Refund by Securities and Exchange Commission of Investment Advisor Fees

A decision was requested regarding the authority of the Securities and exchange Commission (SEC) to refund the investment advisors' user fees collected by SEC and deposited in the Treasury as miscellaneous receipts. The charge was subsequently considered erroneous by the SEC as a result of Supreme Court decisions construing the User Charge Statute. The fees may be refunded by SEC out of the permanent indefinite appropriation established by 31 U.S. 725q to pay moneys "erroneously received and covered." The refund was authorized to all who paid the invalid fees, regardless of whether the payment was made under protest.