of this section) that are equal to
the regular appropriation to the Commission by Congress for such
fiscal year. In making such revised estimate, the Commission
shall, after consultation with the Congressional Budget Office and
the Office of Management and Budget, use
the same methodology
required by subsection (l).
‘‘(3)
REVIEW.—In exercising its authority under this subsection,
the Commission shall not be required to comply with the provisions
of section 553 of title 5, United States Code.
An adjusted
rate prescribed under paragraph (1) or (2) and published under
subsection (g) shall not be subject to judicial review.
‘‘(4) EFFECTIVE DATE.—
‘‘(A) ANNUAL
ADJUSTMENT.—Subject to subsections (i)(1)(B) and (k), an
adjusted rate prescribed under paragraph (1) shall take effect on
the later of—
‘‘(i) the first day of the fiscal year to
which such rate applies; or
‘‘(ii) 60 days after the date
on which an Act making a regular appropriation to the Commission
for such fiscal year is enacted.
‘‘(B)
MID-YEAR ADJUSTMENT.—An adjusted rate
prescribed under paragraph (2) shall take effect on April 1 of the
fiscal year to which such rate applies.’’;
(E) in
subsection (k), by striking ‘‘30 days’’ and inserting ‘‘60 days’’;
and
(F) in subsection (l), by striking ‘‘DEFINITIONS.—’’
and all that follows through ‘‘SALES.—The baseline’’ and inserting
‘‘BASELINE ESTIMATE OF THE AGGREGATE DOLLAR AMOUNT OF SALES.—The
baseline’’.
(2) EFFECTIVE DATE.—The
amendments made by this subsection shall take effect on the later
of—
(A) October 1, 2011; or
(B) the date of
enactment of an Act making a regular appropriation to the
Commission for fiscal year 2012.
(b)
AMENDMENTS TO REGISTRATION FEE PROVISIONS.—
(1) SECTION
6(b) OF THE SECURITIES ACT OF 1933.—Section 6(b) of the
Securities Act of 1933 (15 U.S.C. 77f(b)) is amended—
(A)
by striking ‘‘offsetting’’ each place that term appears and
inserting ‘‘fee’’;
(B) by striking paragraphs (1), (3),
(4), (6), (8), and (9);
(C) by redesignating paragraph (2)
as paragraph (1);
(D) by redesignating paragraph (5) as
paragraph (2);
(E) by redesignating paragraph (7) as
paragraph (3);
(F) by redesignating paragraph (10) as
paragraph (5);
(G) by redesignating paragraph (11) as
paragraph (6);
(H) in paragraph (1), as so redesignated, by
striking ‘‘paragraph (5) or (6).’’ and inserting ‘‘paragraph
(2).’’;
(I) in paragraph (2), as so redesignated—
(i) by striking ‘‘of the fiscal years 2003 through 2011’’ and
inserting ‘‘fiscal year’’; and
(ii) by striking ‘‘paragraph
(2)’’ and inserting ‘‘paragraph (1)’’;
(J) by inserting
after paragraph (3), as so redesignated, the following:
‘‘(4) REVIEW AND EFFECTIVE DATE.—In
exercising its authority under this subsection, the Commission
shall not be required to comply with the provisions of section 553
of title 5, United States Code. An adjusted rate prescribed under
paragraph (2) and published under paragraph (5) shall not be
subject to judicial review. An adjusted rate prescribed under
paragraph
(2) shall take effect on the first day of the
fiscal year to which such rate applies.’’;
(K) in
paragraph (5), as redesignated, by striking ‘‘April 30’’ and
inserting ‘‘August 31’’;
(L) in paragraph (6), as so
redesignated—
(i) by striking ‘‘of the fiscal years 2002
through 2011’’ and inserting ‘‘fiscal year’’; and
(ii) by
inserting at the end of the table in subparagraph
(A) the
following:
‘‘2012
................................................... $425,000,000
2013 .....................................................
$455,000,000
2014
..................................................... $485,000,000
2015 .....................................................
$515,000,000
2016
..................................................... $550,000,000
2017 .....................................................
$585,000,000
2018
..................................................... $620,000,000
2019 .....................................................
$660,000,000
2020
..................................................... $705,000,000
2021 and each fiscal year thereafter An amount that is equal to
the target fee collection amount for the prior fiscal year,
adjusted by the rate of inflation.’’.
(2)
SECTION 13(e) OF THE SECURITIES EXCHANGE ACT
OF 1934.—Section 13(e) of the Securities Exchange Act of
1934 (15 U.S.C. 78m(e)) is amended—
(A) in paragraph (3),
by striking ‘‘paragraphs (5) and
(6)’’ and inserting
‘‘paragraph (4)’’;
(B) by striking paragraphs (4), (5), and
(6);
(C) by inserting after paragraph (3) the following:
‘‘(4) ANNUAL ADJUSTMENT.—For each
fiscal year, the Commission shall by order adjust the rate
required by paragraph (3) for such fiscal year to a rate that is
equal to the rate (expressed in dollars per million) that is
applicable under section 6(b) of the Securities Act of 1933 for
such fiscal year.
‘‘(5) FEE
COLLECTIONS.—Fees collected pursuant to this subsection for
fiscal year 2012 and each fiscal year thereafter shall be
deposited and credited as general revenue of the Treasury and
shall not be available for obligation.
‘‘(6)
EFFECTIVE DATE; PUBLICATION.—In
exercising its authority under this subsection, the Commission
shall not be required to comply with the provisions of section 553
of title 5, United States Code. An adjusted rate prescribed under
paragraph (4) shall be published and take effect in accordance
with section 6(b) of the Securities Act of 1933 (15 U.S.C.
77f(b)).’’; and (D) by striking paragraphs (8), (9), and (10).
(3) SECTION 14(g) OF THE SECURITIES
EXCHANGE ACT OF 1934.—Section 14(g) of the Securities
Exchange Act of 1934 (15 U.S.C. 78n(g)) is amended—
(A) in
paragraph (1), by striking ‘‘paragraphs (5) and (6)’’ each time
that term appears and inserting ‘‘paragraph (4)’’;
(B) in
paragraph (3), by striking ‘‘paragraphs (5) and (6)’’ and
inserting ‘‘paragraph (4)’’;
(C) by striking paragraphs
(4), (5), and (6);
(D) by inserting after paragraph (3) the
following:
‘‘(4) ANNUAL ADJUSTMENT.—For
each fiscal year, the Commission shall by order adjust the rate
required by paragraphs (1) and (3) for such fiscal year to a rate
that is equal to the rate (expressed in dollars per million) that
is applicable under section 6(b) of the Securities Act of 1933 (15
U.S.C. 77f(b)) for such fiscal year.
‘‘(5)
FEE COLLECTION.—Fees collected
pursuant to this subsection for fiscal year 2012 and each fiscal
year thereafter shall be deposited and credited as general revenue
of the Treasury and shall not be available for obligation.
‘‘(6) REVIEW; EFFECTIVE DATE; PUBLICATION.—In
exercising its authority under this subsection, the Commission
shall not be required to comply with the provisions of section 553
of title 5, United States Code. An adjusted rate prescribed under
paragraph (4) shall be published and take effect in accordance
with section 6(b) of the Securities Act of 1933 (15 U.S.C.
77f(b)).’’;
(E) by striking paragraphs (8), (9), and (10);
and
(F) by redesignating paragraph (11) as paragraph (8).
(4) EFFECTIVE DATE.—The
amendments made by this subsection shall take effect on October 1,
2011, except that for fiscal year 2012, the Commission shall
publish the rate established under section 6 (b) of the Securities
Act of 1933 (15 U.S.C. 77f(b)), as amended by this Act, on August
31, 2011.
(c) AUTHORIZATION OF
APPROPRIATIONS.—Section 35 of the Securities Exchange Act
of 1934 (15 U.S.C. 78kk) is amended to read as follows:
‘‘SEC. 35. AUTHORIZATION OF APPROPRIATIONS.
‘‘In addition to any other funds authorized to be appropriated
to the Commission, there are authorized to be appropriated to
carry out the functions, powers, and duties of the Commission—
‘‘(1) for fiscal year 2011, $1,300,000,000;
‘‘(2) for
fiscal year 2012, $1,500,000,000;
‘‘(3) for fiscal year
2013, $1,750,000,000;
‘‘(4) for fiscal year 2014,
$2,000,000,000; and
‘‘(5) for fiscal year 2015,
$2,250,000,000.’’.
(d) TRANSMITTAL OF
BUDGET REQUESTS.—
(1) AMENDMENT.—Section 31 of the
Securities Exchange Act of 1934 (15 U.S.C. 78ee) is amended by
adding at the end the following:
‘‘(m)
TRANSMITTAL OF COMMISSION BUDGET REQUESTS.—
‘‘(1) BUDGET REQUIRED.—For fiscal year 2012, and each
fiscal year thereafter, the Commission shall prepare and submit a
budget to the President. Whenever the Commission submits a budget
estimate or request to the President or the Office of Management
and Budget, the Commission shall concurrently transmit copies of
the estimate or request to the Committee on Appropriations of the
Senate, the Committee on Appropriations of the House of
Representatives, the Committee on Banking, Housing, and Urban
Affairs of the Senate, and the Committee on Financial Services of
the House of Representatives.
‘‘(2)
SUBMISSION TO CONGRESS.—The President shall submit each
budget submitted under paragraph (1) to Congress, in unaltered
form, together with the annual budget for the Administration
submitted by the President.
‘‘(3)
CONTENTS.—The Commission shall include in each budget
submitted under paragraph (1)—
‘‘(A) an itemization of the
amount of funds necessary to carry out the functions of the
Commission.
‘‘(B) an amount to be designated as contingency
funding to be used by the Commission to address unanticipated
needs; and
‘‘(C) a designation of any activities of the
Commission for which multi-year budget authority would be
suitable.’’.
(2) BUDGET OF THE
PRESIDENT.—For fiscal year 2012, and each fiscal year
thereafter, the annual budget for the Administration submitted by
the President to Congress shall reflect the amendments made by
this section.
(e) SECURITIES AND
EXCHANGE COMMISSION RESERVE FUND.—
(1) AMENDMENT.—Section
4 of the Securities Exchange Act of 1934 (15 U.S.C. 78d), as
amended by this Act, is amended by adding at the end the
following:
‘‘(i) SECURITIES AND
EXCHANGE COMMISSION RESERVE FUND.—
‘‘(1) RESERVE FUND
ESTABLISHED.—There is established in the Treasury of the
United States a separate fund, to be known as the ‘Securities and
Exchange Commission Reserve Fund’ (referred to in this subsection
as the ‘Reserve Fund’).
‘‘(2)
RESERVE FUND AMOUNTS.—
‘‘(A) IN GENERAL.—Except as
provided in subparagraph (B), any registration fees collected by
the Commission under section 6(b) of the Securities Act of 1933
(15 U.S.C. 77f(b)) or section 24(f) of the Investment Company Act
of 1940 (15 U.S.C. 80a-24(f)) shall be deposited into the Reserve
Fund.
‘‘(B) LIMITATIONS.—For
any 1 fiscal year—
‘‘(i) the amount deposited in the Fund
may not exceed $50,000,000; and
‘‘(ii) the balance in the
Fund may not exceed $100,000,000.
‘‘(C)
EXCESS FEES.—Any amounts in excess of
the limitations described in subparagraph (B) that the Commission
collects from registration fees under section 6(b) of the
Securities Act of 1933 (15 U.S.C. 77f(b)) or section 24(f) of the
Investment Company Act of 1940 (15 U.S.C. 80a-24(f)) shall be
deposited in the General Fund of the Treasury of the United States
and shall not be available for obligation by the Commission.
‘‘(3) USE OF AMOUNTS IN RESERVE FUND.—The
Commission may obligate amounts in the Reserve Fund, not to exceed
a total of $100,000,000 in any 1 fiscal year, as the Commission
determines is necessary to carry out the functions of the
Commission.
Any amounts in the reserve fund shall remain
available until expended. Not later than 10 days after the date on
which the Commission obligates amounts under this paragraph, the
Commission shall notify Congress of the date, amount, and purpose
of the obligation.
‘‘(4) RULE OF
CONSTRUCTION.—Amounts collected and deposited in the
Reserve Fund shall not be construed to be Government funds or
appropriated monies and shall not be subject to apportionment for
the purpose of chapter 15 of title 31, United States Code, or
under any other authority.’’.
(2)
EFFECTIVE DATE.—The amendment made by this subsection shall
take effect on October 1, 2011.
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