sion (subsequently appointed Commissioner), by the District of Columbia Chapter of the Federal Bar Association when it presented him with its Annual Justice Tom C. Clark Award. That award is presented to one lawyer in Government service in recognition of superior and exceptional professional performance in the career service. The award, which was signed by Chief Justice Warren E. Burger, Attorney General John N. Mitchell, and other members of the selection committee, stated in part: "Your expert abilities in the highly specialized field of federal securities law have been an invaluable assistance to the Securities and Exchange Commission, where you are presently the General Counsel, in its important service to the public. Your distinguished accomplishments have contributed to the preservation of confidence by the individual investor in the integrity of the capital markets of the nation and have advanced the cause of investor protection." PERSONNEL STRENGTH; FINANCIAL MANAGEMENT The following comparative table shows the personnel strength of the Commission as of June 30, 1970 and 1971. The table on page 216 shows the status of the Commission's budget estimate for the fiscal years 1967 to 1972, from the initial submission to the Congress to final enactment of the annual appropriation. The following table shows the Commission's appropriation, total fees collected, percentage of fees collected to total appropriation, and the net cost to the taxpayers of Commission operations for the fiscal years 1969, 1970 and 1971. The Commission is required by law to collect fees for (1) registration of securities issued; (2) qualification of trust in who are registered with the Commission but who are not members of a registered national securities association (the National Association of Securities Dealers (NASD) is the only such organization); and (5) certification of documents filed with the Commission." 9 Fees collected are derived principally from categories (1), (3) and (4) above. Rates for these are (1) 1/50 of 1 percent of the maximum aggregate price of securities proposed to be offered, or 20¢ per $1,000, with a minimum fee of $100; (3) 1/500 of 1 percent of the aggregate dollar amount of the sales of securities transacted on the exchanges; (4) for fiscal 1969: a basic registration fee of $100 for non-NASD broker-dealers plus $5 for each associated person, with a maximum payment of $20,000; $30 for each office and $25 for each associated person for whom a nonmember broker or dealer had not previously filed a personnel form; and an initial assessment fee of $150. The maximum payment for all fees payable on the annual assessment form was raised in fiscal 1970 to $25,000, and in fiscal 1971 to $50,000. The associated persons fee was raised to $35 effective December 15, 1970. SECURITIES AND EXCHANGE COMMISSION Action Taken on Budget Estimates and Appropriation From Fiscal 1967 Through Fiscal 1972 Fiscal 1972 Posi tions Money tions Money Fiscal 1970 Fiscal 1971 Posi Positions Money 1,432 $20,416,000 1,452 $21,916,000 1,416 $24,730,000 -42 3-42 -666,000 -200,000 1,390 $19,750,000 +42 +666,000 Presidential allowance Action by the House of Representatives Subtotal Action by the Senate Subtotal Action by Cor.ferees Annual Appropriation for statutory pay increase_ Total appropriation 1,425 $17,250,000 1,405 $17,350,000 1,425 $17,550,000 1,405 $17,730,000 11,338 $18,624,000 1,410 $21,716,000 1,416 $24,730,000 1,432 $20,416,000 1,410 $21,716,000 1,416 $24,730,000 1,432 $20,416,000 1,410 $21,716,000 1,416 $24,730,000 $1,899,000 1,488,977 1,410 $23,615,000 1,416 1,432 $21,904,977 $24,730,000 1 Progressive reduction of 100 positions (employment level on June 30, 1966) and subsequent reinstatement of 35 positions by the Bureau of the Budget representing a net savings of $299,000 required under the Revenue and Expenditure Control Act of 1968. Savings to be applied to estimated pay increase cost of $893,000 effective July 14, 1968. 3 The reduction of 42 positions represents the Congressional reduction of $200,000 and the absorption of the additional cost to continue the Institutional Investor Study to December 31, 1970. Includes an $84,000 supplemental to fill vacancies in the month of June. Includes $1,234,000 for statutory pay increases. PART IX APPENDIX STATISTICAL TABLES TABLE 1.-Securities Registrations Effective Under the Securities Act of 1 Statements registering _American Depositary Receipts against outstanding foreign securities as provided by Form S-12 are included. 2 For 10 months ended June 30, 1935. Includes three statements registering lease obligations relating to industrial revenue bonds of $140 million. Includes eight statements registering lease obligations relating to industrial revenue bonds of $354 million. Includes four statements registering lease obligations relating to industrial revenue bonds of $21 million. Includes one statement registering lease obligations relating to industrial revenue bonds of $400 thousand. TABLE 2.-Registrations Effective Under the Securities Act of 1933, Fiscal [Amounts rounded to thousands of dollars and may not add to totals] 1 Warrants are excluded from the count of the number of issues although included in dollar amount. 2 Covers only issues proposed for sale immediately following effective registration. 3 The 2,988 effective registration statements covered in this table differ from the 2,929 "net" effective statements shown in the text table "Number and disposition of registration statements filed" as follows: Included in effectives but excluded from net effectives: Five registrations effective in fiscal 1970 prior to receiving competitive bids. The amendments disclosing the accepted terms were received in fiscal 1971. Fifty-six rgistrations effective in fiscal 1971 which were later withdrawn. Excluded from effectives but included in next effectives: One registration effective prior to receiving competitive bids. The amendments disclosing the accepted terms were not received in fiscal 1971. One registration of lease obligations relating to industrial revenue bonds. Includes face amount certificates. Includes certificates of participation, warrants and voting trust certificates. |