Order Making Fiscal Year 2014 Annual Adjustments to Transaction Fee Rates, 9504-9510 [2014-03575]
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EMCDONALD on DSK67QTVN1PROD with NOTICES
9504
Federal Register / Vol. 79, No. 33 / Wednesday, February 19, 2014 / Notices
‘‘prospectuses’’ under Section 10(b) of
the Securities Act.2
Rule 482 contains certain
requirements regarding the disclosure
that funds are required to provide in
qualifying advertisements. These
requirements are intended to encourage
the provision to investors of information
that is balanced and informative,
particularly in the area of investment
performance. For example, a fund is
required to include disclosure advising
investors to consider the fund’s
investment objectives, risks, charges and
expenses, and other information
described in the fund’s prospectus, and
highlighting the availability of the
fund’s prospectus and, if applicable, its
summary prospectus. In addition, rule
482 advertisements that include
performance data of open-end funds or
insurance company separate accounts
offering variable annuity contracts are
required to include certain standardized
performance information, information
about any sales loads or other
nonrecurring fees, and a legend warning
that past performance does not
guarantee future results. Such funds
including performance information in
rule 482 advertisements are also
required to make available to investors
month-end performance figures via Web
site disclosure or by a toll-free
telephone number, and to disclose the
availability of the month-end
performance data in the advertisement.
The rule also sets forth requirements
regarding the prominence of certain
disclosures, requirements regarding
advertisements that make tax
representations, requirements regarding
advertisements used prior to the
effectiveness of the fund’s registration
statement, requirements regarding the
timeliness of performance data, and
certain required disclosures by money
market funds.
Rule 482 advertisements must be filed
with the Commission or, in the
alternative, with the Financial Industry
Regulatory Authority (‘‘FINRA’’).3 This
information collection differs from
many other federal information
collections that are primarily for the use
and benefit of the collecting agency.
Rule 482 contains requirements that
are intended to encourage the provision
to investors of information that is
balanced and informative, particularly
in the area of investment performance.
The Commission is concerned that in
the absence of such provisions fund
investors may be misled by deceptive
rule 482 advertisements and may rely
on less-than-adequate information when
determining in which funds they should
invest money. As a result, the
Commission believes it is beneficial for
funds to provide investors with
balanced information in fund
advertisements in order to allow
investors to make better-informed
decisions.
The Commission estimates that
59,245 responses to rule 482 are filed
annually by 3,430 investment
companies offering approximately
16,428 portfolios, or approximately 3.6
responses per portfolio annually. The
burden associated with rule 482 is
presently estimated to be 5.16 hours per
response. The annual hourly burden is
therefore approximately 305,704 hours.4
The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act and is not
derived from a comprehensive or even
a representative survey or study of the
costs of Commission rules and forms.
The provision of information under rule
482 is necessary to obtain the benefits
of the safe harbor offered by the rule.
The information provided under rule
482 will not be kept confidential. An
agency may not conduct or sponsor, and
a person is not required to respond to,
a collection of information unless it
displays a currently valid OMB control
number.
The public may view the background
documentation for this information
collection at the following Web site:
www.reginfo.gov. Comments should be
directed to: (i) Desk Officer for the
Securities and Exchange Commission,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, Room 10102, New Executive
Office Building, Washington, DC 20503,
or by sending an email to: Shagufta_
Ahmed@omb.eop.gov; and (ii) Thomas
Bayer, Chief Information Officer,
Securities and Exchange Commission, c/
o Remi Pavlik-Simon, 100 F St. NE.,
Washington, DC 20549; or send an email
to: PRA_Mailbox@sec.gov. Comments
must be submitted to OMB within 30
days of this notice.
2 15
Dated: February 12, 2014.
Kevin M. O’Neill,
Deputy Secretary.
3 See
[FR Doc. 2014–03577 Filed 2–18–14; 8:45 am]
U.S.C. 77j(b).
rule 24b–3 under the Investment Company
Act (17 CFR 270.24b–3), which provides that any
sales material, including rule 482 advertisements,
shall be deemed filed with the Commission for
purposes of Section 24(b) of the Investment
Company Act upon filing with FINRA.
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BILLING CODE 8011–01–P
4 59,245 responses × 5.16 hours per response =
305,704 hours.
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–71550/February 12, 2014]
Order Making Fiscal Year 2014 Annual
Adjustments to Transaction Fee Rates
I. Background
Section 31 of the Securities Exchange
Act of 1934 (‘‘Exchange Act’’) requires
each national securities exchange and
national securities association to pay
transaction fees to the Commission.1
Specifically, Section 31(b) requires each
national securities exchange to pay to
the Commission fees based on the
aggregate dollar amount of sales of
certain securities (‘‘covered sales’’)
transacted on the exchange.2 Section
31(c) requires each national securities
association to pay to the Commission
fees based on the aggregate dollar
amount of covered sales transacted by or
through any member of the association
other than on an exchange.3
Section 31 of the Exchange Act
requires the Commission to annually
adjust the fee rates applicable under
Sections 31(b) and (c) to a uniform
adjusted rate.4 Specifically, the
Commission must adjust the fee rates to
a uniform adjusted rate that is
reasonably likely to produce aggregate
fee collections (including assessments
on security futures transactions) equal
to the regular appropriation to the
Commission for the applicable fiscal
year.5
The Commission is required to
publish notice of the new fee rates
under Section 31 not later than 30 days
after the date on which an Act making
a regular appropriation for the
applicable fiscal year is enacted.6 On
January 17, 2014, the President signed
the Consolidated Appropriations Act of
2014, providing $1,350,000,000 in funds
to the SEC for fiscal year 2014.
II. Fiscal Year 2014 Annual Adjustment
to the Fee Rate
The new fee rate is determined by (1)
subtracting the sum of fees estimated to
1 15
U.S.C. 78ee.
U.S.C. 78ee(b).
3 15 U.S.C. 78ee(c).
4 In some circumstances, the SEC also must make
a mid-year adjustment to the fee rates applicable
under Sections 31(b) and (c).
5 15 U.S.C. 78ee(j)(1) (the Commission must
adjust the rates under Sections 31(b) and (c) to a
‘‘uniform adjusted rate that, when applied to the
baseline estimate of the aggregate dollar amount of
sales for such fiscal year, is reasonably likely to
produce aggregate fee collections under [Section 31]
(including assessments collected under [Section
31(d)]) that are equal to the regular appropriation
to the Commission by Congress for such fiscal
year.’’).
6 15 U.S.C. § 78ee(g).
2 15
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Federal Register / Vol. 79, No. 33 / Wednesday, February 19, 2014 / Notices
be collected prior to the effective date of
the new fee rate 7 and estimated
assessments on security futures
transactions to be collected under
Section 31(d) of the Exchange Act for all
of fiscal year 2014 8 from an amount
equal to the regular appropriation to the
Commission for fiscal year 2014, and (2)
dividing the difference by the estimated
aggregate dollar amount of sales for the
remainder of the fiscal year following
the effective date of the new fee rate.
The regular appropriation to the
Commission for fiscal year 2014 is
$1,350,000,000. The Commission
estimates that it will collect
$513,805,098 in fees for the period prior
to the effective date of the new fee rate
and $58,854 in assessments on round
turn transactions in security futures
products during all of fiscal year 2014.9
Using a methodology for estimating the
aggregate dollar amount of sales for the
remainder of fiscal year 2014
(developed after consultation with the
CBO and OMB), the Commission
estimates that the aggregate dollar
amount of covered sales for the
remainder of fiscal year 2014 to be
$37,881,618,779,245.
As described above, the uniform
adjusted rate is computed by dividing
the residual fees to be collected of
$836,136,049 by the estimate of the
aggregate dollar amount of covered sales
for the remainder of fiscal year 2014 of
$37,881,618,779,245. This results in a
uniform adjusted rate for fiscal year
2014 of $22.10 per million.10
EMCDONALD on DSK67QTVN1PROD with NOTICES
III. Effective Date of the Uniform
Adjusted Rate
Under Section 31(j)(4)(A) of the
Exchange Act, the fiscal year 2014
7 The sum of fees to be collected prior to the
effective date of the new fee rate is determined by
applying the current fee rate to the dollar amount
of covered sales prior to the effective date of the
new fee rate. The exchanges and FINRA have
provided data on the dollar amount of covered sales
through December 31, 2013. To calculate the dollar
amount of covered sales from that date to the
effective date of the new fee rate, the Division is
using the same methodology it developed in
consultation with the Congressional Budget Office
(‘‘CBO’’) and the Office of Management and Budget
(‘‘OMB’’) to estimate the dollar amount of covered
sales in prior fiscal years. An explanation of the
methodology appears in Appendix A.
8 The Division is using the same methodology it
has used previously to estimate assessments on
security futures transactions to be collected in fiscal
year 2014. An explanation of the methodology
appears in Appendix A.
9 The estimate of fees to be collected prior to the
effective date of the new fee rate is determined by
applying the current fee rate to the dollar amount
of covered sales prior to the effective date of the
new fee rate.
10 Appendix A shows the purely arithmetic
process of calculating the fiscal year 2014 annual
adjustment. The appendix also includes the data
used by the Commission in making this adjustment.
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annual adjustments to the fee rates
applicable under Sections 31(b) and (c)
of the Exchange Act shall take effect on
the later of October 1, 2013, or 60 days
after the date on which a regular
appropriation to the Commission for
fiscal year 2014 is enacted.11 The
regular appropriation to the
Commission for fiscal year 2014 was
enacted on January 17, 2014, and
accordingly, the new fee rates
applicable under Sections 31(b) and (c)
of the Exchange Act will take effect on
March 18, 2014.
IV. Conclusion
Accordingly, pursuant to Section 31
of the Exchange Act,
It is hereby ordered that the fee rates
applicable under Sections 31(b) and (c)
of the Exchange Act shall be $22.10 per
$1,000,000 effective on March 18, 2014.
By the Commission.
Kevin M. O’Neill,
Deputy Secretary.
Appendix A
This appendix provides the formula for
determining the annual adjustment to the fee
rates applicable under Sections 31(b) and (c)
of the Exchange Act for fiscal year 2014.
Section 31 of the Exchange Act requires the
fee rates to be adjusted so that it is reasonably
likely that the Commission will collect
aggregate fees equal to its regular
appropriation for fiscal year 2014.
To make the adjustment, the Commission
must project the aggregate dollar amount of
covered sales of securities on the securities
exchanges and certain over-the-counter
markets over the course of the year. The fee
rate equals the ratio of the Commission’s
regular appropriation for fiscal year 2014
(less the sum of fees to be collected during
fiscal year 2014 prior to the effective date of
the new fee rate and aggregate assessments
on security futures transactions during all of
fiscal year 2014) to the estimated aggregate
dollar amount of covered sales for the
remainder of the fiscal year following the
effective date of the new fee rate.
For 2014, the Commission has estimated
the aggregate dollar amount of covered sales
by projecting forward the trend established in
the previous decade. More specifically, the
dollar amount of covered sales was
forecasted for months subsequent to
December 2013, the last month for which the
Commission has data on the dollar volume of
covered sales.12
11 15
U.S.C. 78ee(j)(4)(A).
determine the availability of data, the
Commission compares the date of the appropriation
with the date the transaction data are due from the
exchanges (10 business days after the end of the
month). If the business day following the date of the
appropriation is equal to or subsequent to the date
the data are due from the exchanges, the
Commission uses these data. The appropriation was
signed on January 17, 2014. The first business day
after this date was January 21, 2014. Data for
December were due from the exchanges on January
15. So the Commission used December 2013 and
12 To
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9505
The following sections describe this
process in detail.
A. Baseline Estimate of the Aggregate Dollar
Amount of Covered Sales for Fiscal Year
2014
First, calculate the average daily dollar
amount of covered sales (ADS) for each
month in the sample (December 2003–
December 2013). The monthly total dollar
amount of covered sales (exchange plus
certain over-the-counter markets) is
presented in column C of Table A.
Next, calculate the change in the natural
logarithm of ADS from month to month. The
average monthly percentage growth of ADS
over the entire sample is 0.0082 and the
standard deviation is 0.122. Assuming the
monthly percentage change in ADS follows a
random walk, calculating the expected
monthly percentage growth rate for the full
sample is straightforward. The expected
monthly percentage growth rate of ADS is
1.57%.
Now, use the expected monthly percentage
growth rate to forecast total dollar volume.
For example, one can use the ADS for
December 2013 ($250,727,781,285) to
forecast ADS for January 2014
($254,668,736,673 = $250,727,781,285 ×
1.0157).13 Multiply by the number of trading
days in January 2014 (21) to obtain a forecast
of the total dollar volume for the month
($5,348,043,470,127). Repeat the method to
generate forecasts for subsequent months.
The forecasts for total dollar volume of
covered sales are in column G of Table A.
The following is a more formal
(mathematical) description of the procedure:
1. Divide each month’s total dollar volume
(column C) by the number of trading days in
that month (column B) to obtain the average
daily dollar volume (ADS, column D).
2. For each month t, calculate the change
in ADS from the previous month as Dt = log
(ADSt/ADSt-1), where log (x) denotes the
natural logarithm of x.
3. Calculate the mean and standard
deviation of the series {D1, D2, . . . , D120}.
These are given by m = 0.0082 and s = 0.122,
respectively.
4. Assume that the natural logarithm of
ADS follows a random walk, so that Ds and
Dt are statistically independent for any two
months s and t.
5. Under the assumption that Dt is normally
distributed, the expected value of ADSt/
ADSt-1 is given by exp (m + s2/2), or on
average ADSt = 1.0157 × ADSt-1.
6. For January 2014, this gives a forecast
ADS of 1.0157 × $250,727,781,285 =
$254,668,736,673. Multiply this figure by the
21 trading days in January 2014 to obtain a
total dollar volume forecast of
$5,348,043,470,127.
7. For February 2014, multiply the January
2014 ADS forecast by 1.0157 to obtain a
forecast ADS of $258,671,636,250. Multiply
this figure by the 19 trading days in February
2014 to obtain a total dollar volume forecast
of $4,914,761,088,752.
earlier data to forecast volume for January 2014 and
later months.
13 The value 1.0157 has been rounded. All
computations are done with the unrounded value.
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8. Repeat this procedure for subsequent
months.
B. Using the Forecasts From A To Calculate
the New Fee Rate
1. Use Table A to estimate fees collected
for the period 10/1/13 through 3/17/14. The
projected aggregate dollar amount of covered
sales for this period is $29,529,028,597,158.
Actual and projected fee collections at the
current fee rate of 0.0000174 are
$513,805,098.
2. Estimate the amount of assessments on
security futures products collected from 10/
1/13 through 9/30/14 to be $58,854 by
projecting a 1.57% monthly increase from a
base of $4,940 in December 2013.
3. Subtract the amounts $513,805,098 and
$58,854 from the target offsetting collection
amount set by Congress of $1,350,000,000
leaving $836,136,049 to be collected on
dollar volume for the period 3/18/14 through
9/30/14.
4. Use Table A to estimate dollar volume
for the period 3/18/14 through 9/30/14. The
estimate is $37,881,618,779,245. Finally,
compute the fee rate required to produce the
additional $836,136,049 in revenue. This rate
is $836,136,049 divided by
$37,881,618,779,245 or 0.00002207234.
5. Round the result to the seventh decimal
point, yielding a rate of .0000221 (or $22.10
per million).
TABLE A—BASELINE ESTIMATE OF THE AGGREGATE DOLLAR AMOUNT OF SALES
Fee rate calculation
a. Baseline estimate of the aggregate dollar amount of sales, 10/01/2013 to 02/28/2014 ($Millions) ..............................................
b. Baseline estimate of the aggregate dollar amount of sales, 03/01/2014 to 03/17/2014 ($Millions) ..............................................
c. Baseline estimate of the aggregate dollar amount of sales, 03/18/2014 to 03/31/2014 ($Millions) ..............................................
d. Baseline estimate of the aggregate dollar amount of sales, 04/01/2014 to 09/30/2014 ($Millions) ..............................................
e. Estimated collections in assessments on security futures products in fiscal year 2014 ($Millions) ..............................................
f. Implied fee rate (($1,350,000,000¥$17.40*(a+b) ¥ e) / (c+d) .......................................................................................................
Month
Number of
trading days in
month
Total dollar amount
of sales
26,638,917
2,890,112
2,627,375
35,254,244
0.059
$22.10
Change in
natural
logarithm
of ADS
Forecast ADS
Forecast
total dollar
amount
of sales
(E)
Average daily dollar
amount of sales
(ADS)
(F)
(G)
........................
0.241
¥0.042
¥0.009
0.013
¥0.019
¥0.116
0.045
¥0.130
0.027
0.191
0.065
¥0.010
0.060
0.032
0.033
0.005
¥0.075
0.000
0.014
¥0.051
0.147
0.086
¥0.036
¥0.023
0.194
¥0.024
¥0.052
0.035
0.109
¥0.052
¥0.084
¥0.119
0.139
0.060
0.035
¥0.008
0.138
¥0.026
0.138
¥0.109
0.095
0.123
0.061
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Data
EMCDONALD on DSK67QTVN1PROD with NOTICES
(A)
Dec–03 .........
Jan–04 .........
Feb–04 .........
Mar–04 .........
Apr–04 ..........
May–04 ........
Jun–04 .........
Jul–04 ...........
Aug–04 .........
Sep–04 .........
Oct–04 ..........
Nov–04 .........
Dec–04 .........
Jan–05 .........
Feb–05 .........
Mar–05 .........
Apr–05 ..........
May–05 ........
Jun–05 .........
Jul–05 ...........
Aug–05 .........
Sep–05 .........
Oct–05 ..........
Nov–05 .........
Dec–05 .........
Jan–06 .........
Feb–06 .........
Mar–06 .........
Apr–06 ..........
May–06 ........
Jun–06 .........
Jul–06 ...........
Aug–06 .........
Sep–06 .........
Oct–06 ..........
Nov–06 .........
Dec–06 .........
Jan–07 .........
Feb–07 .........
Mar–07 .........
Apr–07 ..........
May–07 ........
Jun–07 .........
Jul–07 ...........
VerDate Mar<15>2010
(B)
(C)
22
20
19
23
21
20
21
21
22
21
21
21
22
20
19
22
21
21
22
20
23
21
21
21
21
20
19
23
19
22
22
20
23
20
22
21
20
20
19
22
20
22
21
21
18:36 Feb 18, 2014
(D)
2,066,530,151,383
2,390,942,905,678
2,177,765,594,701
2,613,808,754,550
2,418,663,760,191
2,259,243,404,459
2,112,826,072,876
2,209,808,376,565
2,033,343,354,640
1,993,803,487,749
2,414,599,088,108
2,577,513,374,160
2,673,532,981,863
2,581,847,200,448
2,532,202,408,589
3,030,474,897,226
2,906,386,944,434
2,697,414,503,460
2,825,962,273,624
2,604,021,263,875
2,846,115,585,965
3,009,640,645,370
3,279,847,331,057
3,163,453,821,548
3,090,212,715,561
3,573,372,724,766
3,314,259,849,456
3,807,974,821,564
3,257,478,138,851
4,206,447,844,451
3,995,113,357,316
3,339,658,009,357
3,410,187,280,845
3,407,409,863,673
3,980,070,216,912
3,933,474,986,969
3,715,146,848,695
4,263,986,570,973
3,946,799,860,532
5,245,051,744,090
4,274,665,072,437
5,172,568,357,522
5,586,337,010,802
5,938,330,480,139
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93,933,188,699
119,547,145,284
114,619,241,826
113,643,858,893
115,174,464,771
112,962,170,223
100,610,765,375
105,228,970,313
92,424,697,938
94,943,023,226
114,980,908,958
122,738,732,103
121,524,226,448
129,092,360,022
133,273,810,978
137,748,858,965
138,399,378,306
128,448,309,689
128,452,830,619
130,201,063,194
123,744,155,912
143,316,221,208
156,183,206,241
150,640,658,169
147,152,986,455
178,668,636,238
174,434,728,919
165,564,122,677
171,446,217,834
191,202,174,748
181,596,061,696
166,982,900,468
148,269,012,211
170,370,493,184
180,912,282,587
187,308,332,713
185,757,342,435
213,199,328,549
207,726,308,449
238,411,442,913
213,733,253,622
235,116,743,524
266,016,048,133
282,777,641,911
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Number of
trading days in
month
Total dollar amount
of sales
Average daily dollar
amount of sales
(ADS)
Change in
natural
logarithm
of ADS
Forecast ADS
Forecast
total dollar
amount
of sales
(A)
EMCDONALD on DSK67QTVN1PROD with NOTICES
Month
(B)
(C)
(D)
(E)
(F)
(G)
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Aug–07 .........
Sep–07 .........
Oct–07 ..........
Nov–07 .........
Dec–07 .........
Jan–08 .........
Feb–08 .........
Mar–08 .........
Apr–08 ..........
May–08 ........
Jun–08 .........
Jul–08 ...........
Aug–08 .........
Sep–08 .........
Oct–08 ..........
Nov–08 .........
Dec–08 .........
Jan–09 .........
Feb–09 .........
Mar–09 .........
Apr–09 ..........
May–09 ........
Jun–09 .........
Jul–09 ...........
Aug–09 .........
Sep–09 .........
Oct–09 ..........
Nov–09 .........
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18:36 Feb 18, 2014
7,713,644,229,032
4,805,676,596,099
6,499,651,716,225
7,176,290,763,989
5,512,903,594,564
7,997,242,071,529
6,139,080,448,887
6,767,852,332,381
6,150,017,772,735
6,080,169,766,807
6,962,199,302,412
8,104,256,787,805
6,106,057,711,009
8,156,991,919,103
8,644,538,213,244
5,727,998,341,833
5,176,041,317,640
4,670,249,433,806
4,771,470,184,048
5,885,594,284,780
5,123,665,205,517
5,086,717,129,965
5,271,742,782,609
4,659,599,245,583
4,582,102,295,783
4,929,155,364,888
5,410,025,301,030
4,770,928,103,032
4,688,555,303,171
4,661,793,708,648
4,969,848,578,023
5,563,529,823,621
5,546,445,874,917
7,260,430,376,294
6,124,776,349,285
5,058,242,097,334
4,765,828,263,463
4,640,722,344,586
5,138,411,712,272
5,279,700,881,901
4,998,574,681,208
5,043,391,121,345
5,114,631,590,581
6,499,355,385,307
4,975,954,868,765
5,717,905,621,053
5,820,079,494,414
5,189,681,899,635
8,720,566,877,109
6,343,578,147,811
6,163,272,963,688
5,493,906,473,584
5,017,867,255,600
4,726,522,206,487
5,011,862,514,132
5,638,847,967,025
5,084,239,396,560
5,611,638,053,374
5,121,896,896,362
4,567,519,314,374
4,621,597,884,730
4,598,499,962,682
5,095,175,588,310
4,547,882,974,292
4,744,922,754,360
5,079,603,817,496
4,800,663,527,089
4,917,701,839,870
5,451,358,637,079
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335,375,836,045
252,930,347,163
282,593,552,879
341,728,131,619
275,645,179,728
380,821,051,025
306,954,022,444
338,392,616,619
279,546,262,397
289,531,893,657
331,533,300,115
368,375,308,537
290,764,652,905
388,428,186,624
375,849,487,532
301,473,596,939
235,274,605,347
233,512,471,690
251,130,009,687
267,527,012,945
243,984,057,406
254,335,856,498
239,624,671,937
211,799,965,708
218,195,347,418
234,721,684,042
245,910,240,956
238,546,405,152
213,116,150,144
245,357,563,613
261,570,977,791
241,892,601,027
264,116,470,234
363,021,518,815
278,398,924,967
240,868,671,302
216,628,557,430
220,986,778,314
244,686,272,013
251,414,327,710
227,207,940,055
252,169,556,067
269,191,136,346
282,580,668,926
248,797,743,438
272,281,220,050
264,549,067,928
259,484,094,982
379,155,081,613
302,075,149,896
293,489,188,747
261,614,593,980
238,946,059,790
236,326,110,324
250,593,125,707
256,311,271,228
254,211,969,828
255,074,456,972
243,899,852,208
217,500,919,732
200,939,038,467
242,026,313,825
242,627,408,967
216,565,855,919
237,246,137,718
241,885,896,071
252,666,501,426
245,885,091,993
247,789,028,958
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¥0.237
0.290
¥0.033
¥0.221
¥0.248
¥0.008
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¥0.123
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0.090
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0.023
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Federal Register / Vol. 79, No. 33 / Wednesday, February 19, 2014 / Notices
Month
Number of
trading days in
month
Total dollar amount
of sales
Average daily dollar
amount of sales
(ADS)
Change in
natural
logarithm
of ADS
Forecast ADS
Forecast
total dollar
amount
of sales
(A)
(B)
(C)
(D)
(E)
(F)
(G)
5,681,788,831,869
5,623,545,462,226
5,083,861,509,754
4,925,611,193,095
4,959,197,626,713
5,928,804,028,970
5,182,024,612,049
5,265,283,406,995
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
258,263,128,721
281,177,273,111
231,084,614,080
223,891,417,868
247,959,881,336
257,774,088,216
259,101,230,602
250,727,781,285
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
0.041
0.085
¥0.196
¥0.032
0.102
0.039
0.005
¥0.033
........................
........................
........................
........................
........................
........................
........................
........................
........................
................................
................................
................................
................................
................................
................................
................................
................................
254,668,736,673
258,671,636,250
262,737,453,660
266,867,177,850
271,061,813,310
275,322,380,320
279,649,915,197
284,045,470,544
288,510,115,513
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
5,348,043,470,127
4,914,761,088,752
5,517,486,526,869
5,604,210,734,855
5,692,298,079,518
5,781,769,986,729
6,152,298,134,326
5,964,954,881,430
6,058,712,425,783
May–13 ........
Jun–13 .........
Jul–13 ...........
Aug–13 .........
Sep–13 .........
Oct–13 ..........
Nov–13 .........
Dec–13 .........
Jan–14 .........
Feb–14 .........
Mar–14 .........
Apr–14 ..........
May–14 ........
Jun–14 .........
Jul–14 ...........
Aug–14 .........
Sep–14 .........
22
20
22
22
20
23
20
21
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19
21
21
21
21
22
21
21
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EN19FE14.000</GPH>
EMCDONALD on DSK67QTVN1PROD with NOTICES
Federal Register / Vol. 79, No. 33 / Wednesday, February 19, 2014 / Notices
9510
Federal Register / Vol. 79, No. 33 / Wednesday, February 19, 2014 / Notices
[FR Doc. 2014–03575 Filed 2–18–14; 8:45 am]
BILLING CODE 8011–01–C
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–71524; File No. PCAOB–
2013–01]
Public Company Accounting Oversight
Board; Order Granting Approval of
Proposed Rules, Standards for
Attestation Engagements Related to
Broker and Dealer Compliance or
Exemption Reports Required by the
U.S. Securities and Exchange
Commission and Related Amendments
to PCAOB Standards
February 12, 2014.
I. Introduction
On October 30, 2013, the Public
Company Accounting Oversight Board
(the ‘‘Board’’ or the ‘‘PCAOB’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’),
pursuant to Section 107(b) 1 of the
Sarbanes-Oxley Act of 2002 (the
‘‘Sarbanes-Oxley Act’’) and Section
19(b) 2 of the Securities Exchange Act of
1934 (the ‘‘Exchange Act’’), proposed
rules to adopt standards for attestation
engagements related to broker and
dealer compliance or exemption reports
required by the U.S. Securities and
Exchange Commission and related
amendments to PCAOB standards
(collectively, the ‘‘Proposed Rules’’).
The Proposed Rules were published for
comment in the Federal Register on
November 15, 2013.3 At the time the
notice was issued, the Commission
designated a longer period to act on the
Proposed Rules, until February 13,
2014.4 The Commission received two
comment letters in response to the
notice.5 This order approves the
Proposed Rules.
EMCDONALD on DSK67QTVN1PROD with NOTICES
II. Description of the Proposed Rules
Attestation Standard No. 1,
Examination Engagements Regarding
Compliance Reports of Brokers and
Dealers, establishes requirements for the
auditor with respect to the auditor’s
examination regarding a broker’s or
dealer’s compliance report and
establishes requirements that are
designed specifically for the
1 15
U.S.C. 7217(b).
U.S.C. 78s(b).
3 See Release No. 34–70842 (November 8, 2013),
78 FR 68911 (November 15, 2013).
4 Ibid.
5 See letters to the Commission from Deloitte &
Touche LLP, dated December 5, 2013 (‘‘Deloitte
Letter’’) and Suzanne H. Shatto, dated December 17,
2013 (‘‘Shatto Letter’’).
2 15
VerDate Mar<15>2010
16:15 Feb 18, 2014
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examination required by Exchange Act
Rule 17a–5 (‘‘Rule 17a–5’’).6 Consistent
with Rule 17a–5, Attestation Standard
No. 1 requires auditors to obtain
sufficient appropriate evidence to opine
on a broker’s or dealer’s statements in
its compliance report as to whether:
• The Internal Control Over
Compliance of the broker or dealer was
effective during the most recent fiscal
year;
• The Internal Control Over
Compliance of the broker or dealer was
effective as of the end of the most recent
fiscal year;
• The broker or dealer was in
compliance with Exchange Act Rule
15c3–1 7 (the ‘‘net capital rule’’) and
Exchange Act Rule 15c3–3(e) 8 (the
‘‘reserve requirements rule’’) as of the
end of the most recent fiscal year; and
• The information the broker or
dealer used to state whether it was in
compliance with the net capital rule and
reserve requirements rule was derived
from the books and records of the broker
or dealer.9
Attestation Standard No. 1 provides
requirements for auditors that:
• Focus the auditor on the matters
that are most important to the auditor’s
conclusions regarding the broker’s or
dealer’s assertions;
• Incorporate consideration of fraud
risks, including the risk of
misappropriation of customer assets;
• Are designed to be scalable based
on the broker’s or dealer’s size and
complexity;
• Coordinate the examination
engagement with the audit of the
financial statements and the audit
procedures performed on supplemental
information; and
• Describe how to report on an
examination engagement in connection
with the requirements of Rule 17a–5.
Attestation Standard No. 1 reflects the
requirement in Rule 17a–5 that the
auditor must obtain reasonable
assurance to support the auditor’s
opinion. In particular, Attestation
Standard No. 1 requires the auditor to
obtain reasonable assurance in order to
opine on whether the broker’s or
dealer’s assertions are fairly stated, in
all material respects.
Attestation Standard No. 2 establishes
requirements for the auditor with
respect to the auditor’s review regarding
the broker’s or dealer’s exemption report
and establishes requirements that are
designed specifically for the review
6 17
CFR 240.17a–5.
CFR 240.15c3–1.
8 17 CFR 240.15c3–3(e).
9 See paragraphs (d)(3)(i)(A)(2)–(5) of SEC Rule
17a–5.
7 17
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required by Rule 17a–5.10 Attestation
Standard No. 2 establishes requirements
for making inquiries and performing
other procedures that are commensurate
with the auditor’s responsibility to
obtain moderate assurance regarding
whether one or more conditions exist
that would cause one or more of the
broker’s or dealer’s assertions not to be
fairly stated, in all material respects.
The broker’s or dealer’s exemption
report includes the following assertions:
• A statement that identifies the
provisions in paragraph (k) of Exchange
Act Rule 15c3–3 (the ‘‘exemption
provisions’’) under which the broker or
dealer claimed an exemption from
Exchange Act Rule 15c3–3 (the
‘‘identified exemption provisions’’);
• A statement that the broker or
dealer (1) met the identified exemption
provisions throughout the most recent
fiscal year without exception or (2) met
the identified exemption provisions
throughout the most recent fiscal year
except as described in the exemption
report; and
• If applicable, a statement that
identifies each exception during the
most recent fiscal year in meeting the
identified exemption provisions (an
‘‘exception’’) and that briefly describes
the nature of each exception and the
approximate date(s) on which the
exceptions existed.11
The procedures required by
Attestation Standard No. 2 include
evaluating relevant evidence obtained
from the audit of the financial
statements and the audit procedures
performed on supplemental information
and are designed to enable the auditor
to scale the review engagement based on
the broker’s or dealer’s size and
complexity. Attestation Standard No. 2
also establishes requirements for the
content of the review report.
As part of the Proposed Rules, the
Board adopted conforming amendments
to several PCAOB auditing and
attestation standards, including
Auditing Standard No. 3, Audit
Documentation, Auditing Standard No.
7, Engagement Quality Review, and
interim attestation standards AT sec.
101 and AT sec. 601.
The Proposed Rules would be
effective for examination engagements
and review engagements for fiscal years
ending on or after June 1, 2014.
III. Comment Letters
As noted above, the Commission
received two comment letters
concerning the Proposed Rules. The
commenters expressed support for the
10 See
11 See
E:\FR\FM\19FEN1.SGM
17 CFR 240.17a–5(g)(2)(ii).
SEC Rule 17a–5(d)(4).
19FEN1
]]>Agencies
[Federal Register Volume 79, Number 33 (Wednesday, February 19, 2014)]
[Notices]
[Pages 9504-9510]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-03575]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-71550/February 12, 2014]
Order Making Fiscal Year 2014 Annual Adjustments to Transaction
Fee Rates
I. Background
Section 31 of the Securities Exchange Act of 1934 (``Exchange
Act'') requires each national securities exchange and national
securities association to pay transaction fees to the Commission.\1\
Specifically, Section 31(b) requires each national securities exchange
to pay to the Commission fees based on the aggregate dollar amount of
sales of certain securities (``covered sales'') transacted on the
exchange.\2\ Section 31(c) requires each national securities
association to pay to the Commission fees based on the aggregate dollar
amount of covered sales transacted by or through any member of the
association other than on an exchange.\3\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78ee.
\2\ 15 U.S.C. 78ee(b).
\3\ 15 U.S.C. 78ee(c).
---------------------------------------------------------------------------
Section 31 of the Exchange Act requires the Commission to annually
adjust the fee rates applicable under Sections 31(b) and (c) to a
uniform adjusted rate.\4\ Specifically, the Commission must adjust the
fee rates to a uniform adjusted rate that is reasonably likely to
produce aggregate fee collections (including assessments on security
futures transactions) equal to the regular appropriation to the
Commission for the applicable fiscal year.\5\
---------------------------------------------------------------------------
\4\ In some circumstances, the SEC also must make a mid-year
adjustment to the fee rates applicable under Sections 31(b) and (c).
\5\ 15 U.S.C. 78ee(j)(1) (the Commission must adjust the rates
under Sections 31(b) and (c) to a ``uniform adjusted rate that, when
applied to the baseline estimate of the aggregate dollar amount of
sales for such fiscal year, is reasonably likely to produce
aggregate fee collections under [Section 31] (including assessments
collected under [Section 31(d)]) that are equal to the regular
appropriation to the Commission by Congress for such fiscal
year.'').
---------------------------------------------------------------------------
The Commission is required to publish notice of the new fee rates
under Section 31 not later than 30 days after the date on which an Act
making a regular appropriation for the applicable fiscal year is
enacted.\6\ On January 17, 2014, the President signed the Consolidated
Appropriations Act of 2014, providing $1,350,000,000 in funds to the
SEC for fiscal year 2014.
---------------------------------------------------------------------------
\6\ 15 U.S.C. Sec. 78ee(g).
---------------------------------------------------------------------------
II. Fiscal Year 2014 Annual Adjustment to the Fee Rate
The new fee rate is determined by (1) subtracting the sum of fees
estimated to
[[Page 9505]]
be collected prior to the effective date of the new fee rate \7\ and
estimated assessments on security futures transactions to be collected
under Section 31(d) of the Exchange Act for all of fiscal year 2014 \8\
from an amount equal to the regular appropriation to the Commission for
fiscal year 2014, and (2) dividing the difference by the estimated
aggregate dollar amount of sales for the remainder of the fiscal year
following the effective date of the new fee rate.
---------------------------------------------------------------------------
\7\ The sum of fees to be collected prior to the effective date
of the new fee rate is determined by applying the current fee rate
to the dollar amount of covered sales prior to the effective date of
the new fee rate. The exchanges and FINRA have provided data on the
dollar amount of covered sales through December 31, 2013. To
calculate the dollar amount of covered sales from that date to the
effective date of the new fee rate, the Division is using the same
methodology it developed in consultation with the Congressional
Budget Office (``CBO'') and the Office of Management and Budget
(``OMB'') to estimate the dollar amount of covered sales in prior
fiscal years. An explanation of the methodology appears in Appendix
A.
\8\ The Division is using the same methodology it has used
previously to estimate assessments on security futures transactions
to be collected in fiscal year 2014. An explanation of the
methodology appears in Appendix A.
---------------------------------------------------------------------------
The regular appropriation to the Commission for fiscal year 2014 is
$1,350,000,000. The Commission estimates that it will collect
$513,805,098 in fees for the period prior to the effective date of the
new fee rate and $58,854 in assessments on round turn transactions in
security futures products during all of fiscal year 2014.\9\ Using a
methodology for estimating the aggregate dollar amount of sales for the
remainder of fiscal year 2014 (developed after consultation with the
CBO and OMB), the Commission estimates that the aggregate dollar amount
of covered sales for the remainder of fiscal year 2014 to be
$37,881,618,779,245.
---------------------------------------------------------------------------
\9\ The estimate of fees to be collected prior to the effective
date of the new fee rate is determined by applying the current fee
rate to the dollar amount of covered sales prior to the effective
date of the new fee rate.
---------------------------------------------------------------------------
As described above, the uniform adjusted rate is computed by
dividing the residual fees to be collected of $836,136,049 by the
estimate of the aggregate dollar amount of covered sales for the
remainder of fiscal year 2014 of $37,881,618,779,245. This results in a
uniform adjusted rate for fiscal year 2014 of $22.10 per million.\10\
---------------------------------------------------------------------------
\10\ Appendix A shows the purely arithmetic process of
calculating the fiscal year 2014 annual adjustment. The appendix
also includes the data used by the Commission in making this
adjustment.
---------------------------------------------------------------------------
III. Effective Date of the Uniform Adjusted Rate
Under Section 31(j)(4)(A) of the Exchange Act, the fiscal year 2014
annual adjustments to the fee rates applicable under Sections 31(b) and
(c) of the Exchange Act shall take effect on the later of October 1,
2013, or 60 days after the date on which a regular appropriation to the
Commission for fiscal year 2014 is enacted.\11\ The regular
appropriation to the Commission for fiscal year 2014 was enacted on
January 17, 2014, and accordingly, the new fee rates applicable under
Sections 31(b) and (c) of the Exchange Act will take effect on March
18, 2014.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78ee(j)(4)(A).
---------------------------------------------------------------------------
IV. Conclusion
Accordingly, pursuant to Section 31 of the Exchange Act,
It is hereby ordered that the fee rates applicable under Sections
31(b) and (c) of the Exchange Act shall be $22.10 per $1,000,000
effective on March 18, 2014.
By the Commission.
Kevin M. O'Neill,
Deputy Secretary.
Appendix A
This appendix provides the formula for determining the annual
adjustment to the fee rates applicable under Sections 31(b) and (c)
of the Exchange Act for fiscal year 2014. Section 31 of the Exchange
Act requires the fee rates to be adjusted so that it is reasonably
likely that the Commission will collect aggregate fees equal to its
regular appropriation for fiscal year 2014.
To make the adjustment, the Commission must project the
aggregate dollar amount of covered sales of securities on the
securities exchanges and certain over-the-counter markets over the
course of the year. The fee rate equals the ratio of the
Commission's regular appropriation for fiscal year 2014 (less the
sum of fees to be collected during fiscal year 2014 prior to the
effective date of the new fee rate and aggregate assessments on
security futures transactions during all of fiscal year 2014) to the
estimated aggregate dollar amount of covered sales for the remainder
of the fiscal year following the effective date of the new fee rate.
For 2014, the Commission has estimated the aggregate dollar
amount of covered sales by projecting forward the trend established
in the previous decade. More specifically, the dollar amount of
covered sales was forecasted for months subsequent to December 2013,
the last month for which the Commission has data on the dollar
volume of covered sales.\12\
---------------------------------------------------------------------------
\12\ To determine the availability of data, the Commission
compares the date of the appropriation with the date the transaction
data are due from the exchanges (10 business days after the end of
the month). If the business day following the date of the
appropriation is equal to or subsequent to the date the data are due
from the exchanges, the Commission uses these data. The
appropriation was signed on January 17, 2014. The first business day
after this date was January 21, 2014. Data for December were due
from the exchanges on January 15. So the Commission used December
2013 and earlier data to forecast volume for January 2014 and later
months.
---------------------------------------------------------------------------
The following sections describe this process in detail.
A. Baseline Estimate of the Aggregate Dollar Amount of Covered
Sales for Fiscal Year 2014
First, calculate the average daily dollar amount of covered
sales (ADS) for each month in the sample (December 2003-December
2013). The monthly total dollar amount of covered sales (exchange
plus certain over-the-counter markets) is presented in column C of
Table A.
Next, calculate the change in the natural logarithm of ADS from
month to month. The average monthly percentage growth of ADS over
the entire sample is 0.0082 and the standard deviation is 0.122.
Assuming the monthly percentage change in ADS follows a random walk,
calculating the expected monthly percentage growth rate for the full
sample is straightforward. The expected monthly percentage growth
rate of ADS is 1.57%.
Now, use the expected monthly percentage growth rate to forecast
total dollar volume. For example, one can use the ADS for December
2013 ($250,727,781,285) to forecast ADS for January 2014
($254,668,736,673 = $250,727,781,285 x 1.0157).\13\ Multiply by the
number of trading days in January 2014 (21) to obtain a forecast of
the total dollar volume for the month ($5,348,043,470,127). Repeat
the method to generate forecasts for subsequent months.
---------------------------------------------------------------------------
\13\ The value 1.0157 has been rounded. All computations are
done with the unrounded value.
---------------------------------------------------------------------------
The forecasts for total dollar volume of covered sales are in
column G of Table A. The following is a more formal (mathematical)
description of the procedure:
1. Divide each month's total dollar volume (column C) by the
number of trading days in that month (column B) to obtain the
average daily dollar volume (ADS, column D).
2. For each month t, calculate the change in ADS from the
previous month as [Delta]t = log (ADSt/
ADSt-1), where log (x) denotes the natural logarithm of
x.
3. Calculate the mean and standard deviation of the series
{[Delta]1, [Delta]2, . . . ,
[Delta]120{time} . These are given by [mu] = 0.0082 and
[sigma] = 0.122, respectively.
4. Assume that the natural logarithm of ADS follows a random
walk, so that [Delta]s and [Delta]t are
statistically independent for any two months s and t.
5. Under the assumption that [Delta]t is normally
distributed, the expected value of ADSt/ADSt-1
is given by exp ([mu] + [sigma]\2\/2), or on average ADSt
= 1.0157 x ADSt-1.
6. For January 2014, this gives a forecast ADS of 1.0157 x
$250,727,781,285 = $254,668,736,673. Multiply this figure by the 21
trading days in January 2014 to obtain a total dollar volume
forecast of $5,348,043,470,127.
7. For February 2014, multiply the January 2014 ADS forecast by
1.0157 to obtain a forecast ADS of $258,671,636,250. Multiply this
figure by the 19 trading days in February 2014 to obtain a total
dollar volume forecast of $4,914,761,088,752.
[[Page 9506]]
8. Repeat this procedure for subsequent months.
B. Using the Forecasts From A To Calculate the New Fee Rate
1. Use Table A to estimate fees collected for the period 10/1/13
through 3/17/14. The projected aggregate dollar amount of covered
sales for this period is $29,529,028,597,158. Actual and projected
fee collections at the current fee rate of 0.0000174 are
$513,805,098.
2. Estimate the amount of assessments on security futures
products collected from 10/1/13 through 9/30/14 to be $58,854 by
projecting a 1.57% monthly increase from a base of $4,940 in
December 2013.
3. Subtract the amounts $513,805,098 and $58,854 from the target
offsetting collection amount set by Congress of $1,350,000,000
leaving $836,136,049 to be collected on dollar volume for the period
3/18/14 through 9/30/14.
4. Use Table A to estimate dollar volume for the period 3/18/14
through 9/30/14. The estimate is $37,881,618,779,245. Finally,
compute the fee rate required to produce the additional $836,136,049
in revenue. This rate is $836,136,049 divided by $37,881,618,779,245
or 0.00002207234.
5. Round the result to the seventh decimal point, yielding a
rate of .0000221 (or $22.10 per million).
Table A--Baseline Estimate of the Aggregate Dollar Amount of Sales
------------------------------------------------------------------------
------------------------------------------------------------------------
Fee rate calculation
------------------------------------------------------------------------
a. Baseline estimate of the aggregate dollar amount of 26,638,917
sales, 10/01/2013 to 02/28/2014 ($Millions)............
b. Baseline estimate of the aggregate dollar amount of 2,890,112
sales, 03/01/2014 to 03/17/2014 ($Millions)............
c. Baseline estimate of the aggregate dollar amount of 2,627,375
sales, 03/18/2014 to 03/31/2014 ($Millions)............
d. Baseline estimate of the aggregate dollar amount of 35,254,244
sales, 04/01/2014 to 09/30/2014 ($Millions)............
e. Estimated collections in assessments on security 0.059
futures products in fiscal year 2014 ($Millions).......
f. Implied fee rate (($1,350,000,000-$17.40*(a+b) - e) / $22.10
(c+d)..................................................
------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------------------------------
Change in
Number of Total dollar amount Average daily dollar natural Forecast total
Month trading days of sales amount of sales logarithm of Forecast ADS dollar amount of
in month (ADS) ADS sales
--------------------------------------------------------------------------------------------------------------------------------------------------------
Data
--------------------------------------------------------------------------------------------------------------------------------------------------------
(A) (B) (C) (D) (E) (F) (G)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Dec-03............................ 22 2,066,530,151,383 93,933,188,699 .............. .................. ....................
Jan-04............................ 20 2,390,942,905,678 119,547,145,284 0.241 .................. ....................
Feb-04............................ 19 2,177,765,594,701 114,619,241,826 -0.042 .................. ....................
Mar-04............................ 23 2,613,808,754,550 113,643,858,893 -0.009 .................. ....................
Apr-04............................ 21 2,418,663,760,191 115,174,464,771 0.013 .................. ....................
May-04............................ 20 2,259,243,404,459 112,962,170,223 -0.019 .................. ....................
Jun-04............................ 21 2,112,826,072,876 100,610,765,375 -0.116 .................. ....................
Jul-04............................ 21 2,209,808,376,565 105,228,970,313 0.045 .................. ....................
Aug-04............................ 22 2,033,343,354,640 92,424,697,938 -0.130 .................. ....................
Sep-04............................ 21 1,993,803,487,749 94,943,023,226 0.027 .................. ....................
Oct-04............................ 21 2,414,599,088,108 114,980,908,958 0.191 .................. ....................
Nov-04............................ 21 2,577,513,374,160 122,738,732,103 0.065 .................. ....................
Dec-04............................ 22 2,673,532,981,863 121,524,226,448 -0.010 .................. ....................
Jan-05............................ 20 2,581,847,200,448 129,092,360,022 0.060 .................. ....................
Feb-05............................ 19 2,532,202,408,589 133,273,810,978 0.032 .................. ....................
Mar-05............................ 22 3,030,474,897,226 137,748,858,965 0.033 .................. ....................
Apr-05............................ 21 2,906,386,944,434 138,399,378,306 0.005 .................. ....................
May-05............................ 21 2,697,414,503,460 128,448,309,689 -0.075 .................. ....................
Jun-05............................ 22 2,825,962,273,624 128,452,830,619 0.000 .................. ....................
Jul-05............................ 20 2,604,021,263,875 130,201,063,194 0.014 .................. ....................
Aug-05............................ 23 2,846,115,585,965 123,744,155,912 -0.051 .................. ....................
Sep-05............................ 21 3,009,640,645,370 143,316,221,208 0.147 .................. ....................
Oct-05............................ 21 3,279,847,331,057 156,183,206,241 0.086 .................. ....................
Nov-05............................ 21 3,163,453,821,548 150,640,658,169 -0.036 .................. ....................
Dec-05............................ 21 3,090,212,715,561 147,152,986,455 -0.023 .................. ....................
Jan-06............................ 20 3,573,372,724,766 178,668,636,238 0.194 .................. ....................
Feb-06............................ 19 3,314,259,849,456 174,434,728,919 -0.024 .................. ....................
Mar-06............................ 23 3,807,974,821,564 165,564,122,677 -0.052 .................. ....................
Apr-06............................ 19 3,257,478,138,851 171,446,217,834 0.035 .................. ....................
May-06............................ 22 4,206,447,844,451 191,202,174,748 0.109 .................. ....................
Jun-06............................ 22 3,995,113,357,316 181,596,061,696 -0.052 .................. ....................
Jul-06............................ 20 3,339,658,009,357 166,982,900,468 -0.084 .................. ....................
Aug-06............................ 23 3,410,187,280,845 148,269,012,211 -0.119 .................. ....................
Sep-06............................ 20 3,407,409,863,673 170,370,493,184 0.139 .................. ....................
Oct-06............................ 22 3,980,070,216,912 180,912,282,587 0.060 .................. ....................
Nov-06............................ 21 3,933,474,986,969 187,308,332,713 0.035 .................. ....................
Dec-06............................ 20 3,715,146,848,695 185,757,342,435 -0.008 .................. ....................
Jan-07............................ 20 4,263,986,570,973 213,199,328,549 0.138 .................. ....................
Feb-07............................ 19 3,946,799,860,532 207,726,308,449 -0.026 .................. ....................
Mar-07............................ 22 5,245,051,744,090 238,411,442,913 0.138 .................. ....................
Apr-07............................ 20 4,274,665,072,437 213,733,253,622 -0.109 .................. ....................
May-07............................ 22 5,172,568,357,522 235,116,743,524 0.095 .................. ....................
Jun-07............................ 21 5,586,337,010,802 266,016,048,133 0.123 .................. ....................
Jul-07............................ 21 5,938,330,480,139 282,777,641,911 0.061 .................. ....................
[[Page 9507]]
Aug-07............................ 23 7,713,644,229,032 335,375,836,045 0.171 .................. ....................
Sep-07............................ 19 4,805,676,596,099 252,930,347,163 -0.282 .................. ....................
Oct-07............................ 23 6,499,651,716,225 282,593,552,879 0.111 .................. ....................
Nov-07............................ 21 7,176,290,763,989 341,728,131,619 0.190 .................. ....................
Dec-07............................ 20 5,512,903,594,564 275,645,179,728 -0.215 .................. ....................
Jan-08............................ 21 7,997,242,071,529 380,821,051,025 0.323 .................. ....................
Feb-08............................ 20 6,139,080,448,887 306,954,022,444 -0.216 .................. ....................
Mar-08............................ 20 6,767,852,332,381 338,392,616,619 0.098 .................. ....................
Apr-08............................ 22 6,150,017,772,735 279,546,262,397 -0.191 .................. ....................
May-08............................ 21 6,080,169,766,807 289,531,893,657 0.035 .................. ....................
Jun-08............................ 21 6,962,199,302,412 331,533,300,115 0.135 .................. ....................
Jul-08............................ 22 8,104,256,787,805 368,375,308,537 0.105 .................. ....................
Aug-08............................ 21 6,106,057,711,009 290,764,652,905 -0.237 .................. ....................
Sep-08............................ 21 8,156,991,919,103 388,428,186,624 0.290 .................. ....................
Oct-08............................ 23 8,644,538,213,244 375,849,487,532 -0.033 .................. ....................
Nov-08............................ 19 5,727,998,341,833 301,473,596,939 -0.221 .................. ....................
Dec-08............................ 22 5,176,041,317,640 235,274,605,347 -0.248 .................. ....................
Jan-09............................ 20 4,670,249,433,806 233,512,471,690 -0.008 .................. ....................
Feb-09............................ 19 4,771,470,184,048 251,130,009,687 0.073 .................. ....................
Mar-09............................ 22 5,885,594,284,780 267,527,012,945 0.063 .................. ....................
Apr-09............................ 21 5,123,665,205,517 243,984,057,406 -0.092 .................. ....................
May-09............................ 20 5,086,717,129,965 254,335,856,498 0.042 .................. ....................
Jun-09............................ 22 5,271,742,782,609 239,624,671,937 -0.060 .................. ....................
Jul-09............................ 22 4,659,599,245,583 211,799,965,708 -0.123 .................. ....................
Aug-09............................ 21 4,582,102,295,783 218,195,347,418 0.030 .................. ....................
Sep-09............................ 21 4,929,155,364,888 234,721,684,042 0.073 .................. ....................
Oct-09............................ 22 5,410,025,301,030 245,910,240,956 0.047 .................. ....................
Nov-09............................ 20 4,770,928,103,032 238,546,405,152 -0.030 .................. ....................
Dec-09............................ 22 4,688,555,303,171 213,116,150,144 -0.113 .................. ....................
Jan-10............................ 19 4,661,793,708,648 245,357,563,613 0.141 .................. ....................
Feb-10............................ 19 4,969,848,578,023 261,570,977,791 0.064 .................. ....................
Mar-10............................ 23 5,563,529,823,621 241,892,601,027 -0.078 .................. ....................
Apr-10............................ 21 5,546,445,874,917 264,116,470,234 0.088 .................. ....................
May-10............................ 20 7,260,430,376,294 363,021,518,815 0.318 .................. ....................
Jun-10............................ 22 6,124,776,349,285 278,398,924,967 -0.265 .................. ....................
Jul-10............................ 21 5,058,242,097,334 240,868,671,302 -0.145 .................. ....................
Aug-10............................ 22 4,765,828,263,463 216,628,557,430 -0.106 .................. ....................
Sep-10............................ 21 4,640,722,344,586 220,986,778,314 0.020 .................. ....................
Oct-10............................ 21 5,138,411,712,272 244,686,272,013 0.102 .................. ....................
Nov-10............................ 21 5,279,700,881,901 251,414,327,710 0.027 .................. ....................
Dec-10............................ 22 4,998,574,681,208 227,207,940,055 -0.101 .................. ....................
Jan-11............................ 20 5,043,391,121,345 252,169,556,067 0.104 .................. ....................
Feb-11............................ 19 5,114,631,590,581 269,191,136,346 0.065 .................. ....................
Mar-11............................ 23 6,499,355,385,307 282,580,668,926 0.049 .................. ....................
Apr-11............................ 20 4,975,954,868,765 248,797,743,438 -0.127 .................. ....................
May-11............................ 21 5,717,905,621,053 272,281,220,050 0.090 .................. ....................
Jun-11............................ 22 5,820,079,494,414 264,549,067,928 -0.029 .................. ....................
Jul-11............................ 20 5,189,681,899,635 259,484,094,982 -0.019 .................. ....................
Aug-11............................ 23 8,720,566,877,109 379,155,081,613 0.379 .................. ....................
Sep-11............................ 21 6,343,578,147,811 302,075,149,896 -0.227 .................. ....................
Oct-11............................ 21 6,163,272,963,688 293,489,188,747 -0.029 .................. ....................
Nov-11............................ 21 5,493,906,473,584 261,614,593,980 -0.115 .................. ....................
Dec-11............................ 21 5,017,867,255,600 238,946,059,790 -0.091 .................. ....................
Jan-12............................ 20 4,726,522,206,487 236,326,110,324 -0.011 .................. ....................
Feb-12............................ 20 5,011,862,514,132 250,593,125,707 0.059 .................. ....................
Mar-12............................ 22 5,638,847,967,025 256,311,271,228 0.023 .................. ....................
Apr-12............................ 20 5,084,239,396,560 254,211,969,828 -0.008 .................. ....................
May-12............................ 22 5,611,638,053,374 255,074,456,972 0.003 .................. ....................
Jun-12............................ 21 5,121,896,896,362 243,899,852,208 -0.045 .................. ....................
Jul-12............................ 21 4,567,519,314,374 217,500,919,732 -0.115 .................. ....................
Aug-12............................ 23 4,621,597,884,730 200,939,038,467 -0.079 .................. ....................
Sep-12............................ 19 4,598,499,962,682 242,026,313,825 0.186 .................. ....................
Oct-12............................ 21 5,095,175,588,310 242,627,408,967 0.002 .................. ....................
Nov-12............................ 21 4,547,882,974,292 216,565,855,919 -0.114 .................. ....................
Dec-12............................ 20 4,744,922,754,360 237,246,137,718 0.091 .................. ....................
Jan-13............................ 21 5,079,603,817,496 241,885,896,071 0.019 .................. ....................
Feb-13............................ 19 4,800,663,527,089 252,666,501,426 0.044 .................. ....................
Mar-13............................ 20 4,917,701,839,870 245,885,091,993 -0.027 .................. ....................
Apr-13............................ 22 5,451,358,637,079 247,789,028,958 0.008 .................. ....................
[[Page 9508]]
May-13............................ 22 5,681,788,831,869 258,263,128,721 0.041 .................. ....................
Jun-13............................ 20 5,623,545,462,226 281,177,273,111 0.085 .................. ....................
Jul-13............................ 22 5,083,861,509,754 231,084,614,080 -0.196 .................. ....................
Aug-13............................ 22 4,925,611,193,095 223,891,417,868 -0.032 .................. ....................
Sep-13............................ 20 4,959,197,626,713 247,959,881,336 0.102 .................. ....................
Oct-13............................ 23 5,928,804,028,970 257,774,088,216 0.039 .................. ....................
Nov-13............................ 20 5,182,024,612,049 259,101,230,602 0.005 .................. ....................
Dec-13............................ 21 5,265,283,406,995 250,727,781,285 -0.033 .................. ....................
Jan-14............................ 21 .................... .................... .............. 254,668,736,673 5,348,043,470,127
Feb-14............................ 19 .................... .................... .............. 258,671,636,250 4,914,761,088,752
Mar-14............................ 21 .................... .................... .............. 262,737,453,660 5,517,486,526,869
Apr-14............................ 21 .................... .................... .............. 266,867,177,850 5,604,210,734,855
May-14............................ 21 .................... .................... .............. 271,061,813,310 5,692,298,079,518
Jun-14............................ 21 .................... .................... .............. 275,322,380,320 5,781,769,986,729
Jul-14............................ 22 .................... .................... .............. 279,649,915,197 6,152,298,134,326
Aug-14............................ 21 .................... .................... .............. 284,045,470,544 5,964,954,881,430
Sep-14............................ 21 .................... .................... .............. 288,510,115,513 6,058,712,425,783
--------------------------------------------------------------------------------------------------------------------------------------------------------
BILLING CODE 8011-01-P
[[Page 9509]]
[GRAPHIC] [TIFF OMITTED] TN19FE14.000
[[Page 9510]]
[FR Doc. 2014-03575 Filed 2-18-14; 8:45 am]
BILLING CODE 8011-01-C
