§ 16a. — Service fees and National Futures Association study.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC16a]
TITLE 7--AGRICULTURE
CHAPTER 1--COMMODITY EXCHANGES
Sec. 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.
(Pub. L. 95-405, Sec. 26, Sept. 30, 1978, 92 Stat. 877; Pub. L. 97-444,
title II, Sec. 237, Jan. 11, 1983, 96 Stat. 2325.)
References in Text
The Commodity Exchange Act, referred to in subsec. (c), is act Sept.
21, 1922, ch. 369, 42 Stat. 998, as amended, which is classified
generally to chapter 1 (Sec. 1 et seq.) of this title. For complete
classification of this Act to the Code, see section 1 of this title 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
1983--Pub. L. 97-444 designated existing provisions as subsec. (a)
and added subsecs. (b) and (c).
Effective Date of 1983 Amendment
Amendment by Pub. L. 97-444 effective Jan. 11, 1983, see section 239
of Pub. L. 97-444, set out as a note under section 2 of this title.
Effective Date
Section effective Oct. 1, 1978, see section 28 of Pub. L. 95-405,
set out as an Effective Date of 1978 Amendment note under section 2 of
this title.
Study of Assessments on Transactions
Pub. L. 102-546, title II, Sec. 218, Oct. 28, 1992, 106 Stat. 3612,
provided that:
``(a) Study.--The Comptroller General of the United States shall
conduct a study to determine whether--
``(1) it is feasible to fund some or all of the enforcement and
market surveillance activities of the Commodity Futures Trading
Commission, as required by the amendments to the Commodity Exchange
Act made by the Futures Trading Practices Act of 1992 [see Short
Title of 1992 Amendment note set out under section 1 of this title],
through the imposition of an assessment on commodity futures and
options transactions executed pursuant to the Commodity Exchange Act
[7 U.S.C. 1 et seq.]; and
``(2) a program of assessment-based funding for some or all of
such enforcement and market surveillance activities would better
provide resources to the Commodity Futures Trading Commission to
enable the Commission to--
``(A) protect the interests of market users (including
hedgers and speculators), producers of commodities traded on the
futures markets, and the general public; and
``(B) maintain and enhance the credibility of such futures
and options markets.
``(b) Report.--Not later than one year after the date of enactment
of this Act [Oct. 28, 1992], the Comptroller General shall submit to the
Committee on Agriculture of the House of Representatives and the
Committee on Agriculture, Nutrition, and Forestry of the Senate a report
containing the Comptroller General's determinations pursuant to
subsection (a), together with any appropriate recommendations for the
implementation of such a program of assessment-based funding for some or
all of the Commodity Futures Trading Commission's enforcement and market
surveillance activities.''
