Order Making Fiscal Year 2017 Annual Adjustments to Registration Fee Rates, 61283-61287 [2016-21268]
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Federal Register / Vol. 81, No. 172 / Tuesday, September 6, 2016 / Notices
Commission seeks comment generally
on the following issues:
1. Would the Modification
Application, if approved, achieve the
underlying policy objectives of the
Exchange Act? Why or why not? In
particular, please address whether
granting an exemption from registration
does or does not further the goals of
promoting investor protection and the
integrity of the securities markets.
2. Are the proposed conditions to the
Modification Application sufficient to
promote the purposes of Section 17A of
the Exchange Act and to allow the
Commission to adequately monitor the
effects of EB’s Clearing Agency
Activities on the national system for the
clearance and settlement of securities
transactions? Why or why not?
3. EB has represented that its
provision of the U.S. Equities Clearing
Agency Activities would benefit U.S.
Participants by providing a service to
efficiently satisfy the New Collateral
Regulations. Will the provision of the
U.S. Equities Clearing Agency Activities
provide those or other benefits? Will
providing the service lead to lower
costs, or higher costs, for U.S.
Participants or other segments of the
U.S. securities markets? What other
benefits would U.S. Participants or
other U.S. persons receive from these
services?
4. Are there other providers of
collateral management or related posttrade processing services that may be
placed at a competitive advantage as a
result of EB’s account at DTC and the
creation of DEGCL?
5. Similar to the volume limits placed
on the U.S. Government Securities
Clearing Agency Activities, should there
be a volume limit on the U.S. Equities
Clearing Agency Activities? If so, what
should be the volume limit and why?
6. Are there potential issues or
concerns that the Commission should
consider? For example, differences
between U.S. and Belgian law or other
possible effects of the proposed
Modification Application on the U.S.
securities markets and investors.
Comments may be submitted by any
of the following methods:
VII. Solicitation of Comments
mstockstill on DSK3G9T082PROD with NOTICES
of this order regarding the Clearing
Agency Activities (and the compliance
of any affiliated or third-party service
provider referred to in condition D.2);
and (c) the management by EB of any
conflicts of interest of such affiliated or
third-party service provider that EB
becomes aware have arisen since the
prior report with respect to the
performance of the Clearing Agency
Activities.
(5) EB shall keep records relating to
the Clearing Agency Activities regarding
settlement details, account details,
service agreements, and service notices
sent to U.S. Participants pertaining to
the operation of the Clearing Agency
Activities and retain such records for a
period of not less than five years, the
first two years in an easily accessible
place (which may be located in the
European Union).
(6) EB shall respond to and require its
service providers to respond to a request
from the Commission for additional
information relating to the Clearing
Agency Activities and provide access to
the Commission or its designee to
conduct on-site inspections of all
facilities (including automated systems
and systems environment), records, and
personnel related to the Clearing
Agency Activities. The request for
information shall be made and the
inspections shall be conducted solely
for the purpose of reviewing the
Clearing Agency Activities’ operations
and compliance with the federal
securities laws and the terms and
conditions in any order exempting EB
from registration as a clearing agency
with regard to the Clearing Agency
Activities.
(7) EB shall file with the Commission
amendments to its application for
exemption on Form CA–1 if it makes
any material change to the Clearing
Agency Activities or any change
materially affecting the Clearing Agency
Activities as summarized in the relevant
exemption order, EB’s amended Form
CA–1 or in any subsequently filed
amendments to its Form CA–1 that
would make such previously provided
information incomplete or inaccurate.
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/proposed.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number
601–01 on the subject line; or
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed
exemption is consistent with the public
interest, the protection of investors, and
the purposes of Section 17A of the
Exchange Act. To the extent possible,
commenters are requested to provide
empirical data and other factual support
for their views. In addition, the
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Paper Comments
• Send paper comments to Brent J.
Fields, Secretary, Securities and
Exchange Commission, 100 F Street NE.,
PO 00000
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61283
Washington, DC 20549–1090. All
submissions should refer to File
Number 601–01.
To help us process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/other.shtml).
Copies of the submission, all
subsequent amendments, all written
statements with respect to the
application that are filed with the
Commission, and all written
communications relating to the
application between the Commission
and any person, other than those that
may be withheld from the public in
accordance with the provisions of 5
U.S.C. 552, will be available for Web
site viewing and printing in the
Commission’s Public Reference Section,
100 F Street NE., Washington, DC 20549
on official business days between the
hours of 10:00 a.m. and 3:00 p.m.
All comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number 601–01 and should be
submitted on or before October 6, 2016.
For the Commission by the Division of
Trading and Markets, pursuant to delegated
authority.118
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–21245 Filed 9–2–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release Nos. 33–10200; 34–78726/August
30, 2016]
Order Making Fiscal Year 2017 Annual
Adjustments to Registration Fee Rates
I. Background
The Commission collects fees under
various provisions of the securities
laws. Section 6(b) of the Securities Act
of 1933 (‘‘Securities Act’’) requires the
Commission to collect fees from issuers
on the registration of securities.1 Section
13(e) of the Securities Exchange Act of
1934 (‘‘Exchange Act’’) requires the
Commission to collect fees on specified
repurchases of securities.2 Section 14(g)
of the Exchange Act requires the
Commission to collect fees on specified
118 17
CFR 200.30–3(a)(16).
U.S.C. 77f(b).
2 15 U.S.C. 78m(e).
1 15
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Federal Register / Vol. 81, No. 172 / Tuesday, September 6, 2016 / Notices
proxy solicitations and statements in
corporate control transactions.3 These
provisions require the Commission to
make annual adjustments to the
applicable fee rates.
II. Fiscal Year 2017 Annual Adjustment
to Fee Rates
mstockstill on DSK3G9T082PROD with NOTICES
Section 6(b)(2) of the Securities Act
requires the Commission to make an
annual adjustment to the fee rate
applicable under Section 6(b).4 The
annual adjustment to the fee rate under
Section 6(b) of the Securities Act also
sets the annual adjustment to the fee
rates under Sections 13(e) and 14(g) of
the Exchange Act.5
Section 6(b)(2) sets forth the method
for determining the annual adjustment
to the fee rate under Section 6(b) for
fiscal year 2017. Specifically, the
Commission must adjust the fee rate
under Section 6(b) to a ‘‘rate that, when
applied to the baseline estimate of the
aggregate maximum offering prices for
[fiscal year 2017], is reasonably likely to
produce aggregate fee collections under
[Section 6(b)] that are equal to the target
fee collection amount for [fiscal year
2017].’’ That is, the adjusted rate is
determined by dividing the ‘‘target fee
collection amount’’ for fiscal year 2017
by the ‘‘baseline estimate of the
aggregate maximum offering prices’’ for
fiscal year 2017.
Section 6(b)(6)(A) specifies that the
‘‘target fee collection amount’’ for fiscal
year 2017 is $585,000,000. Section
6(b)(6)(B) defines the ‘‘baseline estimate
of the aggregate maximum offering
prices’’ for fiscal year 2017 as ‘‘the
baseline estimate of the aggregate
maximum offering price at which
securities are proposed to be offered
pursuant to registration statements filed
with the Commission during [fiscal year
2017] as determined by the
Commission, after consultation with the
Congressional Budget Office and the
Office of Management and Budget. . . .’’
To make the baseline estimate of the
aggregate maximum offering price for
fiscal year 2017, the Commission is
using a methodology that has been used
in prior fiscal years and that was
developed in consultation with the
Congressional Budget Office (‘‘CBO’’)
and Office of Management and Budget
3 15
U.S.C. 78n(g).
U.S.C. 77f(b)(2). The annual adjustments are
designed to adjust the fee rate in a given fiscal year
so that, when applied to the aggregate maximum
offering price at which securities are proposed to
be offered for the fiscal year, it is reasonably likely
to produce total fee collections under Section 6(b)
equal to the ‘‘target fee collection amount’’ specified
in Section 6(b)(6)(A) for that fiscal year.
5 15 U.S.C. 78m(e)(4) and 15 U.S.C. 78n(g)(4).
4 15
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(‘‘OMB’’). 6 Using this methodology, the
Commission determines the ‘‘baseline
estimate of the aggregate maximum
offering price’’ for fiscal year 2017 to be
$5,047,682,013,502. Based on this
estimate, the Commission calculates the
fee rate for fiscal 2017 to be $115.90 per
million. This adjusted fee rate applies to
Section 6(b) of the Securities Act, as
well as to Sections 13(e) and 14(g) of the
Exchange Act.
III. Effective Dates of the Annual
Adjustments
The fiscal year 2017 annual
adjustments to the fee rates applicable
under Section 6(b) of the Securities Act
and Sections 13(e) and 14(g) of the
Exchange Act will be effective on
October 1, 2016.7
IV. Conclusion
Accordingly, pursuant to Section 6(b)
of the Securities Act and Sections 13(e)
and 14(g) of the Exchange Act,8
IT IS HEREBY ORDERED that the fee
rates applicable under Section 6(b) of
the Securities Act and Sections 13(e)
and 14(g) of the Exchange Act shall be
$115.90 per million effective on October
1, 2016.
By the Commission.
Brent J. Fields,
Secretary.
Appendix A
Congress has established a target amount of
monies to be collected from fees charged to
issuers based on the value of their
registrations. This appendix provides the
formula for determining such fees, which the
Commission adjusts annually. Congress has
mandated that the Commission determine
these fees based on the ‘‘aggregate maximum
offering prices,’’ which measures the
aggregate dollar amount of securities
registered with the Commission over the
course of the year. In order to maximize the
likelihood that the amount of monies targeted
by Congress will be collected, the fee rate
must be set to reflect projected aggregate
maximum offering prices. As a percentage,
the fee rate equals the ratio of the target
amounts of monies to the projected aggregate
maximum offering prices.
For 2017, the Commission has estimated
the aggregate maximum offering prices by
projecting forward the trend established in
the previous decade. More specifically, an
ARIMA model was used to forecast the value
6 Appendix A explains how we determined the
‘‘baseline estimate of the aggregate maximum
offering price’’ for fiscal year 2017 using our
methodology, and then shows the arithmetical
process of calculating the fiscal year 2017 annual
adjustment based on that estimate. The appendix
includes the data used by the Commission in
making its ‘‘baseline estimate of the aggregate
maximum offering price’’ for fiscal year 2017.
7 15 U.S.C. 77f(b)(4), 15 U.S.C. 78m(e)(6) and 15
U.S.C. 78n(g)(6).
8 15 U.S.C. 77f(b), 78m(e) and 78n(g).
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of the aggregate maximum offering prices for
months subsequent to July 2016, the last
month for which the Commission has data on
the aggregate maximum offering prices.
The following sections describe this
process in detail.
A. Baseline Estimate of the Aggregate
Maximum Offering Prices for Fiscal Year
2017
First, calculate the aggregate maximum
offering prices (AMOP) for each month in the
sample (July 2006–July 2016). Next, calculate
the percentage change in the AMOP from
month to month.
Model the monthly percentage change in
AMOP as a first order moving average
process. The moving average approach
allows one to model the effect that an
exceptionally high (or low) observation of
AMOP tends to be followed by a more
‘‘typical’’ value of AMOP.
Use the estimated moving average model to
forecast the monthly percent change in
AMOP. These percent changes can then be
applied to obtain forecasts of the total dollar
value of registrations. The following is a
more formal (mathematical) description of
the procedure:
1. Begin with the monthly data for AMOP.
The sample spans ten years, from July 2006
to July 2016.
2. Divide each month’s AMOP (column C)
by the number of trading days in that month
(column B) to obtain the average daily AMOP
(AAMOP, column D).
3. For each month t, the natural logarithm
of AAMOP is reported in column E.
4. Calculate the change in log(AAMOP)
from the previous month as Dt = log
(AAMOPt)¥log(AAMOPt-1). This
approximates the percentage change.
5. Estimate the first order moving average
model Dt = a + bet-1 + et, where et denotes
the forecast error for month t. The forecast
error is simply the difference between the
one-month ahead forecast and the actual
realization of Dt. The forecast error is
expressed as et = Dt¥a¥bet-1. The model can
be estimated using standard commercially
available software. Using least squares, the
estimated parameter values are a =
0.002807020 and b = ¥0.82994.
6. For the month of August 2016 forecast
Dt = 8/16 = a + bet = 7/16. For all subsequent
months, forecast Dt = a.
7. Calculate forecasts of log(AAMOP). For
example, the forecast of log(AAMOP) for
October 2016 is given by FLAAMOP t = 10/16
= log(AAMOP t = 7/16) + D t = 8/16 +D t = 9/16
+ D t = 10/16.
8. Under the assumption that et is normally
distributed, the n-step ahead forecast of
AAMOP is given by exp(FLAAMOPt + sn2/2),
where sn denotes the standard error of the nstep ahead forecast.
9. For October 2016, this gives a forecast
AAMOP of $19.614 billion (Column I), and
a forecast AMOP of $411.9 billion (Column
J).
10. Iterate this process through September
2017 to obtain a baseline estimate of the
aggregate maximum offering prices for fiscal
year 2017 of $5,047,682,013,502.
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B. Using the Forecasts From A to Calculate
the New Fee Rate
1. Using the data from Table A, estimate
the aggregate maximum offering prices
between 10/01/16 and 9/30/17 to be
$5,047,682,013,502.
2. The rate necessary to collect the target
$585,000,000 in fee revenues set by Congress
is then calculated as: $585,000,000 ÷
$5,047,682,013,502 = 0.000115895.
3. Round the result to the seventh decimal
point, yielding a rate of 0.0001159 (or
$115.90 per million).
TABLE A—ESTIMATION OF BASELINE OF AGGREGATE MAXIMUM OFFERING PRICES
Fee rate calculation
a.
Baseline
estimate
of
the
aggregate
maximum
offering
prices,
10/1/16
to
9/30/17 ($Millions) ..................................................................................................................................................................................
b. Implied fee rate ($585 Million/a) ............................................................................................................................................................
Month
# of trading
days in month
Aggregate
maximum
offering
prices, in
$millions
Average daily
aggregate
max. offering
prices
(AAMOP) in
$millions
(A)
(B)
(C)
(D)
5,047,682
$115.90
Standard error
Forecast
AAMOP, in
$millions
Forecast
aggregate
maximum offering prices,
in $millions
(G)
(H)
(I)
(J)
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log(AAMOP)
Log (change
in AAMOP)
Forecast
log(AAMOP)
(E)
(F)
.......................
0.147
–0.130
–0.200
0.362
0.227
0.064
¥0.239
0.983
¥0.333
¥0.272
0.267
¥0.586
0.032
¥0.235
¥0.197
0.740
¥0.063
¥0.195
¥0.248
0.818
¥0.809
0.491
0.011
¥0.730
0.576
¥0.800
0.617
¥0.030
¥0.046
0.255
¥0.356
0.940
¥1.097
0.383
¥0.014
–0.658
0.086
¥0.018
0.085
0.236
0.220
¥0.529
0.192
0.533
0.344
0.043
0.173
¥0.709
0.295
0.126
¥0.193
0.459
¥0.179
¥0.148
0.130
0.665
¥0.784
0.251
mstockstill on DSK3G9T082PROD with NOTICES
Data
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 ..........
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 ........
Dec–09 ........
Jan–10 .........
Feb–10 ........
Mar–10 ........
Apr–10 .........
May–10 ........
Jun–10 .........
Jul–10 ..........
Aug–10 ........
Sep–10 ........
Oct–10 .........
Nov–10 ........
Dec–10 ........
Jan–11 .........
Feb–11 ........
Mar–11 ........
Apr–11 .........
May–11 ........
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17:04 Sep 02, 2016
232,654
310,050
236,782
213,342
292,456
349,512
372,740
278,753
862,786
562,103
470,843
586,822
326,612
369,172
241,059
239,652
458,654
410,200
354,433
263,410
596,923
292,534
456,077
461,087
232,896
395,440
177,636
360,494
288,911
319,584
375,065
249,666
739,931
235,914
329,522
357,524
185,187
192,726
189,224
215,720
248,353
340,464
173,235
209,963
432,934
280,188
278,611
364,251
171,191
240,793
260,783
214,988
340,112
297,992
233,668
252,785
595,198
236,355
319,053
Jkt 238001
11,633
13,480
11,839
9,697
13,926
17,476
18,637
14,671
39,218
28,105
21,402
27,944
15,553
16,051
12,687
10,420
21,841
20,510
16,878
13,171
29,846
13,297
21,718
21,957
10,586
18,830
8,459
15,674
15,206
14,527
18,753
13,140
33,633
11,234
16,476
16,251
8,418
9,177
9,011
9,805
12,418
15,476
9,118
11,051
18,823
13,342
13,931
16,557
8,152
10,945
12,418
10,238
16,196
13,545
11,683
13,304
25,878
11,818
15,193
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23.177
23.325
23.195
22.995
23.357
23.584
23.648
23.409
24.392
24.059
23.787
24.053
23.468
23.499
23.264
23.067
23.807
23.744
23.549
23.301
24.119
23.311
23.801
23.812
23.083
23.659
22.858
23.475
23.445
23.399
23.655
23.299
24.239
23.142
23.525
23.511
22.854
22.940
22.922
23.006
23.242
23.463
22.933
23.126
23.658
23.314
23.357
23.530
22.822
23.116
23.242
23.049
23.508
23.329
23.181
23.311
23.977
23.193
23.444
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Federal Register / Vol. 81, No. 172 / Tuesday, September 6, 2016 / Notices
Average daily
aggregate
max. offering
prices
(AAMOP) in
$millions
(A)
mstockstill on DSK3G9T082PROD with NOTICES
Month
# of trading
days in month
Aggregate
maximum
offering
prices, in
$millions
(B)
(C)
359,727
215,391
179,870
168,005
181,452
256,418
237,652
276,965
228,419
430,806
173,626
414,122
272,218
170,462
295,472
331,295
137,562
221,521
321,602
368,488
252,148
533,440
235,779
382,950
480,624
263,869
253,305
267,923
293,847
326,257
358,169
369,067
298,376
564,840
263,401
403,700
423,075
373,811
405,017
409,349
338,832
386,898
370,760
394,127
466,138
753,747
356,560
478,591
446,102
402,062
334,746
289,872
300,276
409,690
308,569
457,411
554,343
900,301
250,716
409,992
321,219
289,671
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
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Feb–12 ........
Mar–12 ........
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Jun–12 .........
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Oct–12 .........
Nov–12 ........
Dec–12 ........
Jan–13 .........
Feb–13 ........
Mar–13 ........
Apr–13 .........
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 ........
Oct–14 .........
Nov–14 ........
Dec–14 ........
Jan–15 .........
Feb–15 ........
Mar–15 ........
Apr–15 .........
May–15 ........
Jun–15 .........
Jul–15 ..........
Aug–15 ........
Sep–15 ........
Oct–15 .........
Nov–15 ........
Dec–15 ........
Jan–16 .........
Feb–16 ........
Mar–16 ........
Apr–16 .........
May–16 ........
Jun–16 .........
Jul–16 ..........
Aug–16 ........
Sep–16 ........
Oct–16 .........
Nov–16 ........
Dec–16 ........
Jan–17 .........
Feb–17 ........
Mar–17 ........
Apr–17 .........
May–17 ........
Jun–17 .........
Jul–17 ..........
Aug–17 ........
Sep–17 ........
VerDate Sep<11>2014
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21
21
21
21
20
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21
21
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19
21
21
20
21
19
20
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17:04 Sep 02, 2016
Jkt 238001
Standard error
Forecast
AAMOP, in
$millions
Forecast
aggregate
maximum offering prices,
in $millions
(G)
(H)
(I)
(J)
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
23.632167
23.634974
23.637781
23.640588
23.643395
23.646202
23.649009
23.651816
23.654623
23.657430
23.660237
23.663044
23.665851
23.668658
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
0.342
0.347
0.351
0.356
0.361
0.366
0.370
0.375
0.379
0.384
0.388
0.392
0.397
0.401
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
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.......................
.......................
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.......................
.......................
.......................
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.......................
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.......................
19,439
19,526
19,614
19,703
19,791
19,880
19,970
20,060
20,150
20,241
20,332
20,424
20,516
20,608
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
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447,089
410,051
411,898
413,754
415,618
397,610
379,431
461,381
382,858
445,306
447,312
408,479
471,867
412,168
log(AAMOP)
Log (change
in AAMOP)
Forecast
log(AAMOP)
(D)
(E)
(F)
16,351
10,770
7,820
8,000
8,641
12,210
11,317
13,848
11,421
19,582
8,681
18,824
12,963
8,117
12,847
17,437
6,551
10,549
16,080
17,547
13,271
26,672
10,717
17,407
24,031
11,994
11,514
13,396
12,776
16,313
17,056
17,575
15,704
26,897
12,543
19,224
20,146
16,991
19,287
19,493
14,732
20,363
16,853
19,706
24,534
34,261
16,979
23,930
20,277
18,276
15,940
13,803
13,649
20,485
14,026
24,074
27,717
40,923
11,939
19,523
14,601
14,484
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.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
23.518
23.100
22.780
22.803
22.880
23.226
23.150
23.351
23.159
23.698
22.884
23.658
23.285
22.817
23.276
23.582
22.603
23.079
23.501
23.588
23.309
24.007
23.095
23.580
23.903
23.208
23.167
23.318
23.271
23.515
23.560
23.590
23.477
24.015
23.252
23.679
23.726
23.556
23.683
23.693
23.413
23.737
23.548
23.704
23.923
24.257
23.555
23.898
23.733
23.629
23.492
23.348
23.337
23.743
23.364
23.904
24.045
24.435
23.203
23.695
23.404
23.396
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0.073
¥0.418
¥0.320
0.023
0.077
0.346
¥0.076
0.202
¥0.193
0.539
¥0.813
0.774
¥0.373
–0.468
0.459
0.305
¥0.979
0.476
0.422
0.087
¥0.279
0.698
¥0.912
0.485
0.322
¥0.695
–0.041
0.151
¥0.047
0.244
0.045
0.030
¥0.113
0.538
¥0.763
0.427
0.047
¥0.170
0.127
0.011
¥0.280
0.324
¥0.189
0.156
0.219
0.334
¥0.702
0.343
¥0.166
¥0.104
¥0.137
¥0.144
¥0.011
0.406
¥0.379
0.540
0.141
0.390
¥1.232
0.492
¥0.291
¥0.008
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mstockstill on DSK3G9T082PROD with NOTICES
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$1,000
-r-'~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~---,
$900
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$800
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......
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$600
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t)
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E:\FR\FM\06SEN1.SGM
$400
$300
06SEN1
$200
$100
Federal Register / Vol. 81, No. 172 / Tuesday, September 6, 2016 / Notices
Jkt 238001
[FR Doc. 2016–21268 Filed 9–2–16; 8:45 am]
17:04 Sep 02, 2016
BILLING CODE 8011–01–C
VerDate Sep<11>2014
Dollar Value,
Figure A
Aggregate Maximum Offering Prices Subject to Securities Act Section 6(b)
(Dashed Line Indicates Forecast Values)
$0 ~~--~~----,------,------,------,------,------,------,------,------,-L_--~
Jul-06
Jul-07
Jul-08
Jul-09
Jul-10
Jul-11
Jul-12
Jul-13
Jul-14
Jul-15
Jul-16
Jul-17
61287
EN06SE16.006</GPH>
]]>Agencies
[Federal Register Volume 81, Number 172 (Tuesday, September 6, 2016)]
[Notices]
[Pages 61283-61287]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-21268]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release Nos. 33-10200; 34-78726/August 30, 2016]
Order Making Fiscal Year 2017 Annual Adjustments to Registration
Fee Rates
I. Background
The Commission collects fees under various provisions of the
securities laws. Section 6(b) of the Securities Act of 1933
(``Securities Act'') requires the Commission to collect fees from
issuers on the registration of securities.\1\ Section 13(e) of the
Securities Exchange Act of 1934 (``Exchange Act'') requires the
Commission to collect fees on specified repurchases of securities.\2\
Section 14(g) of the Exchange Act requires the Commission to collect
fees on specified
[[Page 61284]]
proxy solicitations and statements in corporate control
transactions.\3\ These provisions require the Commission to make annual
adjustments to the applicable fee rates.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 77f(b).
\2\ 15 U.S.C. 78m(e).
\3\ 15 U.S.C. 78n(g).
---------------------------------------------------------------------------
II. Fiscal Year 2017 Annual Adjustment to Fee Rates
Section 6(b)(2) of the Securities Act requires the Commission to
make an annual adjustment to the fee rate applicable under Section
6(b).\4\ The annual adjustment to the fee rate under Section 6(b) of
the Securities Act also sets the annual adjustment to the fee rates
under Sections 13(e) and 14(g) of the Exchange Act.\5\
---------------------------------------------------------------------------
\4\ 15 U.S.C. 77f(b)(2). The annual adjustments are designed to
adjust the fee rate in a given fiscal year so that, when applied to
the aggregate maximum offering price at which securities are
proposed to be offered for the fiscal year, it is reasonably likely
to produce total fee collections under Section 6(b) equal to the
``target fee collection amount'' specified in Section 6(b)(6)(A) for
that fiscal year.
\5\ 15 U.S.C. 78m(e)(4) and 15 U.S.C. 78n(g)(4).
---------------------------------------------------------------------------
Section 6(b)(2) sets forth the method for determining the annual
adjustment to the fee rate under Section 6(b) for fiscal year 2017.
Specifically, the Commission must adjust the fee rate under Section
6(b) to a ``rate that, when applied to the baseline estimate of the
aggregate maximum offering prices for [fiscal year 2017], is reasonably
likely to produce aggregate fee collections under [Section 6(b)] that
are equal to the target fee collection amount for [fiscal year 2017].''
That is, the adjusted rate is determined by dividing the ``target fee
collection amount'' for fiscal year 2017 by the ``baseline estimate of
the aggregate maximum offering prices'' for fiscal year 2017.
Section 6(b)(6)(A) specifies that the ``target fee collection
amount'' for fiscal year 2017 is $585,000,000. Section 6(b)(6)(B)
defines the ``baseline estimate of the aggregate maximum offering
prices'' for fiscal year 2017 as ``the baseline estimate of the
aggregate maximum offering price at which securities are proposed to be
offered pursuant to registration statements filed with the Commission
during [fiscal year 2017] as determined by the Commission, after
consultation with the Congressional Budget Office and the Office of
Management and Budget. . . .''
To make the baseline estimate of the aggregate maximum offering
price for fiscal year 2017, the Commission is using a methodology that
has been used in prior fiscal years and that was developed in
consultation with the Congressional Budget Office (``CBO'') and Office
of Management and Budget (``OMB''). \6\ Using this methodology, the
Commission determines the ``baseline estimate of the aggregate maximum
offering price'' for fiscal year 2017 to be $5,047,682,013,502. Based
on this estimate, the Commission calculates the fee rate for fiscal
2017 to be $115.90 per million. This adjusted fee rate applies to
Section 6(b) of the Securities Act, as well as to Sections 13(e) and
14(g) of the Exchange Act.
---------------------------------------------------------------------------
\6\ Appendix A explains how we determined the ``baseline
estimate of the aggregate maximum offering price'' for fiscal year
2017 using our methodology, and then shows the arithmetical process
of calculating the fiscal year 2017 annual adjustment based on that
estimate. The appendix includes the data used by the Commission in
making its ``baseline estimate of the aggregate maximum offering
price'' for fiscal year 2017.
---------------------------------------------------------------------------
III. Effective Dates of the Annual Adjustments
The fiscal year 2017 annual adjustments to the fee rates applicable
under Section 6(b) of the Securities Act and Sections 13(e) and 14(g)
of the Exchange Act will be effective on October 1, 2016.\7\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 77f(b)(4), 15 U.S.C. 78m(e)(6) and 15 U.S.C.
78n(g)(6).
---------------------------------------------------------------------------
IV. Conclusion
Accordingly, pursuant to Section 6(b) of the Securities Act and
Sections 13(e) and 14(g) of the Exchange Act,\8\
---------------------------------------------------------------------------
\8\ 15 U.S.C. 77f(b), 78m(e) and 78n(g).
---------------------------------------------------------------------------
IT IS HEREBY ORDERED that the fee rates applicable under Section
6(b) of the Securities Act and Sections 13(e) and 14(g) of the Exchange
Act shall be $115.90 per million effective on October 1, 2016.
By the Commission.
Brent J. Fields,
Secretary.
Appendix A
Congress has established a target amount of monies to be
collected from fees charged to issuers based on the value of their
registrations. This appendix provides the formula for determining
such fees, which the Commission adjusts annually. Congress has
mandated that the Commission determine these fees based on the
``aggregate maximum offering prices,'' which measures the aggregate
dollar amount of securities registered with the Commission over the
course of the year. In order to maximize the likelihood that the
amount of monies targeted by Congress will be collected, the fee
rate must be set to reflect projected aggregate maximum offering
prices. As a percentage, the fee rate equals the ratio of the target
amounts of monies to the projected aggregate maximum offering
prices.
For 2017, the Commission has estimated the aggregate maximum
offering prices by projecting forward the trend established in the
previous decade. More specifically, an ARIMA model was used to
forecast the value of the aggregate maximum offering prices for
months subsequent to July 2016, the last month for which the
Commission has data on the aggregate maximum offering prices.
The following sections describe this process in detail.
A. Baseline Estimate of the Aggregate Maximum Offering Prices for
Fiscal Year 2017
First, calculate the aggregate maximum offering prices (AMOP)
for each month in the sample (July 2006-July 2016). Next, calculate
the percentage change in the AMOP from month to month.
Model the monthly percentage change in AMOP as a first order
moving average process. The moving average approach allows one to
model the effect that an exceptionally high (or low) observation of
AMOP tends to be followed by a more ``typical'' value of AMOP.
Use the estimated moving average model to forecast the monthly
percent change in AMOP. These percent changes can then be applied to
obtain forecasts of the total dollar value of registrations. The
following is a more formal (mathematical) description of the
procedure:
1. Begin with the monthly data for AMOP. The sample spans ten
years, from July 2006 to July 2016.
2. Divide each month's AMOP (column C) by the number of trading
days in that month (column B) to obtain the average daily AMOP
(AAMOP, column D).
3. For each month t, the natural logarithm of AAMOP is reported
in column E.
4. Calculate the change in log(AAMOP) from the previous month as
[Delta]t = log (AAMOPt)-
log(AAMOPt-1). This approximates the percentage change.
5. Estimate the first order moving average model
[Delta]t = [alpha] + [beta]et-1 +
et, where et denotes the forecast error for
month t. The forecast error is simply the difference between the
one-month ahead forecast and the actual realization of
[Delta]t. The forecast error is expressed as
et = [Delta]t-[alpha]-[beta]et-1.
The model can be estimated using standard commercially available
software. Using least squares, the estimated parameter values are
[alpha] = 0.002807020 and [beta] = -0.82994.
6. For the month of August 2016 forecast
[Delta]t = 8/16 = [alpha] + [beta]et = 7/16.
For all subsequent months, forecast [Delta]t = [alpha].
7. Calculate forecasts of log(AAMOP). For example, the forecast
of log(AAMOP) for October 2016 is given by FLAAMOP
t = 10/16 = log(AAMOP t = 7/16) + [Delta]
t = 8/16 +[Delta] t = 9/16 + [Delta]
t = 10/16.
8. Under the assumption that et is normally
distributed, the n-step ahead forecast of AAMOP is given by
exp(FLAAMOPt + [sigma]n\2\/2), where
[sigma]n denotes the standard error of the n-step ahead
forecast.
9. For October 2016, this gives a forecast AAMOP of $19.614
billion (Column I), and a forecast AMOP of $411.9 billion (Column
J).
10. Iterate this process through September 2017 to obtain a
baseline estimate of the aggregate maximum offering prices for
fiscal year 2017 of $5,047,682,013,502.
[[Page 61285]]
B. Using the Forecasts From A to Calculate the New Fee Rate
1. Using the data from Table A, estimate the aggregate maximum
offering prices between 10/01/16 and 9/30/17 to be
$5,047,682,013,502.
2. The rate necessary to collect the target $585,000,000 in fee
revenues set by Congress is then calculated as: $585,000,000 /
$5,047,682,013,502 = 0.000115895.
3. Round the result to the seventh decimal point, yielding a
rate of 0.0001159 (or $115.90 per million).
Table A--Estimation of Baseline of Aggregate Maximum Offering Prices
------------------------------------------------------------------------
Fee rate calculation
------------------------------------------------------------------------
a. Baseline estimate of the aggregate maximum offering 5,047,682
prices, 10/1/16 to 9/30/17 ($Millions).....................
b. Implied fee rate ($585 Million/a)........................ $115.90
------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------------------------------
Average
daily Forecast
# of Aggregate aggregate aggregate
trading maximum max. Log (change Forecast Standard Forecast maximum
Month days in offering offering log(AAMOP) in AAMOP) log(AAMOP) error AAMOP, in offering
month prices, in prices $millions prices, in
$millions (AAMOP) in $millions
$millions
(A) (B) (C) (D) (E) (F) (G) (H) (I) (J)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Data
--------------------------------------------------------------------------------------------------------------------------------------------------------
Jul-06............................. 20 232,654 11,633 23.177 ........... ........... ........... ........... ...........
Aug-06............................. 23 310,050 13,480 23.325 0.147 ........... ........... ........... ...........
Sep-06............................. 20 236,782 11,839 23.195 -0.130 ........... ........... ........... ...........
Oct-06............................. 22 213,342 9,697 22.995 -0.200 ........... ........... ........... ...........
Nov-06............................. 21 292,456 13,926 23.357 0.362 ........... ........... ........... ...........
Dec-06............................. 20 349,512 17,476 23.584 0.227 ........... ........... ........... ...........
Jan-07............................. 20 372,740 18,637 23.648 0.064 ........... ........... ........... ...........
Feb-07............................. 19 278,753 14,671 23.409 -0.239 ........... ........... ........... ...........
Mar-07............................. 22 862,786 39,218 24.392 0.983 ........... ........... ........... ...........
Apr-07............................. 20 562,103 28,105 24.059 -0.333 ........... ........... ........... ...........
May-07............................. 22 470,843 21,402 23.787 -0.272 ........... ........... ........... ...........
Jun-07............................. 21 586,822 27,944 24.053 0.267 ........... ........... ........... ...........
Jul-07............................. 21 326,612 15,553 23.468 -0.586 ........... ........... ........... ...........
Aug-07............................. 23 369,172 16,051 23.499 0.032 ........... ........... ........... ...........
Sep-07............................. 19 241,059 12,687 23.264 -0.235 ........... ........... ........... ...........
Oct-07............................. 23 239,652 10,420 23.067 -0.197 ........... ........... ........... ...........
Nov-07............................. 21 458,654 21,841 23.807 0.740 ........... ........... ........... ...........
Dec-07............................. 20 410,200 20,510 23.744 -0.063 ........... ........... ........... ...........
Jan-08............................. 21 354,433 16,878 23.549 -0.195 ........... ........... ........... ...........
Feb-08............................. 20 263,410 13,171 23.301 -0.248 ........... ........... ........... ...........
Mar-08............................. 20 596,923 29,846 24.119 0.818 ........... ........... ........... ...........
Apr-08............................. 22 292,534 13,297 23.311 -0.809 ........... ........... ........... ...........
May-08............................. 21 456,077 21,718 23.801 0.491 ........... ........... ........... ...........
Jun-08............................. 21 461,087 21,957 23.812 0.011 ........... ........... ........... ...........
Jul-08............................. 22 232,896 10,586 23.083 -0.730 ........... ........... ........... ...........
Aug-08............................. 21 395,440 18,830 23.659 0.576 ........... ........... ........... ...........
Sep-08............................. 21 177,636 8,459 22.858 -0.800 ........... ........... ........... ...........
Oct-08............................. 23 360,494 15,674 23.475 0.617 ........... ........... ........... ...........
Nov-08............................. 19 288,911 15,206 23.445 -0.030 ........... ........... ........... ...........
Dec-08............................. 22 319,584 14,527 23.399 -0.046 ........... ........... ........... ...........
Jan-09............................. 20 375,065 18,753 23.655 0.255 ........... ........... ........... ...........
Feb-09............................. 19 249,666 13,140 23.299 -0.356 ........... ........... ........... ...........
Mar-09............................. 22 739,931 33,633 24.239 0.940 ........... ........... ........... ...........
Apr-09............................. 21 235,914 11,234 23.142 -1.097 ........... ........... ........... ...........
May-09............................. 20 329,522 16,476 23.525 0.383 ........... ........... ........... ...........
Jun-09............................. 22 357,524 16,251 23.511 -0.014 ........... ........... ........... ...........
Jul-09............................. 22 185,187 8,418 22.854 -0.658 ........... ........... ........... ...........
Aug-09............................. 21 192,726 9,177 22.940 0.086 ........... ........... ........... ...........
Sep-09............................. 21 189,224 9,011 22.922 -0.018 ........... ........... ........... ...........
Oct-09............................. 22 215,720 9,805 23.006 0.085 ........... ........... ........... ...........
Nov-09............................. 20 248,353 12,418 23.242 0.236 ........... ........... ........... ...........
Dec-09............................. 22 340,464 15,476 23.463 0.220 ........... ........... ........... ...........
Jan-10............................. 19 173,235 9,118 22.933 -0.529 ........... ........... ........... ...........
Feb-10............................. 19 209,963 11,051 23.126 0.192 ........... ........... ........... ...........
Mar-10............................. 23 432,934 18,823 23.658 0.533 ........... ........... ........... ...........
Apr-10............................. 21 280,188 13,342 23.314 0.344 ........... ........... ........... ...........
May-10............................. 20 278,611 13,931 23.357 0.043 ........... ........... ........... ...........
Jun-10............................. 22 364,251 16,557 23.530 0.173 ........... ........... ........... ...........
Jul-10............................. 21 171,191 8,152 22.822 -0.709 ........... ........... ........... ...........
Aug-10............................. 22 240,793 10,945 23.116 0.295 ........... ........... ........... ...........
Sep-10............................. 21 260,783 12,418 23.242 0.126 ........... ........... ........... ...........
Oct-10............................. 21 214,988 10,238 23.049 -0.193 ........... ........... ........... ...........
Nov-10............................. 21 340,112 16,196 23.508 0.459 ........... ........... ........... ...........
Dec-10............................. 22 297,992 13,545 23.329 -0.179 ........... ........... ........... ...........
Jan-11............................. 20 233,668 11,683 23.181 -0.148 ........... ........... ........... ...........
Feb-11............................. 19 252,785 13,304 23.311 0.130 ........... ........... ........... ...........
Mar-11............................. 23 595,198 25,878 23.977 0.665 ........... ........... ........... ...........
Apr-11............................. 20 236,355 11,818 23.193 -0.784 ........... ........... ........... ...........
May-11............................. 21 319,053 15,193 23.444 0.251 ........... ........... ........... ...........
[[Page 61286]]
Jun-11............................. 22 359,727 16,351 23.518 0.073 ........... ........... ........... ...........
Jul-11............................. 20 215,391 10,770 23.100 -0.418 ........... ........... ........... ...........
Aug-11............................. 23 179,870 7,820 22.780 -0.320 ........... ........... ........... ...........
Sep-11............................. 21 168,005 8,000 22.803 0.023 ........... ........... ........... ...........
Oct-11............................. 21 181,452 8,641 22.880 0.077 ........... ........... ........... ...........
Nov-11............................. 21 256,418 12,210 23.226 0.346 ........... ........... ........... ...........
Dec-11............................. 21 237,652 11,317 23.150 -0.076 ........... ........... ........... ...........
Jan-12............................. 20 276,965 13,848 23.351 0.202 ........... ........... ........... ...........
Feb-12............................. 20 228,419 11,421 23.159 -0.193 ........... ........... ........... ...........
Mar-12............................. 22 430,806 19,582 23.698 0.539 ........... ........... ........... ...........
Apr-12............................. 20 173,626 8,681 22.884 -0.813 ........... ........... ........... ...........
May-12............................. 22 414,122 18,824 23.658 0.774 ........... ........... ........... ...........
Jun-12............................. 21 272,218 12,963 23.285 -0.373 ........... ........... ........... ...........
Jul-12............................. 21 170,462 8,117 22.817 -0.468 ........... ........... ........... ...........
Aug-12............................. 23 295,472 12,847 23.276 0.459 ........... ........... ........... ...........
Sep-12............................. 19 331,295 17,437 23.582 0.305 ........... ........... ........... ...........
Oct-12............................. 21 137,562 6,551 22.603 -0.979 ........... ........... ........... ...........
Nov-12............................. 21 221,521 10,549 23.079 0.476 ........... ........... ........... ...........
Dec-12............................. 20 321,602 16,080 23.501 0.422 ........... ........... ........... ...........
Jan-13............................. 21 368,488 17,547 23.588 0.087 ........... ........... ........... ...........
Feb-13............................. 19 252,148 13,271 23.309 -0.279 ........... ........... ........... ...........
Mar-13............................. 20 533,440 26,672 24.007 0.698 ........... ........... ........... ...........
Apr-13............................. 22 235,779 10,717 23.095 -0.912 ........... ........... ........... ...........
May-13............................. 22 382,950 17,407 23.580 0.485 ........... ........... ........... ...........
Jun-13............................. 20 480,624 24,031 23.903 0.322 ........... ........... ........... ...........
Jul-13............................. 22 263,869 11,994 23.208 -0.695 ........... ........... ........... ...........
Aug-13............................. 22 253,305 11,514 23.167 -0.041 ........... ........... ........... ...........
Sep-13............................. 20 267,923 13,396 23.318 0.151 ........... ........... ........... ...........
Oct-13............................. 23 293,847 12,776 23.271 -0.047 ........... ........... ........... ...........
Nov-13............................. 20 326,257 16,313 23.515 0.244 ........... ........... ........... ...........
Dec-13............................. 21 358,169 17,056 23.560 0.045 ........... ........... ........... ...........
Jan-14............................. 21 369,067 17,575 23.590 0.030 ........... ........... ........... ...........
Feb-14............................. 19 298,376 15,704 23.477 -0.113 ........... ........... ........... ...........
Mar-14............................. 21 564,840 26,897 24.015 0.538 ........... ........... ........... ...........
Apr-14............................. 21 263,401 12,543 23.252 -0.763 ........... ........... ........... ...........
May-14............................. 21 403,700 19,224 23.679 0.427 ........... ........... ........... ...........
Jun-14............................. 21 423,075 20,146 23.726 0.047 ........... ........... ........... ...........
Jul-14............................. 22 373,811 16,991 23.556 -0.170 ........... ........... ........... ...........
Aug-14............................. 21 405,017 19,287 23.683 0.127 ........... ........... ........... ...........
Sep-14............................. 21 409,349 19,493 23.693 0.011 ........... ........... ........... ...........
Oct-14............................. 23 338,832 14,732 23.413 -0.280 ........... ........... ........... ...........
Nov-14............................. 19 386,898 20,363 23.737 0.324 ........... ........... ........... ...........
Dec-14............................. 22 370,760 16,853 23.548 -0.189 ........... ........... ........... ...........
Jan-15............................. 20 394,127 19,706 23.704 0.156 ........... ........... ........... ...........
Feb-15............................. 19 466,138 24,534 23.923 0.219 ........... ........... ........... ...........
Mar-15............................. 22 753,747 34,261 24.257 0.334 ........... ........... ........... ...........
Apr-15............................. 21 356,560 16,979 23.555 -0.702 ........... ........... ........... ...........
May-15............................. 20 478,591 23,930 23.898 0.343 ........... ........... ........... ...........
Jun-15............................. 22 446,102 20,277 23.733 -0.166 ........... ........... ........... ...........
Jul-15............................. 22 402,062 18,276 23.629 -0.104 ........... ........... ........... ...........
Aug-15............................. 21 334,746 15,940 23.492 -0.137 ........... ........... ........... ...........
Sep-15............................. 21 289,872 13,803 23.348 -0.144 ........... ........... ........... ...........
Oct-15............................. 22 300,276 13,649 23.337 -0.011 ........... ........... ........... ...........
Nov-15............................. 20 409,690 20,485 23.743 0.406 ........... ........... ........... ...........
Dec-15............................. 22 308,569 14,026 23.364 -0.379 ........... ........... ........... ...........
Jan-16............................. 19 457,411 24,074 23.904 0.540 ........... ........... ........... ...........
Feb-16............................. 20 554,343 27,717 24.045 0.141 ........... ........... ........... ...........
Mar-16............................. 22 900,301 40,923 24.435 0.390 ........... ........... ........... ...........
Apr-16............................. 21 250,716 11,939 23.203 -1.232 ........... ........... ........... ...........
May-16............................. 21 409,992 19,523 23.695 0.492 ........... ........... ........... ...........
Jun-16............................. 22 321,219 14,601 23.404 -0.291 ........... ........... ........... ...........
Jul-16............................. 20 289,671 14,484 23.396 -0.008 ........... ........... ........... ...........
Aug-16............................. 23 ........... ........... ........... ........... 23.632167 0.342 19,439 447,089
Sep-16............................. 21 ........... ........... ........... ........... 23.634974 0.347 19,526 410,051
Oct-16............................. 21 ........... ........... ........... ........... 23.637781 0.351 19,614 411,898
Nov-16............................. 21 ........... ........... ........... ........... 23.640588 0.356 19,703 413,754
Dec-16............................. 21 ........... ........... ........... ........... 23.643395 0.361 19,791 415,618
Jan-17............................. 20 ........... ........... ........... ........... 23.646202 0.366 19,880 397,610
Feb-17............................. 19 ........... ........... ........... ........... 23.649009 0.370 19,970 379,431
Mar-17............................. 23 ........... ........... ........... ........... 23.651816 0.375 20,060 461,381
Apr-17............................. 19 ........... ........... ........... ........... 23.654623 0.379 20,150 382,858
May-17............................. 22 ........... ........... ........... ........... 23.657430 0.384 20,241 445,306
Jun-17............................. 22 ........... ........... ........... ........... 23.660237 0.388 20,332 447,312
Jul-17............................. 20 ........... ........... ........... ........... 23.663044 0.392 20,424 408,479
Aug-17............................. 23 ........... ........... ........... ........... 23.665851 0.397 20,516 471,867
Sep-17............................. 20 ........... ........... ........... ........... 23.668658 0.401 20,608 412,168
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[[Page 61287]]
[GRAPHIC] [TIFF OMITTED] TN06SE16.006
[FR Doc. 2016-21268 Filed 9-2-16; 8:45 am]
BILLING CODE 8011-01-C
