
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document affected by Public Law 107-123 Section 4]
[CITE: 15USC77f]

 
                      TITLE 15--COMMERCE AND TRADE
 
               CHAPTER 2A--SECURITIES AND TRUST INDENTURES
 
                    SUBCHAPTER I--DOMESTIC SECURITIES
 
Sec. 77f. Registration of securities


(a) Method of registration

    Any security may be registered with the Commission under the terms 
and conditions hereinafter provided, by filing a registration statement 
in triplicate, at least one of which shall be signed by each issuer, its 
principal executive officer or officers, its principal financial 
officer, its comptroller or principal accounting officer, and the 
majority of its board of directors or persons performing similar 
functions (or, if there is no board of directors or persons performing 
similar functions, by the majority of the persons or board having the 
power of management of the issuer), and in case the issuer is a foreign 
or Territorial person by its duly authorized representative in the 
United States; except that when such registration statement relates to a 
security issued by a foreign government, or political subdivision 
thereof, it need be signed only by the underwriter of such security. 
Signatures of all such persons when written on the said registration 
statements shall be presumed to have been so written by authority of the 
person whose signature is so affixed and the burden of proof, in the 
event such authority shall be denied, shall be upon the party denying 
the same. The affixing of any signature without the authority of the 
purported signer shall constitute a violation of this subchapter. A 
registration statement shall be deemed effective only as to the 
securities specified therein as proposed to be offered.

(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 that shall be equal to the sum of 
    the amounts (if any) determined under the rates established by 
    paragraphs (3) and (4). The Commission shall publish in the Federal 
    Register notices of the fee rates applicable under this section for 
    each fiscal year.

                      (3) General revenue fees

        The rate determined under this paragraph is a rate equal to $200 
    per $1,000,000 of the maximum aggregate price at which such 
    securities are proposed to be offered, except that during fiscal 
    year 2007 and any succeeding fiscal year such rate is equal to $67 
    per $1,000,000 of the maximum aggregate price at which such 
    securities are proposed to be offered. Fees collected during any 
    fiscal year pursuant to this paragraph shall be deposited and 
    credited as general revenues of the Treasury.

                   (4) Offsetting collection fees

        (A) In general

            Except as provided in subparagraphs (B) and (C), the rate 
        determined under this paragraph is a rate equal to the following 
        amount per $1,000,000 of the maximum aggregate price at which 
        such securities are proposed to be offered:
                (i) $95 during fiscal year 1998;
                (ii) $78 during fiscal year 1999;
                (iii) $64 during fiscal year 2000;
                (iv) $50 during fiscal year 2001;
                (v) $39 during fiscal year 2002;
                (vi) $28 during fiscal year 2003;
                (vii) $9 during fiscal year 2004;
                (viii) $5 during fiscal year 2005; and
                (ix) $0 during fiscal year 2006 or any succeeding fiscal 
            year.

        (B) Limitation; deposit

            Except as provided in subparagraph (C), no amounts shall be 
        collected pursuant to this paragraph (4) for any fiscal year 
        except to the extent provided in advance in appropriations Acts. 
        Fees collected during any fiscal year pursuant to this paragraph 
        shall be deposited and credited as offsetting collections in 
        accordance with appropriations Acts.

        (C) Lapse of appropriations

            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 
        paragraph at the rate in effect during the preceding fiscal 
        year, until such a regular appropriation is enacted.

                  (5) Pro rata application of rates

        The rates required by this subsection shall be applied pro rata 
    to amounts and balances equal to less than $1,000,000.

(c) Time registration effective

    The filing with the Commission of a registration statement, or of an 
amendment to a registration statement, shall be deemed to have taken 
place upon the receipt thereof, but the filing of a registration 
statement shall not be deemed to have taken place unless it is 
accompanied by a United States postal money order or a certified bank 
check or cash for the amount of the fee required under subsection (b) of 
this section.

(d) Information available to public

    The information contained in or filed with any registration 
statement shall be made available to the public under such regulations 
as the Commission may prescribe, and copies thereof, photostatic or 
otherwise, shall be furnished to every applicant at such reasonable 
charge as the Commission may prescribe.

(May 27, 1933, ch. 38, title I, Sec. 6, 48 Stat. 78; Pub. L. 89-289, 
Sec. 1, Oct. 22, 1965, 79 Stat. 1051; Pub. L. 100-181, title II, 
Sec. 205, Dec. 4, 1987, 101 Stat. 1252; Pub. L. 104-290, title IV, 
Sec. 404, Oct. 11, 1996, 110 Stat. 3441.)


                               Amendments

    1996--Subsec. (b). Pub. L. 104-290 inserted heading and amended text 
of subsec. (b) generally. Prior to amendment, text read as follows: ``At 
the time of filing a registration statement the applicant shall pay to 
the Commission a fee of one-fiftieth of 1 per centum of the maximum 
aggregate price at which such securities are proposed to be offered, but 
in no case shall such fee be less than $100.''
    1987--Subsec. (e). Pub. L. 100-181 struck out subsec. (e) which 
provided that no registration statement should be filed within the first 
40 days following May 27, 1933.
    1965--Subsec. (b). Pub. L. 89-289 substituted ``one-fiftieth'' for 
``one one-hundredth'' and ``$100'' for ``$25''.


                    Effective Date of 1965 Amendment

    Section 2 of Pub. L. 89-289 provided that: ``The amendment made by 
the first section of this Act [amending this section] shall take effect 
January 1, 1966.''

                          Transfer of Functions

    For transfer of functions of Securities and Exchange Commission, 
with certain exceptions, to Chairman of such Commission, see Reorg. Plan 
No. 10 of 1950, Secs. 1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 
1265, set out under section 78d of this title.


         Increase in Registration Fees and Deposit Into Treasury

    Pub. L. 105-46, Sec. 113, Sept. 30, 1997, 111 Stat. 1156, provided 
that the amount made available to the Securities and Exchange 
Commission, under the heading Salaries and Expenses, was to include, in 
addition to direct appropriations, the amount collected under the fee 
rate and offsetting collection authority contained in Public Law 104-
208, which fee rate and offsetting collection authority was to remain in 
effect during the period of Pub. L. 105-46 which provided continuing 
appropriations for fiscal year 1998.
    Pub. L. 104-208, div. A, title I, Sec. 101(a) [title V], Sept. 30, 
1996, 110 Stat. 3009, 3009-61, which provided in part that on Sept. 30, 
1996, the rate of fees under subsec. (b) of this section were increased 
from one-fiftieth of one percentum to one-thirty-third of one percentum, 
and such increase was to be deposited as an offsetting collection to 
this appropriation, to remain available until expended, to recover costs 
of services of the securities registration process, was from the 
Departments of Commerce, Justice, and State, the Judiciary, and Related 
Agencies Appropriations Act, 1997, and was not repeated in subsequent 
appropriations acts. Similar provisions were contained in the following 
prior appropriation acts:
    Pub. L. 104-134, title I, Sec. 101[(a)] [title V], Apr. 26, 1996, 
110 Stat. 1321, 1321-60; renumbered title I, Pub. L. 104-140, Sec. 1(a), 
May 2, 1996, 110 Stat. 1327.
    Pub. L. 104-99, title II, Sec. 209, Jan. 26, 1996, 110 Stat. 37.
    Pub. L. 104-56, Sec. 119, Nov. 20, 1995, 109 Stat. 552.
    Pub. L. 104-54, Sec. 119, Nov. 19, 1995, 109 Stat. 544.
    Pub. L. 104-31, Sec. 120, Sept. 30, 1995, 109 Stat. 282.
    Pub. L. 103-352, Oct. 10, 1994, 108 Stat. 3148.
    Pub. L. 103-121, title I, Oct. 27, 1993, 107 Stat. 1168.
    Pub. L. 102-395, title I, Oct. 6, 1992, 106 Stat. 1848.
    Pub. L. 102-140, title I, Oct. 28, 1991, 105 Stat. 798.
    Pub. L. 101-515, title V, Nov. 5, 1990, 104 Stat. 2139.
    Pub. L. 101-162, title V, Nov. 21, 1989, 103 Stat. 1022.

                  Section Referred to in Other Sections

    This section is referred to in sections 77b, 78m, 78n, 80a-24 of 
this title.
