Here is the sad , depressing , BULLSHIT, news release directly from the web site of those worthless assholes! (my apologies to anyone who finds my language offensive, but that is exactly how I feel about this feeble tax grab..... offended) ------------------------------------------------------------------------------------ Fee Rate Advisory #12 for Fiscal Year 2003 FOR IMMEDIATE RELEASE 2003-27 Washington, D.C., February 28, 2003 â As required by Section 31 of the Securities Exchange Act of 1934, the Commission must make a mid-year rate adjustment to the Section 31 transaction fee rate. Effective April 1, 2003, the revised Section 31 transaction fee rate will be $46.80 per million. As described in Fee Rate Advisory #11 for Fiscal Year 2003, available at http://www.sec.gov/news/press/2003-24.htm, the Section 31 fee rate will decrease from the current rate to $25.20 per million effective March 22, 2003, and remain at that level until April 1, 2003, when the mid-year adjustment becomes effective. The Section 31 assessment on security futures transactions will not be changed from the current rate of $0.009 per round turn transaction, and will not be affected by either the March 22, 2003 or April 1, 2003 rate adjustment. The Commission consulted with both the Congressional Budget Office and the Office of Management and Budget about the mid-year adjustment, as required by the Act. The increase in the rate is a direct consequence of the decline in dollar volume of securities transactions thus far in fiscal year 2003. The Commission does not receive any additional funding as a result of the increase in the fee rate. A copy of the Commission's order and calculation methodology is available at http://www.sec.gov. Self-regulatory organizations collect Section 31 fees pursuant to their rules. Additional information on the transition to the new Section 31 fee rate will be available shortly on the Internet Web sites of The New York Stock Exchange, Inc. and NASD Inc. at http://www.nyse.com and http://www.nasd.com. The Office of Interpretation and Guidance in the SEC's Division of Market Regulation is also available for questions on Section 31 fees at (202) 942-0069, or by e-mail at marketreg@sec.gov. The Commission will announce the fiscal year 2004 rates for fees paid under Section 6(b) of the Securities Act of 1933 and Sections 13(e), 14(g), and 31 of the Securities Exchange Act of 1934 no later than April 30, 2003. This rate will become effective on Oct. 1, 2003, or 30 days after the date on which the Commission receives its fiscal 2004 regular appropriation, whichever date comes later. http://www.sec.gov/news/press/2003-27.htm -------------------------------------------------------------------------------- MACD
whats that all about?? double? fuckem,,,, trade less,,,,,, only the "a" trades The brokers will be the true losers if it all gets passed on to us. No doubt they will go after the CFTC next, the government has been licking its chops for a long time to do so. SEC has become a pile of worthless horse dodo.
Interesting that the SEC chooses to up the fee they charge on equity transactions but not on Futures. Is this because equities are the most widely accepted product among the "small" investor whereas futures tend to be a more "institutional" product. If you indulge me with that rational I'll go as far as to say that the SEC doesn't have the balls to try sticking it to the big boys when it comes to this, yet they have no problem raping the "little" guys who they are suppose to protect and are the very reason for their existence. They know the brokers caqn just pass this one down to the client. And this is definitely rape, nearly doubling the fee! What do you think would happen if the gov. nearly doubled the income tax rate? Oh and I love this line; ------------------------------------------------------------------------------------ The Commission does not receive any additional funding as a result of the increase in the fee rate. ------------------------------------------------------------------------------------ well what the fuck are they raising the fee for! The more one looks at the SEC and its ridiculous policies and practices the more asinine those monkeys seem. At least they prevent the little guy from getting screwed by debacles like Worldcom,Tyco, and Enron..........ooops er, wait a second, no they don't do that either! What a fuckin' joke. Somebody repost that rant from that guy that got charged for threatening somebody at the IRS (I think it was the IRS) it was hilarious. That's about exactly how I feel right now. God bless that lunatic for standing up for himself.
harry, are you serious here?? FIFTY THOUSAND DOLLARS !!:eek: Oh my I hope not. Are you just trying to scare us? Surely you jest. Please provide a link to these present "ongoing discussions" that you allude to. Thank you.
You are so right, and you beat me to pointing out your latter point. The SEC isn't even the one that busted these companies for their accounting fraud, not is it the one that hit up the big Wall Street boys for their fraudulent analysts (NY Attn Gen Spitzer did that). I like your original point most, though (which I didn't even notice). These jackasses that don't even do anything are taxing the little guys, but leaving the big fellas alone. ridiculous!!
The SEC has nothing to do with futures. The securities exchange commission controls securities. Futures, with the exception of single stock futures , are commodities. They are controlled by the CFTC, commodity futures trading commission
Banjo, You are correct about the Futures. I assume that they are referring to Single Stock Futures in the memo which would apparently weaken my conspiracy theory somewhat. No matter I AM STILL PISSED about the whole thing and my opinion on the SEC stands! MACD