Order Making Fiscal Year 2018 Annual Adjustments to Registration Fee Rates, 41080-41085 [2017-18308]
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41080
Federal Register / Vol. 82, No. 166 / Tuesday, August 29, 2017 / Notices
disapprove, the proposed rule change
(File No. SR–BatsEDGX–2017–29).
SECURITIES AND EXCHANGE
COMMISSION
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Eduardo A. Aleman,
Assistant Secretary.
[Release Nos. 33–10407; 34–81476/August
24, 2017]
[FR Doc. 2017–18241 Filed 8–28–17; 8:45 am]
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
proxy solicitations and statements in
corporate control transactions.3 These
provisions require the Commission to
make annual adjustments to the
applicable fee rates.
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
sradovich on DSK3GMQ082PROD with NOTICES
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 Thursday, August 31, 2017 at 2 p.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 his designee, has
certified that, in his 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), (a)(5), (a)(7),
(a)(9)(ii) and (a)(10), permit
consideration of the scheduled matters
at the closed meeting.
Commissioner Piwowar, as duty
officer, voted to consider the items
listed for the closed meeting in closed
session.
The subject matters of the closed
meeting will be:
Institution and settlement of
injunctive actions;
Institution and settlement of
administrative proceedings;
Adjudicatory matters;
Resolution of litigation claims; and
Other matters relating to enforcement
proceedings.
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 Brent J. Fields from the Office of
the Secretary at (202) 551–5400.
Dated: August 24, 2017.
Brent J. Fields,
Secretary.
[FR Doc. 2017–18350 Filed 8–25–17; 11:15 am]
BILLING CODE 8011–01–P
6 17
CFR 200.30–3(a)(31).
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Order Making Fiscal Year 2018 Annual
Adjustments to Registration Fee Rates
II. Fiscal Year 2018 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
Section 6(b)(2) sets forth the method
for determining the annual adjustment
to the fee rate under Section 6(b) for
fiscal year 2018. 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 2018], is reasonably likely to
produce aggregate fee collections under
[Section 6(b)] that are equal to the target
fee collection amount for [fiscal year
2018].’’ That is, the adjusted rate is
determined by dividing the ‘‘target fee
collection amount’’ for fiscal year 2018
by the ‘‘baseline estimate of the
aggregate maximum offering prices’’ for
fiscal year 2018.
Section 6(b)(6)(A) specifies that the
‘‘target fee collection amount’’ for fiscal
1 15
U.S.C. 77f(b).
2 15 U.S.C. 78m(e).
3 15 U.S.C. 78n(g).
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).
PO 00000
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Fmt 4703
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year 2018 is $620,000,000. Section
6(b)(6)(B) defines the ‘‘baseline estimate
of the aggregate maximum offering
prices’’ for fiscal year 2018 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
2018] 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 2018, 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 2018 to be
$4,981,648,951,511. Based on this
estimate, the Commission calculates the
fee rate for fiscal 2018 to be $124.50 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 2018 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, 2017.7
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
$124.50 per million effective on October
1, 2017.
6 Appendix A explains how we determined the
‘‘baseline estimate of the aggregate maximum
offering price’’ for fiscal year 2018 using our
methodology, and then shows the arithmetical
process of calculating the fiscal year 2018 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 2018.
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).
E:\FR\FM\29AUN1.SGM
29AUN1
41081
Federal Register / Vol. 82, No. 166 / Tuesday, August 29, 2017 / Notices
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 2018, 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 2017, 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
2018
First, calculate the aggregate maximum
offering prices (AMOP) for each month in the
sample (July 2007–July 2017). 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 2007
to July 2017.
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 = 0.0014909132 and b = 0.8922530731.
6. For the month of August 2017 forecast
Dt = 8/2017 = a + bet = 7/2017. For all subsequent
months, forecast Dt = a.
7. Calculate forecasts of log(AAMOP). For
example, the forecast of log(AAMOP) for
October 2017 is given by FLAAMOP t = 10/2017
= log(AAMOP t = 7/2017) + Dt = 8/2017 + Dt = 9/2017
+ Dt = 10/2017.
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 2017, this gives a forecast
AAMOP of $19.617 billion (Column I), and
a forecast AMOP of $431.6 billion (Column
J).
10. Iterate this process through September
2018 to obtain a baseline estimate of the
aggregate maximum offering prices for fiscal
year 2018 of $4,981,648,951,511.
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 10/01/17 and 9/30/18 to be
$4,981,648,951,511.
2. The rate necessary to collect the target
$620,000,000 in fee revenues set by Congress
is then calculated as: $620,000,000 ÷
$4,981,648,951,511 = 0.000124457.
3. Round the result to the seventh decimal
point, yielding a rate of 0.0001245 (or
$124.50 per million).
TABLE A—ESTIMATION OF BASELINE OF AGGREGATE MAXIMUM OFFERING PRICES
Fee rate calculation
a. Baseline estimate of the aggregate maximum offering prices, 10/1/17 to 9/30/18 ($Millions) ............................................................
b. Implied fee rate ($620 Million/a) ............................................................................................................................................................
Month
Number of
trading
days in
month
Aggregate
maximum
offering
prices, in
$millions
Average
daily
aggregate
max.
offering
prices
(AAMOP)
in $millions
(A)
(B)
(C)
(D)
4,981,649
$124.50
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)
..................
0.032
¥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
sradovich on DSK3GMQ082PROD with NOTICES
Data
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 ........................................................
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PO 00000
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
Frm 00100
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
Fmt 4703
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
Sfmt 4703
E:\FR\FM\29AUN1.SGM
29AUN1
41082
Federal Register / Vol. 82, No. 166 / Tuesday, August 29, 2017 / Notices
Average
daily
aggregate
max.
offering
prices
(AAMOP)
in $millions
(A)
sradovich on DSK3GMQ082PROD with NOTICES
Month
Number of
trading
days in
month
Aggregate
maximum
offering
prices, in
$millions
(B)
(C)
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 ........................................................
Jun–11 .........................................................
Jul–11 ..........................................................
Aug–11 ........................................................
Sep–11 ........................................................
Oct–11 .........................................................
Nov–11 ........................................................
Dec–11 ........................................................
Jan–12 .........................................................
Feb–12 ........................................................
Mar–12 ........................................................
Apr–12 .........................................................
May–12 ........................................................
Jun–12 .........................................................
Jul–12 ..........................................................
Aug–12 ........................................................
Sep–12 ........................................................
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 .........................................................
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PO 00000
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
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
Frm 00101
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)
(D)
(E)
(F)
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
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
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
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
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¥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
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
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Federal Register / Vol. 82, No. 166 / Tuesday, August 29, 2017 / Notices
Month
Number of
trading
days in
month
Aggregate
maximum
offering
prices, in
$millions
Average
daily
aggregate
max.
offering
prices
(AAMOP)
in $millions
(A)
(B)
(C)
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
352,068
326,116
266,115
443,034
310,614
503,030
255,815
723,870
255,275
569,965
445,081
291,167
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
sradovich on DSK3GMQ082PROD with NOTICES
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 ........................................................
Oct–17 .........................................................
Nov–17 ........................................................
Dec–17 ........................................................
Jan–18 .........................................................
Feb–18 ........................................................
Mar–18 ........................................................
Apr–18 .........................................................
May–18 ........................................................
Jun–18 .........................................................
Jul–18 ..........................................................
Aug–18 ........................................................
Sep–18 ........................................................
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22
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19
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21
21
22
20
23
21
21
21
21
20
19
23
19
22
22
20
23
20
22
21
20
21
19
21
21
22
21
21
23
19
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Standard
error
Forecast
AAMOP, in
$millions
Forecast
aggregate
maximum
offering
prices, in
$millions
(G)
(H)
(I)
(J)
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
23.641896
23.643387
23.644878
23.646369
23.647860
23.649351
23.650841
23.652332
23.653823
23.655314
23.656805
23.658296
23.659787
23.661278
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
0.327
0.329
0.331
0.333
0.335
0.337
0.338
0.340
0.342
0.344
0.346
0.348
0.349
0.351
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
19,535
19,576
19,617
19,659
19,700
19,742
19,784
19,826
19,868
19,910
19,952
19,994
20,036
20,079
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
449,296
391,518
431,581
412,835
394,008
414,583
375,892
416,338
417,219
438,011
418,986
419,872
460,832
381,492
Log
(AAMOP)
Log
(change in
AAMOP)
Forecast
log
(AAMOP)
(D)
(E)
(F)
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
15,307
15,529
12,672
21,097
14,791
25,152
13,464
31,473
13,436
25,908
20,231
14,558
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
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
23.452
23.466
23.263
23.772
23.417
23.948
23.323
24.172
23.321
23.978
23.730
23.401
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
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
0.055
0.014
¥0.203
0.510
¥0.355
0.531
¥0.625
0.849
¥0.851
0.657
¥0.247
¥0.329
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0
0
i Zl
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sradovich on DSK3GMQ082PROD with NOTICES
L
41085
Federal Register / Vol. 82, No. 166 / Tuesday, August 29, 2017 / Notices
[FR Doc. 2017–18308 Filed 8–28–17; 8:45 am]
BILLING CODE 8011–01–P
SOCIAL SECURITY ADMINISTRATION
[Docket No: SSA–2017–0045]
Agency Information Collection
Activities: Proposed Request and
Comment Request
The Social Security Administration
(SSA) publishes a list of information
collection packages requiring clearance
by the Office of Management and
Budget (OMB) in compliance with
Public Law 104–13, the Paperwork
Reduction Act of 1995, effective October
1, 1995. This notice includes revisions
of OMB-approved information
collections.
SSA is soliciting comments on the
accuracy of the agency’s burden
estimate; the need for the information;
its practical utility; ways to enhance its
quality, utility, and clarity; and ways to
Modality of
completion
Number of
respondents
SSA–7104
Average burden
per response
(minutes)
Frequency of
response
12,350
2. Supplement to Claim of Person
Outside the United States—20 CFR
422.505(b), 404.460, 404.463, and 42
CFR 407.27(c)—0960–0051. Claimants
or beneficiaries (both United States
(U.S.) citizens and aliens entitled to
benefits) living outside the U.S.
complete Form SSA–21 as a supplement
to an application for benefits. SSA
collects the information to determine
eligibility for U.S. Social Security
benefits for those months an alien
them to OMB within 60 days from the
date of this notice. To be sure we
consider your comments, we must
receive them no later than October 30,
2017. Individuals can obtain copies of
the collection instruments by writing to
the above email address.
1. Partnership Questionnaire—20 CFR
404.1080–404.1082(e)—0960–0025. SSA
considers partnership income in
determining entitlement to Social
Security benefits. SSA uses information
from Form SSA–7104 to determine
several aspects of eligibility for benefits,
including the accuracy of reported
partnership earnings; the veracity of a
retirement; and lag earnings where SSA
needs this information to determine the
status of the insured. The respondents
are applicants for, and recipients of,
Title II Social Security benefits who are
reporting partnership earnings.
Type of Request: Revision of an OMBapproved information collection.
minimize burden on respondents,
including the use of automated
collection techniques or other forms of
information technology. Mail, email, or
fax your comments and
recommendations on the information
collection(s) to the OMB Desk Officer
and SSA Reports Clearance Officer at
the following addresses or fax numbers.
(OMB), Office of Management and
Budget, Attn: Desk Officer for SSA,
Fax: 202–395–6974,Email address:
OIRA_Submission@omb.eop.gov.
(SSA), Social Security Administration,
OLCA, Attn: Reports Clearance
Director, 3100 West High Rise, 6401
Security Blvd., Baltimore, MD 21235,
Fax: 410–966–2830, Email address:
OR.Reports.Clearance@ssa.gov.
Or you may submit your comments
online through www.regulations.gov,
referencing Docket ID Number [SSA–
2017–0045].
I. The information collections below
are pending at SSA. SSA will submit
1
30
beneficiary or claimant is outside the
U.S., and to determine if tax
withholding applies. In addition, SSA
uses the information to: (1) Allow
beneficiaries or claimants to request a
special payment exception in an SSA
restricted country; (2) terminate
supplemental medical insurance
coverage for recipients who request it,
because they are, or will be, out of the
United States; and (3) allow claimants to
collect a lump sum death benefit if the
Modality of
completion
Estimated total
annual burden
(hours)
Number of
respondents
6,175
number holder died outside the U.S.
and we do not have information to
determine whether the lump sum death
benefit is payable under the Social
Security Act (Act). The respondents are
Social Security claimants, or
individuals entitled to Social Security
benefits, who are, were, or will be
residing outside the U.S. three months
or longer.
Type of Request: Revision of an OMBapproved information collection.
Frequency of
response
Average burden
per response
(minutes)
Estimated
total annual
burden
(hours)
510
2,751
1,835
1,325
7,153
4,769
1
1
1
1
1
1
14
9
8
11
6
5
119
413
245
243
715
397
Totals ........................................................................................................
sradovich on DSK3GMQ082PROD with NOTICES
Paper SSA–21—U.S. Residents .....................................................................
Paper SSA–21—Residents of a Tax Treaty Country ......................................
Paper SSA–21—Nonresident aliens ...............................................................
Modernized Claims System (MCS) Macros SSA–21—U.S. Residents ..........
MCS Macros SSA 21—Residents of a Tax Treaty Country ...........................
MCS Macros SSA 21—Nonresident aliens .....................................................
18,343
........................
........................
2,132
II. SSA submitted the information
collections below to OMB for clearance.
Your comments regarding these
information collections would be most
useful if OMB and SSA receive them 30
days from the date of this publication.
To be sure we consider your comments,
we must receive them no later than
VerDate Sep<11>2014
18:45 Aug 28, 2017
Jkt 241001
September 28, 2017. Individuals can
obtain copies of the OMB clearance
packages by writing to
OR.Reports.Clearance@ssa.gov.
1. Application for Search of Census
Records for Proof of Age—20 CFR
404.716—0960–0097. When preferred
evidence of age is not available, or the
PO 00000
Frm 00104
Fmt 4703
Sfmt 4703
available evidence is not convincing,
SSA may ask the U.S. Department of
Commerce, Bureau of the Census, to
search its records to establish a
claimant’s date of birth. SSA collects
information from claimants using Form
SSA–1535–U3 to provide the Census
Bureau with sufficient identification
E:\FR\FM\29AUN1.SGM
29AUN1
]]>Agencies
[Federal Register Volume 82, Number 166 (Tuesday, August 29, 2017)]
[Notices]
[Pages 41080-41085]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-18308]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release Nos. 33-10407; 34-81476/August 24, 2017]
Order Making Fiscal Year 2018 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 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 2018 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 2018.
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 2018], is reasonably
likely to produce aggregate fee collections under [Section 6(b)] that
are equal to the target fee collection amount for [fiscal year 2018].''
That is, the adjusted rate is determined by dividing the ``target fee
collection amount'' for fiscal year 2018 by the ``baseline estimate of
the aggregate maximum offering prices'' for fiscal year 2018.
Section 6(b)(6)(A) specifies that the ``target fee collection
amount'' for fiscal year 2018 is $620,000,000. Section 6(b)(6)(B)
defines the ``baseline estimate of the aggregate maximum offering
prices'' for fiscal year 2018 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 2018] 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 2018, 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 2018 to be $4,981,648,951,511. Based
on this estimate, the Commission calculates the fee rate for fiscal
2018 to be $124.50 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
2018 using our methodology, and then shows the arithmetical process
of calculating the fiscal year 2018 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 2018.
---------------------------------------------------------------------------
III. Effective Dates of the Annual Adjustments
The fiscal year 2018 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, 2017.\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 $124.50 per million effective on October 1, 2017.
[[Page 41081]]
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 2018, 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 2017, 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 2018
First, calculate the aggregate maximum offering prices (AMOP)
for each month in the sample (July 2007-July 2017). 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 2007 to July 2017.
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] = 0.0014909132 and [beta] = 0.8922530731.
6. For the month of August 2017 forecast
[Delta]t = 8/2017 = [alpha] +
[beta]et = 7/2017. For all subsequent months, forecast
[Delta]t = [alpha].
7. Calculate forecasts of log(AAMOP). For example, the forecast
of log(AAMOP) for October 2017 is given by FLAAMOP
t = 10/2017 = log(AAMOP t = 7/2017) +
[Delta]t = 8/2017 + [Delta]t = 9/2017 +
[Delta]t = 10/2017.
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 2017, this gives a forecast AAMOP of $19.617
billion (Column I), and a forecast AMOP of $431.6 billion (Column
J).
10. Iterate this process through September 2018 to obtain a
baseline estimate of the aggregate maximum offering prices for
fiscal year 2018 of $4,981,648,951,511.
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 10/01/17 and 9/30/18 to be
$4,981,648,951,511.
2. The rate necessary to collect the target $620,000,000 in fee
revenues set by Congress is then calculated as: $620,000,000 /
$4,981,648,951,511 = 0.000124457.
3. Round the result to the seventh decimal point, yielding a
rate of 0.0001245 (or $124.50 per million).
Table A--Estimation of Baseline of Aggregate Maximum Offering Prices
------------------------------------------------------------------------
Fee rate calculation
------------------------------------------------------------------------
a. Baseline estimate of the aggregate maximum offering 4,981,649
prices, 10/1/17 to 9/30/18 ($Millions).....................
b. Implied fee rate ($620 Million/a)........................ $124.50
------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------------------------------
Average
daily Forecast
Number of Aggregate aggregate aggregate
trading maximum max. Log Log Forecast Standard Forecast maximum
Month days in offering offering (AAMOP) (change in log error AAMOP, in offering
month prices, in prices AAMOP) (AAMOP) $millions prices, in
$millions (AAMOP) in $millions
$millions
(A) (B) (C) (D) (E) (F) (G) (H) (I) (J)
.......... .......... .......... .......... .......... .......... .......... .......... ..........
--------------------------------------------------------------------------------------------------------------------------------------------------------
Data
--------------------------------------------------------------------------------------------------------------------------------------------------------
Jul-07...................................... 21 326,612 15,553 23.468 .......... .......... .......... .......... ..........
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 .......... .......... .......... ..........
[[Page 41082]]
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 .......... .......... .......... ..........
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 .......... .......... .......... ..........
[[Page 41083]]
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...................................... 23 352,068 15,307 23.452 0.055 .......... .......... .......... ..........
Sep-16...................................... 21 326,116 15,529 23.466 0.014 .......... .......... .......... ..........
Oct-16...................................... 21 266,115 12,672 23.263 -0.203 .......... .......... .......... ..........
Nov-16...................................... 21 443,034 21,097 23.772 0.510 .......... .......... .......... ..........
Dec-16...................................... 21 310,614 14,791 23.417 -0.355 .......... .......... .......... ..........
Jan-17...................................... 20 503,030 25,152 23.948 0.531 .......... .......... .......... ..........
Feb-17...................................... 19 255,815 13,464 23.323 -0.625 .......... .......... .......... ..........
Mar-17...................................... 23 723,870 31,473 24.172 0.849 .......... .......... .......... ..........
Apr-17...................................... 19 255,275 13,436 23.321 -0.851 .......... .......... .......... ..........
May-17...................................... 22 569,965 25,908 23.978 0.657 .......... .......... .......... ..........
Jun-17...................................... 22 445,081 20,231 23.730 -0.247 .......... .......... .......... ..........
Jul-17...................................... 20 291,167 14,558 23.401 -0.329 .......... .......... .......... ..........
Aug-17...................................... 23 .......... .......... .......... .......... 23.641896 0.327 19,535 449,296
Sep-17...................................... 20 .......... .......... .......... .......... 23.643387 0.329 19,576 391,518
Oct-17...................................... 22 .......... .......... .......... .......... 23.644878 0.331 19,617 431,581
Nov-17...................................... 21 .......... .......... .......... .......... 23.646369 0.333 19,659 412,835
Dec-17...................................... 20 .......... .......... .......... .......... 23.647860 0.335 19,700 394,008
Jan-18...................................... 21 .......... .......... .......... .......... 23.649351 0.337 19,742 414,583
Feb-18...................................... 19 .......... .......... .......... .......... 23.650841 0.338 19,784 375,892
Mar-18...................................... 21 .......... .......... .......... .......... 23.652332 0.340 19,826 416,338
Apr-18...................................... 21 .......... .......... .......... .......... 23.653823 0.342 19,868 417,219
May-18...................................... 22 .......... .......... .......... .......... 23.655314 0.344 19,910 438,011
Jun-18...................................... 21 .......... .......... .......... .......... 23.656805 0.346 19,952 418,986
Jul-18...................................... 21 .......... .......... .......... .......... 23.658296 0.348 19,994 419,872
Aug-18...................................... 23 .......... .......... .......... .......... 23.659787 0.349 20,036 460,832
Sep-18...................................... 19 .......... .......... .......... .......... 23.661278 0.351 20,079 381,492
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[GRAPHIC] [TIFF OMITTED] TN29AU17.001
[[Page 41085]]
[FR Doc. 2017-18308 Filed 8-28-17; 8:45 am]
BILLING CODE 8011-01-P
