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U.S. Code as of:
01/03/05
Section 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
The 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 January 1, 1983 and ending September 30, 1985. The report
shall be submitted not later than January 1, 1986. The report shall
include (but not to be limited to) the following -
(1) 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 [7 U.S.C. 21(p), (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
Nothing 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 [7 U.S.C. 1 et seq.]: Provided, That the
fees for any specified service or activity or function shall not
exceed the actual cost thereof to the Commission.
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