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Competitive Market Supervision Act

Introduced: February 28, 2000 See on congress.gov
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 Everywhere this bill has been 6 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 25, 2000
Placed on Senate Legislative Calendar under General Orders. Calendar No. 712.
Jul 25, 2000
Committee on Banking, Housing, and Urban Affairs. Reported by Senator Gramm with amendments. With written report No. 106-360. Additional views filed.
Jul 13, 2000
Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment favorably.
Feb 28, 2000
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 106-937.
Feb 28, 2000
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Feb 28, 2000
Introduced in Senate
 Plain-English summary Congressional Research Service
Competitive Market Supervision Act - Amends the Securities Act of 1933 to: (1) eliminate the general revenue fees on securities for the cost of the securities registration process; (2) set a uniform and higher rate for the offsetting collection fee schedule for FY 2001 through 2006; and (3) set a permanent rate for FY 2007 and thereafter (presently such rates phase out after FY 2006).

(Sec. 3) Amends the Securities Exchange Act of 1934 to revise the filing fees related to the purchase of securities by issuers and to preliminary proxy solicitations to reflect such modified offsetting collection fee schedule.

Mandates that fees collected during any fiscal year be deposited and credited as offsetting collections.

(Sec. 4) Replaces the statutory transaction fee formula for either a national securities exchange or national securities association with a transaction offsetting collection rate which is the uniform rate required to reach a specified transaction fee cap for the fiscal year.

(Sec. 5) Prescribes guidelines for adjustments to fee rates, including: (1) estimates of collections; (2) a floor for total fee collections; and (3) a cap on total fee collections.

Instructs the Securities and Exchange Commission (SEC) to explain to certain congressional committees the methodology used to make its estimates of collections.

Shields SEC determinations and actions from judicial review.

Requires the SEC to notify each national securities exchange or national securities association prior to taking action with respect to either a total fee collection floor or a total fee collection cap.

(Sec. 7) Revises guidelines governing SEC employee appointment and compensation to include conformance with guidelines covering Federal agency employees under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.

What's happening now July 25, 2000

Placed on Senate Legislative Calendar under General Orders. Calendar No. 712.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 1 Republican 1