(b) Registration fee
(1) Recovery of cost of services
The Commission shall, in accordance with this subsection, collect registration fees that are designed to recover the costs to the government of the securities registration process, and costs related to such process, including enforcement activities, policy and rulemaking activities, administration, legal services, and international regulatory activities.
(2) Fee payment required
At the time of filing a registration statement, the applicant shall pay to the Commission a fee at a rate that shall be equal to $92 per $1,000,000 of the maximum aggregate price at which such securities are proposed to be offered, except that during fiscal year 2003 and any succeeding fiscal year such fee shall be adjusted pursuant to paragraph (5) or (6).
(3) Offsetting collections Fees collected pursuant to this subsection for any fiscal year
(A) shall be deposited and credited as offsetting collections to the account providing appropriations to the Commission; and
(B) except as provided in paragraph (9), shall not be collected for any fiscal year except to the extent provided in advance in appropriation Acts.
(4) General revenues prohibited
No fees collected pursuant to this subsection for fiscal year 2002 or any succeeding fiscal year shall be deposited and credited as general revenue of the Treasury.
(5) Annual adjustment
For each of the fiscal years 2003 through 2011, the Commission shall by order adjust the rate required by paragraph (2) for such fiscal year to a rate that, when applied to the baseline estimate of the aggregate maximum offering prices for such fiscal year, is reasonably likely to produce aggregate fee collections under this subsection that are equal to the target offsetting collection amount for such fiscal year.
(6) Final rate adjustment
For fiscal year 2012 and all of the succeeding fiscal years, the Commission shall by order adjust the rate required by paragraph (2) for all of such fiscal years to a rate that, when applied to the baseline estimate of the aggregate maximum offering prices for fiscal year 2012, is reasonably likely to produce aggregate fee collections under this subsection in fiscal year 2012 equal to the target offsetting collection amount for fiscal year 2011.
(7) Pro rata application
The rates per $1,000,000 required by this subsection shall be applied pro rata to amounts and balances of less than $1,000,000.
(8) 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. An adjusted rate prescribed under paragraph (5) or (6) and published under paragraph (10) shall not be subject to judicial review. Subject to paragraphs (3)(B) and (9)
(A) an adjusted rate prescribed under paragraph (5) shall take effect on the later of
(i) the first day of the fiscal year to which such rate applies; or
(ii) five days after the date on which a regular appropriation to the Commission for such fiscal year is enacted; and
(B) an adjusted rate prescribed under paragraph (6) shall take effect on the later of
(i) the first day of fiscal year 2012; or
(ii) five days after the date on which a regular appropriation to the Commission for fiscal year 2012 is enacted.
(9) Lapse of appropriation
If on the first day of a fiscal year a regular appropriation to the Commission has not been enacted, the Commission shall continue to collect fees (as offsetting collections) under this subsection at the rate in effect during the preceding fiscal year, until 5 days after the date such a regular appropriation is enacted.
(10) Publication The Commission shall publish in the Federal Register notices of the rate applicable under this subsection and under sections
78m (e) and
78n (g)1 of this title for each fiscal year not later than April 30 of the fiscal year preceding the fiscal year to which such rate applies, together with any estimates or projections on which such rate is based.
(11) Definitions For purposes of this subsection:
(A) Target offsetting collection amount
The target offsetting collection amount for each of the fiscal years 2002 through 2011 is determined according to the following table: Target offsetting Fiscal year: collection amount 2002 $377,000,000 2003 $435,000,000 2004 $467,000,000 2005 $570,000,000 2006 $689,000,000 2007 $214,000,000 2008 $234,000,000 2009 $284,000,000 2010 $334,000,000 2011 $394,000,000
(B) Baseline estimate of the aggregate maximum offering prices The baseline estimate of the aggregate maximum offering prices for any fiscal year is the baseline estimate of the aggregate maximum offering price at which securities are proposed to be offered pursuant to registration statements filed with the Commission during such fiscal year as determined by the Commission, after consultation with the Congressional Budget Office and the Office of Management and Budget, using the methodology required for projections pursuant to section
907 of title
2.
