SEC Proposes Fee Calculation for Futures Products Transactions: SEC to Issue Rule Proposals with Treasury Department Requiring Mutual Funds and Broker-dealers to Verify Identities of Customers
FOR IMMEDIATE RELEASE
Washington, D.C., July 2, 2002 -- Today the Commission took the following actions in an open meeting:
1. The Commission adopted amendments to Rule 31-1 under the Securities Exchange Act of 1934 to clarify how to calculate assessments that are required to be paid by national securities exchanges and national securities associations pursuant to Section 31(d) of the Exchange Act for security futures transactions. The amendments to Rule 31-1 also will provide guidance on how to calculate fees that are required to be paid by national securities exchanges and national securities associations pursuant to Sections 31(b) and (c) of the Exchange Act, respectively, for sales of securities that result from the physical settlement of security futures.
2. The Commission also voted to propose jointly with the Department of the Treasury, through the Financial Crimes Enforcement Network (FinCEN), two regulations to implement Section 326 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act). The Commission believes that the proposed regulations are an important step in Treasury's and the SEC's ongoing efforts to deter the use of our financial institutions for money-laundering and financing of terrorist activities. The proposed regulations also require approval by the Secretary of the Treasury. The proposed regulations would require mutual funds and broker-dealers to: (1) adopt and implement reasonable procedures to verify the identities of their customers; (2) maintain records related to the verification of their customers' identities; and (3) determine whether their customers appear on any lists of known or suspected terrorists or terrorist organizations provided by any government agency.
An audio webcast of the Commission's proceedings is available on the SEC Open Meetings Web page.