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Pastimes : I Hate Everything Thread -- Ignore unavailable to you. Want to Upgrade?

To: Boplicity who wrote (616)	3/24/1999 10:57:00 AM
From: WallStBum	Read Replies (1) \| Respond to of 766

Levitt has been reading this thread - he's taking away one of my hates [B] Levitt calls for full-SEC funding instead of fee collection [.17689] By Anne Marie Kelly, Bridge News Washington--Mar 24--Facing criticism over its collection of fees, Securities and Exchange Commission chairman Arthur Levitt today called for full SEC funding as an alternative to the controversial collection of fees on market transactions. * * * In his testimony before the Securities Subcommittee of the Senate Banking Committee, Levitt acknowledged that the SEC's fees collected are well above targeted levels legislated under the National Securities Markets Improvement Act of 1996. NSMIA was intended to reduce such fees gradually over a 10-year period. "Tremendous market growth in recent years has pushed fee collections far beyond the levels anticipated during those [NSMIA] negotiations," Levitt said. Under federal securities law, the SEC collects 3 types of fees: registration, transaction and fees on mergers and tender offers. "While the NSMIA fee structure has eliminated the funding uncertainties and crisis situations that surrounded the agency's funding from the late 1980s to the mid-1990s, it has not reduced total collections due to unexpectedly strong market activity," Levitt told the committee. He pointed out that the rates estimated by NSMIA were based on 1996 projections of fee activity. "Fees are nearly impossible to predict accurately," Levitt said. End