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ADVISORY/Security Traders Association Affiliate President to Testify on Section 31 Fees.


Business Editors

ADVISORY...for Wednesday (March 7)

--(BUSINESS WIRE)

Jim Toes, president of the Security Traders Association of New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
 (STANY) and director of equity trading In finance, equity trading is the buying and selling of company stock shares. Shares in large publicly-traded companies are bought and sold through one of the major stock exchanges, such as the New York Stock Exchange, London Stock Exchange or Tokyo Stock Exchange, which serve as  for Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. , will present testimony in support of a bill to reduce fees charged on securities transactions. Mr. Toes will be testifying on behalf of the 30 affiliates and 7,000 members of the Security Traders Association.

The hearing, to be conducted by the Subcommittee sub·com·mit·tee  
n.
A subordinate committee composed of members appointed from a main committee.


subcommittee
Noun
 on Capital Markets, Insurance and Government Sponsored Enterprises, will be held in the Rayburn House Office Building The Rayburn House Office Building (RHOB) is a congressional office building for the U.S. House of Representatives in the Capitol Hill neighborhood of Washington, D.C., between South Capitol Street and First Street. , Room 2128, beginning at 9:30 a.m. Testimony will be heard from a number of interested parties on the bill, which would reduce the amount of fees collected on stock transactions - so-called "Section 31 Fees."

Originally designed to fund the oversight
For Oversight in Wikipedia, see Wikipedia:Oversight.


Oversight may refer to:
  • Government regulation — The role of an official authority in regulating a separate authority.
 and regulatory activities of the Securities and Exchange Commission, revenue generated by Section 31 fees has ballooned to six times the agency's annual budget. The fees are paid by everyone who invests in stocks, even those who own stock indirectly through pension and 401k plans and mutual funds.

Media coverage encouraged. Interviews on Section 31 Fees with Lee Korins, chief executive officer of the Security Traders Association can be arranged by calling Richard Mulieri, The Torrenzano Group, 212-681-1700, ext. 125.

What: Testimony on bill to reduce Section 31 fees.

Who: Jim Toes, president, Security Traders Association of New

York and director of equity trading for Merrill Lynch

Where: 2128 Rayburn House Office Building, Washington, DC

When: Wednesday, March 7, 2001 - hearing begins at 9:30 a.m.
COPYRIGHT 2001 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2001, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Mar 6, 2001
Words:258
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