REGISTRATION FEES.

SEC. 404. REGISTRATION FEES. Section 6(b) of the Securities Act of 1933 (15 U.S.C. 77f(b)) is amended to read as follows: “(b) Registration Fee.— “(1) Recovery of cost of services.—The Commission shall, in accordance with this subsection, collect registration fees that are designed to recover the costs to the government of the securities registration process, and costs related to such process, including enforcement activities, policy and rulemaking activities, administration, legal services, and international regulatory activities. “(2) Fee payment required.—At the time of filing a registration statement, the applicant shall pay to the Commission a fee that shall be equal to the sum of the amounts (if any) determined under the rates established by paragraphs (3) and (4). The Commission shall publish in the Federal Register notices of the fee rates applicable under this section for each fiscal year. “(3) General revenue fees.—The rate determined under this paragraph is a rate equal to $200 per $1,000,000 of the maximum aggregate price at which such securities are proposed to be offered, except that during fiscal year 2007 and any succeeding fiscal year such rate is equal to $67 per $1,000,000 of the maximum aggregate price at which such securities are proposed to be offered. Fees collected during any fiscal year pursuant to this paragraph shall be deposited and credited as general revenues of the Treasury. “(4) Offsetting collection fees.— “(A) In general.—Except as provided in subparagraphs (B) and (C), the rate determined under this paragraph is a rate equal to the following amount per $1,000,000 of the maximum aggregate price at which such securities are proposed to be offered: 110 STAT. 3442 “(i) $95 during fiscal year 1998; “(ii) $78 during fiscal year 1999; “(iii) $64 during fiscal year 2000; “(iv) $50 during fiscal year 2001; “(v) $39 during fiscal year 2002; “(vi) $28 during fiscal year 2003; “(vii) $9 during fiscal year 2004; “(viii) $5 during fiscal year 2005; and “(ix) $0 during fiscal year 2006 or any succeeding fiscal year. “(B) Limitation; deposit.—Except as provided in subparagraph (C), no amounts shall be collected pursuant to this paragraph (4) for any fiscal year except to the extent provided in advance in appropriations Acts. Fees collected during any fiscal year pursuant to this paragraph shall be deposited and credited as offsetting collections in accordance with appropriations Acts. “(C) Lapse of appropriations.—If on the first day of a fiscal year a regular appropriation to the Commission has not been enacted, the Commission shall continue to collect fees (as offsetting collections) under this paragraph at the rate in effect during the preceding fiscal year, until such a regular appropriation is enacted. “(5) Pro rata application of rates.—The rates required by this subsection shall be applied pro rata to amounts and balances equal to less than $1,000,000.”.