7 U.S.C. § 16a | Service fees and National Futures Association study

(a)

Development and implementation of plan for user fees; report to and approval by Congressional committees

Notwithstanding any other provision of law, the Commodity Futures Trading Commission may develop and implement a plan to charge and collect reasonable fees to cover the estimated cost of regulating transactions under the jurisdiction of the Commission. However, prior to implementing such a plan, the Commission shall report its intention to do so to the House Committee on Agriculture and the Senate Committee on Agriculture, Nutrition, and Forestry. The Commission shall include in its report the feasibility and desirability of collecting such fees. Any plan developed under this section shall not be implemented until approved by the House Committee on Agriculture and the Senate Committee on Agriculture, Nutrition, and Forestry. Fees collected under any plan approved under this section shall be deposited in the Treasury of the United States as miscellaneous receipts.

(b)

National Futures Association regulatory experience; report; contents

January 1, 1983September 30, 1985January 1, 1986The Commodity Futures Trading Commission shall submit to Congress a report containing the results of a study of the regulatory experience of the National Futures Association for the period beginning and ending . The report shall be submitted not later than . The report shall include (but not to be limited to) the following—

(1)

7 U.S.C. 21(p) the extent to which the National Futures Association has fully implemented the program provided in the rules approved by the Commission under section 17(p) and (q) of the Commodity Exchange Act [, (q)] and the effectiveness of the operation of such program;

(2)

the actual and projected cost savings to the Federal Government, if any, resulting from operations of the National Futures Association;

(3)

the actual and projected costs which the Commission and the public would have incurred if the Association had not undertaken self-regulatory responsibility for certain areas under the Commission’s jurisdiction;

(4)

problem areas, if any, encountered by the Association;

(5)

the nature of the working relationship between the Association and the Commission;

(6)

an assessment of the actual and projected efficiencies the Commission has achieved or expects to be achieved as a result of the continuing regulatory activities of the Association; and

(7)

the immediate and projected capabilities of the Commission at the time of submission of the study to turn its attention to more immediate problems of regulation, as a result of the activities of the Association.

(c)

Schedule of fees for services, activities and functions; notice and hearing; actual cost standard

7 U.S.C. 1ProvidedNothing in this section shall limit the authority of the Commission to promulgate, after notice and opportunity for hearing, a schedule of appropriate fees to be charged for services rendered and activities and functions performed by the Commission in conjunction with its administration and enforcement of the Commodity Exchange Act [ et seq.]: , That the fees for any specified service or activity or function shall not exceed the actual cost thereof to the Commission.

Pub. L. 95–405, § 26Sept. 30, 197892 Stat. 877 Pub. L. 97–444, title II, § 237Jan. 11, 198396 Stat. 2325(, , ; , , .)

Editorial Notes

References in Text

act Sept. 21, 1922, ch. 369 42 Stat. 998 section 1 of this titleThe Commodity Exchange Act, referred to in subsec. (c), is , , which is classified generally to chapter 1 (§ 1 et seq.) of this title. For complete classification of this Act to the Code, see and Tables.

Codification

Section was enacted as part of the Futures Trading Act of 1978, and not as part of the Commodity Exchange Act which comprises this chapter.

Amendments

Pub. L. 97–4441983— designated existing provisions as subsec. (a) and added subsecs. (b) and (c).

Statutory Notes and Related Subsidiaries

Effective Date of 1983 Amendment

Pub. L. 97–444Jan. 11, 1983section 239 of Pub. L. 97–444 section 2 of this titleAmendment by effective , see , set out as a note under .

Effective Date

Oct. 1, 1978section 28 of Pub. L. 95–405 section 2 of this titleSection effective , see , set out as an Effective Date of 1978 Amendment note under .

Study of Assessments on Transactions

Pub. L. 102–546, title II, § 218Oct. 28, 1992106 Stat. 3612Oct. 28, 1992, , , required the Comptroller General to conduct a study to determine whether it was feasible to fund some or all of the enforcement and market surveillance activities of the Commodity Futures Trading Commission through the imposition of an assessment on commodity futures and options transactions executed pursuant to the Commodity Exchange Act, and report, by one year after , to Congress the Commission determinations together with any appropriate recommendations for the implementation of such a program of assessment-based funding.