Sunshine Act Meeting, 2978 [2015-00925]
Download as PDF
<![CDATA[
2978
Federal Register / Vol. 80, No. 13 / Wednesday, January 21, 2015 / Notices
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold a Closed Meeting
on Tuesday, January 20, 2015 at 10 a.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the Closed Meeting. Certain
staff members who have an interest in
the matters also may be present.
The General Counsel of the
Commission, or her designee, has
certified that, in her opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (7), 9(B) and (10)
and 17 CFR 200.402(a)(3), (5), (7), (9)(ii)
and (10), permit consideration of the
scheduled matter at the Closed Meeting.
Commissioner Stein, as duty officer,
voted to consider the items listed for the
Closed Meeting in closed session, and
determined that no earlier notice thereof
was possible.
The subject matter of the Closed
Meeting will be: Institution and
settlement of an administrative
proceeding.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed, please
contact the Office of the Secretary at
(202) 551–5400.
Dated: January 15, 2015.
Brent J. Fields,
Secretary.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74057/January 15, 2015]
Order Making Fiscal Year 2015 Annual
Adjustments to Transaction Fee Rates
asabaliauskas on DSK5VPTVN1PROD with NOTICES
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
U.S.C. 78ee.
17:50 Jan 20, 2015
U.S.C. 78ee(b).
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).
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 November 30, 2014. 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.
3 15
BILLING CODE 8011–01–P
VerDate Sep<11>2014
II. Fiscal Year 2015 Annual Adjustment
to the Fee Rate
The new fee rate is determined by (1)
subtracting the sum of fees estimated to
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
2 15
[FR Doc. 2015–00925 Filed 1–16–15; 11:15 am]
1 15
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
December 16, 2014, the President signed
the Consolidated and Further
Continuing Appropriations Act, 2015,
providing $1,500,000,000 in funds to
the SEC for fiscal year 2015.
Jkt 235001
PO 00000
Frm 00067
Fmt 4703
Sfmt 4703
of fiscal year 2015 8 from an amount
equal to the regular appropriation to the
Commission for fiscal year 2015, 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 2015 is
$1,500,000,000. The Commission
estimates that it will collect
$614,005,586 in fees for the period prior
to the effective date of the new fee rate
and $58,863 in assessments on round
turn transactions in security futures
products during all of fiscal year 2015.9
Using a methodology for estimating the
aggregate dollar amount of sales for the
remainder of fiscal year 2015
(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 2015 to be
$48,121,838,283,138.
As described above, the uniform
adjusted rate is computed by dividing
the residual fees to be collected of
$885,935,551 by the estimate of the
aggregate dollar amount of covered sales
for the remainder of fiscal year 2015 of
$48,121,838,283,138. This results in a
uniform adjusted rate for fiscal year
2015 of $18.40 per million.10
III. Effective Date of the Uniform
Adjusted Rate
Under Section 31(j)(4)(A) of the
Exchange Act, the fiscal year 2015
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, 2014, or 60 days
after the date on which a regular
appropriation to the Commission for
fiscal year 2015 is enacted.11 The
regular appropriation to the
Commission for fiscal year 2015 was
enacted on December 16, 2014, and
accordingly, the new fee rates
applicable under Sections 31(b) and (c)
of the Exchange Act will take effect on
February 14, 2015.
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 2015. 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 2015 annual
adjustment. The appendix also includes the data
used by the Commission in making this adjustment.
11 15 U.S.C. 78ee(j)(4)(A).
E:\FR\FM\21JAN1.SGM
21JAN1
]]>Agencies
[Federal Register Volume 80, Number 13 (Wednesday, January 21, 2015)]
[Notices]
[Page 2978]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-00925]
[[Page 2978]]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Sunshine Act Meeting
Notice is hereby given, pursuant to the provisions of the
Government in the Sunshine Act, Public Law 94-409, that the Securities
and Exchange Commission will hold a Closed Meeting on Tuesday, January
20, 2015 at 10 a.m.
Commissioners, Counsel to the Commissioners, the Secretary to the
Commission, and recording secretaries will attend the Closed Meeting.
Certain staff members who have an interest in the matters also may be
present.
The General Counsel of the Commission, or her designee, has
certified that, in her opinion, one or more of the exemptions set forth
in 5 U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) and 17 CFR
200.402(a)(3), (5), (7), (9)(ii) and (10), permit consideration of the
scheduled matter at the Closed Meeting.
Commissioner Stein, as duty officer, voted to consider the items
listed for the Closed Meeting in closed session, and determined that no
earlier notice thereof was possible.
The subject matter of the Closed Meeting will be: Institution and
settlement of an administrative proceeding.
At times, changes in Commission priorities require alterations in
the scheduling of meeting items.
For further information and to ascertain what, if any, matters have
been added, deleted or postponed, please contact the Office of the
Secretary at (202) 551-5400.
Dated: January 15, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-00925 Filed 1-16-15; 11:15 am]
BILLING CODE 8011-01-P
