Order Making Fiscal Year 2022 Annual Adjustments to Registration Fee Rates, 47696-47701 [2021-18402]
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47696
Federal Register / Vol. 86, No. 163 / Thursday, August 26, 2021 / Notices
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[FR Doc. 2021–18335 Filed 8–25–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release Nos. 33–10965; 34–92720/August
23, 2021]
Order Making Fiscal Year 2022 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.
II. Fiscal Year 2022 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
1 15
U.S.C. 77f(b).
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 prices 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’’ required
by 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).
2 15
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fiscal year 2022. 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 2022], is reasonably likely to
produce aggregate fee collections under
[Section 6(b)] that are equal to the target
fee collection amount for [fiscal year
2022].’’ That is, the adjusted rate is
determined by dividing the ‘‘target fee
collection amount’’ for fiscal year 2022
by the ‘‘baseline estimate of the
aggregate maximum offering prices’’ for
fiscal year 2022.
III. Target Fee Collection Amount for
FY 2022
The statutory ‘‘target fee collection
amount’’ for fiscal year 2021 and ‘‘each
fiscal year thereafter’’ is ‘‘an amount
that is equal to the target fee collection
amount for the prior fiscal year,
adjusted by the rate of inflation.’’ 6 The
target fee collection amount for fiscal
year 2021 was $709,554,300. To adjust
the fiscal year 2021 target fee collection
amount by the rate of inflation to
determine the fiscal year 2022 target fee
collection amount, the Commission has
determined that it will use an approach
similar to one that it uses to annually
adjust civil monetary penalties by the
rate of inflation.7 Under this approach,
the Commission will use the year-overyear change, rounded to five decimal
places, in the Consumer Price Index for
All Urban Consumers (‘‘CPI–U’’), not
seasonally adjusted, in calculating the
target fee collection amount, which is
then rounded to the nearest whole
dollar. The calculation for the fiscal year
2022 target fee collection amount is
described in more detail below.
The most recent CPI–U index value,
not seasonally adjusted, available for
use by the Commission at the time this
fee rate update was prepared was for
June 2021. This value is 271.696.8 The
CPI–U index value, not seasonally
adjusted, for June 2020 is 257.797.9
6 15
U.S.C. 77f(b)(6)(A).
Commission annually adjusts for inflation
the civil monetary penalties that can be imposed
under the statutes administered by Commission, as
required by the Federal Civil Penalties Inflation
Adjustment Act Improvements Act of 2015,
pursuant to guidance from the Office of
Management and Budget (‘‘OMB’’). See OMB
December 16, 2019, Memorandum for the Heads of
Executive Departments and Agencies, M–20–05, on
‘‘Implementation of Penalty Inflation Adjustments
for 2020, Pursuant to the Federal Civil Penalties
Inflation Adjustment Act Improvements Act of
2015.’’
8 This value was announced on July 13, 2021. See
https://www.bls.gov/news.release/archives/cpi_
07132021.htm.
9 See Supplemental Tables, ‘‘CPI–U News Release
Companion File’’ from the July 13, 2021, press
release.
7 The
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Dividing the June 2021 value by the
June 2020 value and rounding to five
decimal places yields a multiplier value
of 1.05391. Multiplying the fiscal year
2021 target fee collection amount of
$709,554,300 by the multiplier value of
1.05391 and rounding to the nearest
whole dollar yields a fiscal year 2022
target fee collection amount of
$747,806,372.
Section 6(b)(6)(B) defines the
‘‘baseline estimate of the aggregate
maximum offering prices’’ for fiscal year
2022 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 2022] 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 prices for
fiscal year 2022, the Commission is
using the methodology it has used in
prior fiscal years and that was
developed in consultation with the
Congressional Budget Office and
OMB.10 Using this methodology, the
Commission determines the ‘‘baseline
estimate of the aggregate maximum
offering price’’ for fiscal year 2022 to be
$8,066,357,647,394. Based on this
estimate and the fiscal year 2022 target
fee collection amount, the Commission
calculates the fee rate for fiscal 2022 to
be $92.70 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.
IV. Effective Dates of the Annual
Adjustments
The fiscal year 2022 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, 2021.11
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V. Conclusion
Accordingly, pursuant to Section 6(b)
of the Securities Act and Sections 13(e)
and 14(g) of the Exchange Act,12
It is hereby ordered that the fee rates
applicable under Section 6(b) of the
10 Appendix A explains how we determined the
‘‘baseline estimate of the aggregate maximum
offering prices’’ for fiscal year 2022 using our
methodology, and then shows the arithmetical
process of calculating the fiscal year 2022 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 prices’’ for fiscal year 2022.
11 15 U.S.C. 77f(b)(4), 15 U.S.C. 78m(e)(6), and 15
U.S.C. 78n(g)(6).
12 15 U.S.C. 77f(b), 78m(e), and 78n(g).
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Securities Act and Sections 13(e) and
14(g) of the Exchange Act shall be
$92.70 per million effective on October
1, 2021.
By the Commission.
Vanessa Countryman,
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 2022, the Commission has
estimated the aggregate maximum
offering prices by projecting forward the
trend established in the previous
decade. More specifically, an autoregressive integrated moving average
(‘‘ARIMA’’) model was used to forecast
the value of the aggregate maximum
offering prices for months subsequent to
July 2021, 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 2022
First, calculate the aggregate
maximum offering prices (AMOP) for
each month in the sample (July 2011–
July 2021). 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]
[ARIMA] 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
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47697
formal (mathematical) description of the
procedure:
1. Begin with the monthly data for
AMOP. The sample spans ten years,
from July 2011 to July 2021.
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 =
0.0079933991 and b = 0.9007307577.
6. For the month of August 2021
forecast Dt = 8/2021 = a + bet = 7/2021. For
all subsequent months, forecast Dt = a.
7. Calculate forecasts of log(AAMOP).
For example, the forecast of
log(AAMOP) for October 2021 is given
by FLAAMOP t = 10/2021 = log(AAMOP t
= 7/2021) + D t = 8/2021 +D t = 9/2021 + D t
= 10/2021.
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 n-step
ahead forecast.
9. For October 2021, this gives a
forecast AAMOP of $30.399 billion
(Column I), and a forecast AMOP of
$638.385 billion (Column J).
10. Iterate this process through
September 2022 to obtain a baseline
estimate of the aggregate maximum
offering prices for fiscal year 2022 of
$8,066,357,647,394.
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 10/01/21 and 9/
30/22 to be $8,066,357,647,394.
2. The rate necessary to collect the
target $747,806,372 in fee revenues
required by Section 6(b) of the
Securities Act is then calculated as:
$747,806,372 ÷ $8,066,357,647,394 =
0.0000927068.
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Federal Register / Vol. 86, No. 163 / Thursday, August 26, 2021 / Notices
3. Round the result to the seventh
decimal point, yielding a rate of
0.0000927 (or $92.70 per million).
TABLE A—ESTIMATION OF BASELINE OF AGGREGATE MAXIMUM OFFERING PRICES
[Fee rate calculation]
jbell on DSKJLSW7X2PROD with NOTICES
a. Baseline estimate of the aggregate maximum offering prices, 10/01/21 to 09/30/22 ($Millions) ...............................................
b. Implied fee rate ($747,806,372 / a) .............................................................................................................................................
Month
No. of trading days in
month
Aggregate
maximum
offering
prices, in
$Millions
Average
daily aggregate max.
offering
prices
(AAMOP) in
$Millions
(A)
(B)
(C)
(D)
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 ......................................
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 .......................................
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21
21
20
20
22
20
22
21
21
23
19
21
21
20
21
19
20
22
22
20
22
22
20
23
20
21
21
19
21
21
21
21
22
21
21
23
19
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20
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21
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19
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20
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Jkt 253001
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
352,068
326,116
266,115
PO 00000
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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)
....................
¥0.320
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
0.055
0.014
¥0.203
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
15,307
15,529
12,672
Fmt 4703
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
23.452
23.466
23.263
Sfmt 4703
8,066,358
$92.70
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jbell on DSKJLSW7X2PROD with NOTICES
Federal Register / Vol. 86, No. 163 / Thursday, August 26, 2021 / Notices
Month
No. of trading days in
month
Aggregate
maximum
offering
prices, in
$Millions
Average
daily aggregate max.
offering
prices
(AAMOP) in
$Millions
(A)
(B)
(C)
443,034
310,614
503,030
255,815
723,870
255,275
569,965
445,081
291,167
263,981
372,705
173,749
377,262
281,126
593,025
353,182
685,784
367,569
543,840
477,967
327,710
347,239
259,874
300,814
447,767
276,130
495,624
372,166
604,813
267,737
476,892
399,178
359,438
401,391
382,876
181,113
553,889
438,062
636,403
424,133
409,403
389,821
731,835
650,219
457,871
465,953
435,323
429,638
849,894
493,133
753,590
785,163
960,806
430,803
759,512
512,966
485,097
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
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 ......................................
Oct–18 .......................................
Nov–18 ......................................
Dec–18 ......................................
Jan–19 ......................................
Feb–19 ......................................
Mar–19 ......................................
Apr–19 .......................................
May–19 .....................................
Jun–19 ......................................
Jul–19 ........................................
Aug–19 ......................................
Sep–19 ......................................
Oct–19 .......................................
Nov–19 ......................................
Dec–19 ......................................
Jan–20 ......................................
Feb–20 ......................................
Mar–20 ......................................
Apr–20 .......................................
May–20 .....................................
Jun–20 ......................................
Jul–20 ........................................
Aug–20 ......................................
Sep–20 ......................................
Oct–20 .......................................
Nov–20 ......................................
Dec–20 ......................................
Jan–21 ......................................
Feb–21 ......................................
Mar–21 ......................................
Apr–21 .......................................
May–21 .....................................
Jun–21 ......................................
Jul–21 ........................................
Aug–21 ......................................
Sep–21 ......................................
Oct–21 .......................................
Nov–21 ......................................
Dec–21 ......................................
Jan–22 ......................................
Feb–22 ......................................
Mar–22 ......................................
Apr–22 .......................................
May–22 .....................................
Jun–22 ......................................
Jul–22 ........................................
Aug–22 ......................................
Sep–22 ......................................
VerDate Sep<11>2014
17:30 Aug 25, 2021
21
21
20
19
23
19
22
22
20
23
20
22
21
20
21
19
21
21
22
21
21
23
19
23
21
19
21
19
21
21
22
20
22
22
20
23
20
21
21
19
22
21
20
22
22
21
21
22
20
22
19
19
23
21
20
22
21
22
21
21
21
22
20
19
23
20
21
22
20
23
21
Jkt 253001
PO 00000
Standard
error
Forecast
AAMOP, in
$Millions
Forecast
aggregate
maximum
offering
prices, in
$Millions
(G)
(H)
(I)
(J)
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
24.066
24.074
24.082
24.090
24.098
24.106
24.114
24.122
24.130
24.138
24.146
24.154
24.162
24.170
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
0.331
0.332
0.334
0.335
0.337
0.339
0.340
0.342
0.343
0.345
0.346
0.348
0.350
0.351
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
29,885
30,141
30,399
30,660
30,922
31,187
31,455
31,724
31,996
32,270
32,547
32,825
33,107
33,390
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
657,469
632,962
638,385
643,855
680,294
623,748
597,638
729,655
639,919
677,673
716,026
656,510
761,455
701,199
log
(AAMOP)
Log
(Change in
AAMOP)
Forecast
log(AAMOP)
(D)
(E)
(F)
21,097
14,791
25,152
13,464
31,473
13,436
25,908
20,231
14,558
11,477
18,635
7,898
17,965
14,056
28,239
18,589
32,656
17,503
24,720
22,760
15,605
15,097
13,678
13,079
21,322
14,533
23,601
19,588
28,801
12,749
21,677
19,959
16,338
18,245
19,144
7,874
27,694
20,860
30,305
22,323
18,609
18,563
36,592
29,555
20,812
22,188
20,730
19,529
42,495
22,415
39,663
41,324
41,774
20,514
37,976
23,317
23,100
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
23.772
23.417
23.948
23.323
24.172
23.321
23.978
23.730
23.401
23.164
23.648
22.790
23.612
23.366
24.064
23.646
24.209
23.586
23.931
23.848
23.471
23.438
23.339
23.294
23.783
23.400
23.885
23.698
24.084
23.269
23.800
23.717
23.517
23.627
23.675
22.787
24.044
23.761
24.135
23.829
23.647
23.644
24.323
24.110
23.759
23.823
23.755
23.695
24.473
23.833
24.404
24.445
24.456
23.744
24.360
23.872
23.863
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
0.510
¥0.355
0.531
¥0.625
0.849
¥0.851
0.657
¥0.247
¥0.329
¥0.238
0.485
¥0.858
0.822
¥0.245
0.698
¥0.418
0.563
¥0.624
0.345
¥0.083
¥0.377
¥0.033
¥0.099
¥0.045
0.489
¥0.383
0.485
¥0.186
0.385
¥0.815
0.531
¥0.083
¥0.200
0.110
0.048
¥0.888
1.258
¥0.283
0.373
¥0.306
¥0.182
¥0.002
0.679
¥0.214
¥0.351
0.064
¥0.068
¥0.060
0.777
¥0.640
0.571
0.041
0.011
¥0.711
0.616
¥0.488
¥0.009
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
Frm 00086
Fmt 4703
Sfmt 4703
E:\FR\FM\26AUN1.SGM
26AUN1
jbell on DSKJLSW7X2PROD with NOTICES
47700
VerDate Sep<11>2014
Dollar Value,
$Billions
$1,200
--.--------------------------------------"""'T"""------,
Jkt 253001
PO 00000
$1,000
Frm 00087
$800
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Fmt 4703
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Jul-11
Jul-12
Jul-13
Jul-14
Jul-15
Jul-16
Jul-17
Jul-18
Jul-19
Jul-20
Jul-21
Jul-22
EN26AU21.024</GPH>
Federal Register / Vol. 86, No. 163 / Thursday, August 26, 2021 / Notices
17:30 Aug 25, 2021
Figure A
Aggregate Maximum Offering Prices Subject to Securities Act Section 6(b)
(Dashed Line Indicates Forecast Values)
Federal Register / Vol. 86, No. 163 / Thursday, August 26, 2021 / Notices
[FR Doc. 2021–18402 Filed 8–25–21; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
Reporting and Recordkeeping
Requirements Under OMB Review
Small Business Administration.
30-Day notice.
AGENCY:
ACTION:
The Small Business
Administration (SBA) is seeking
approval from the Office of Management
and Budget (OMB) for the information
collection described below. In
accordance with the Paperwork
Reduction Act and OMB procedures,
SBA is publishing this notice to allow
all interested member of the public an
additional 30 days to provide comments
on the proposed collection of
information.
DATES: Submit comments on or before
September 27, 2021.
ADDRESSES: Written comments and
recommendations for this information
collection request should be sent within
30 days of publication of this notice to
www.reginfo.gov/public/do/PRAMain.
Find this particular information
collection request by selecting ‘‘Small
Business Administration’’; ‘‘Currently
Under Review,’’ then select the ‘‘Only
Show ICR for Public Comment’’
checkbox. This information collection
can be identified by title and/or OMB
Control Number.
FOR FURTHER INFORMATION CONTACT: You
may obtain a copy of the information
collection and supporting documents
from the Agency Clearance Office at
Curtis.Rich@sba.gov; (202) 205–7030, or
from www.reginfo.gov/public/do/
PRAMain.
SUPPLEMENTARY INFORMATION: The
information collected is used by SBA to
monitor the Agents, fees charged by
Agents, and the relationship between
Agents and lenders. The information
helps SBA to determine among other
things whether borrowers are paying
unnecessary, unreasonable or
prohibitive fees.
Solicitation of Public Comments:
Comments may be submitted on (a)
Whether the collection of information is
necessary for the agency to properly
perform its functions; (b) whether the
burden estimates are accurate; (c)
whether there are ways to minimize the
burden, including through the use of
automated techniques or other forms of
information technology; and (d) whether
there are ways to enhance the quality,
utility, and clarity of the information.
OMB Control 3245–0201.
jbell on DSKJLSW7X2PROD with NOTICES
SUMMARY:
VerDate Sep<11>2014
17:30 Aug 25, 2021
Jkt 253001
Title: Compensation Agreement.
Description of Respondents: SBA
Borrowers.
Form Number’s: 159(7a), 159(504),
159D.
Estimated Number of Respondents:
9,210.
Estimated Annual Responses: 9,210.
Estimated Annual Hour Burden:
1,385.
Curtis Rich,
Management Analyst.
[FR Doc. 2021–18417 Filed 8–25–21; 8:45 am]
BILLING CODE 8026–03–P
SMALL BUSINESS ADMINISTRATION
Reporting and Recordkeeping
Requirements Under OMB Review
Small Business Administration.
30-Day notice.
AGENCY:
ACTION:
The Small Business
Administration (SBA) is seeking
approval from the Office of Management
and Budget (OMB) for the information
collection described below. In
accordance with the Paperwork
Reduction Act and OMB procedures,
SBA is publishing this notice to allow
all interested member of the public an
additional 30 days to provide comments
on the proposed collection of
information.
DATES: Submit comments on or before
September 27, 2021.
ADDRESSES: Written comments and
recommendations for this information
collection request should be sent within
30 days of publication of this notice to
www.reginfo.gov/public/do/PRAMain.
Find this particular information
collection request by selecting ‘‘Small
Business Administration’’; ‘‘Currently
Under Review,’’ then select the ‘‘Only
Show ICR for Public Comment’’
checkbox. This information collection
can be identified by title and/or OMB
Control Number.
FOR FURTHER INFORMATION CONTACT: You
may obtain a copy of the information
collection and supporting documents
from the Agency Clearance Office at
Curtis.Rich@sba.gov; (202) 205–7030, or
from www.reginfo.gov/public/do/
PRAMain.
SUPPLEMENTARY INFORMATION:
SUMMARY:
Solicitation of Public Comments
This form facilitates online
registration for the Boots to Business
course for eligible service members and
their spouses. The collected data will be
used to report course statistics, manage
course operations more efficiently, tailor
individual classes based on the
PO 00000
Frm 00088
Fmt 4703
Sfmt 4703
47701
experience and interests of the
participants, and ultimately contact
Boots to Business alumni.
Comments may be submitted on (a)
whether the collection of information is
necessary for the agency to properly
perform its functions; (b) whether the
burden estimates are accurate; (c)
whether there are ways to minimize the
burden, including through the use of
automated techniques or other forms of
information technology; and (d) whether
there are ways to enhance the quality,
utility, and clarity of the information.
OMB Control: 3245–0384.
Title: Boots to Business,
Description of Respondents:
Transitioning Service Members.
Estimated Number of Respondents:
18,000.
Estimated Annual Responses: 18,000.
Estimated Annual Hour Burden:
1,500.
Curtis Rich,
Management Analyst.
[FR Doc. 2021–18411 Filed 8–25–21; 8:45 am]
BILLING CODE 8026–03–P
SMALL BUSINESS ADMINISTRATION
Reporting and Recordkeeping
Requirements Under OMB Review
Small Business Administration.
30-Day notice.
AGENCY:
ACTION:
The Small Business
Administration (SBA) is seeking
approval from the Office of Management
and Budget (OMB) for the information
collection described below. In
accordance with the Paperwork
Reduction Act and OMB procedures,
SBA is publishing this notice to allow
all interested member of the public an
additional 30 days to provide comments
on the proposed collection of
information.
SUMMARY:
Submit comments on or before
September 27, 2021.
ADDRESSES: Written comments and
recommendations for this information
collection request should be sent within
30 days of publication of this notice to
www.reginfo.gov/public/do/PRAMain.
Find this particular information
collection request by selecting ‘‘Small
Business Administration’’; ‘‘Currently
Under Review,’’ then select the ‘‘Only
Show ICR for Public Comment’’
checkbox. This information collection
can be identified by title and/or OMB
Control Number.
FOR FURTHER INFORMATION CONTACT: You
may obtain a copy of the information
collection and supporting documents
from the Agency Clearance Office at
DATES:
E:\FR\FM\26AUN1.SGM
26AUN1
]]>Agencies
[Federal Register Volume 86, Number 163 (Thursday, August 26, 2021)]
[Notices]
[Pages 47696-47701]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-18402]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release Nos. 33-10965; 34-92720/August 23, 2021]
Order Making Fiscal Year 2022 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 2022 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 prices 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'' required by 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 2022.
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 2022], is reasonably
likely to produce aggregate fee collections under [Section 6(b)] that
are equal to the target fee collection amount for [fiscal year 2022].''
That is, the adjusted rate is determined by dividing the ``target fee
collection amount'' for fiscal year 2022 by the ``baseline estimate of
the aggregate maximum offering prices'' for fiscal year 2022.
III. Target Fee Collection Amount for FY 2022
The statutory ``target fee collection amount'' for fiscal year 2021
and ``each fiscal year thereafter'' is ``an amount that is equal to the
target fee collection amount for the prior fiscal year, adjusted by the
rate of inflation.'' \6\ The target fee collection amount for fiscal
year 2021 was $709,554,300. To adjust the fiscal year 2021 target fee
collection amount by the rate of inflation to determine the fiscal year
2022 target fee collection amount, the Commission has determined that
it will use an approach similar to one that it uses to annually adjust
civil monetary penalties by the rate of inflation.\7\ Under this
approach, the Commission will use the year-over-year change, rounded to
five decimal places, in the Consumer Price Index for All Urban
Consumers (``CPI-U''), not seasonally adjusted, in calculating the
target fee collection amount, which is then rounded to the nearest
whole dollar. The calculation for the fiscal year 2022 target fee
collection amount is described in more detail below.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 77f(b)(6)(A).
\7\ The Commission annually adjusts for inflation the civil
monetary penalties that can be imposed under the statutes
administered by Commission, as required by the Federal Civil
Penalties Inflation Adjustment Act Improvements Act of 2015,
pursuant to guidance from the Office of Management and Budget
(``OMB''). See OMB December 16, 2019, Memorandum for the Heads of
Executive Departments and Agencies, M-20-05, on ``Implementation of
Penalty Inflation Adjustments for 2020, Pursuant to the Federal
Civil Penalties Inflation Adjustment Act Improvements Act of 2015.''
---------------------------------------------------------------------------
The most recent CPI-U index value, not seasonally adjusted,
available for use by the Commission at the time this fee rate update
was prepared was for June 2021. This value is 271.696.\8\ The CPI-U
index value, not seasonally adjusted, for June 2020 is 257.797.\9\
[[Page 47697]]
Dividing the June 2021 value by the June 2020 value and rounding to
five decimal places yields a multiplier value of 1.05391. Multiplying
the fiscal year 2021 target fee collection amount of $709,554,300 by
the multiplier value of 1.05391 and rounding to the nearest whole
dollar yields a fiscal year 2022 target fee collection amount of
$747,806,372.
---------------------------------------------------------------------------
\8\ This value was announced on July 13, 2021. See https://www.bls.gov/news.release/archives/cpi_07132021.htm.
\9\ See Supplemental Tables, ``CPI-U News Release Companion
File'' from the July 13, 2021, press release.
---------------------------------------------------------------------------
Section 6(b)(6)(B) defines the ``baseline estimate of the aggregate
maximum offering prices'' for fiscal year 2022 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 2022] 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
prices for fiscal year 2022, the Commission is using the methodology it
has used in prior fiscal years and that was developed in consultation
with the Congressional Budget Office and OMB.\10\ Using this
methodology, the Commission determines the ``baseline estimate of the
aggregate maximum offering price'' for fiscal year 2022 to be
$8,066,357,647,394. Based on this estimate and the fiscal year 2022
target fee collection amount, the Commission calculates the fee rate
for fiscal 2022 to be $92.70 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.
---------------------------------------------------------------------------
\10\ Appendix A explains how we determined the ``baseline
estimate of the aggregate maximum offering prices'' for fiscal year
2022 using our methodology, and then shows the arithmetical process
of calculating the fiscal year 2022 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
prices'' for fiscal year 2022.
---------------------------------------------------------------------------
IV. Effective Dates of the Annual Adjustments
The fiscal year 2022 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, 2021.\11\
---------------------------------------------------------------------------
\11\ 15 U.S.C. 77f(b)(4), 15 U.S.C. 78m(e)(6), and 15 U.S.C.
78n(g)(6).
---------------------------------------------------------------------------
V. Conclusion
Accordingly, pursuant to Section 6(b) of the Securities Act and
Sections 13(e) and 14(g) of the Exchange Act,\12\
---------------------------------------------------------------------------
\12\ 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 $92.70 per million effective on October 1, 2021.
By the Commission.
Vanessa Countryman,
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 2022, the Commission has estimated the aggregate maximum
offering prices by projecting forward the trend established in the
previous decade. More specifically, an auto-regressive integrated
moving average (``ARIMA'') model was used to forecast the value of the
aggregate maximum offering prices for months subsequent to July 2021,
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 2022
First, calculate the aggregate maximum offering prices (AMOP) for
each month in the sample (July 2011-July 2021). 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] [ARIMA] 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 2011 to July 2021.
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] = 0.0079933991 and [beta] =
0.9007307577.
6. For the month of August 2021 forecast
[Delta]t = 8/2021 = [alpha] + [beta]et = 7/2021.
For all subsequent months, forecast [Delta]t = [alpha].
7. Calculate forecasts of log(AAMOP). For example, the forecast of
log(AAMOP) for October 2021 is given by FLAAMOP t = 10/2021
= log(AAMOP t = 7/2021) + [Delta] t = 8/2021
+[Delta] t = 9/2021 + [Delta] t = 10/2021.
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 2021, this gives a forecast AAMOP of $30.399 billion
(Column I), and a forecast AMOP of $638.385 billion (Column J).
10. Iterate this process through September 2022 to obtain a
baseline estimate of the aggregate maximum offering prices for fiscal
year 2022 of $8,066,357,647,394.
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 10/01/21 and 9/30/22 to be $8,066,357,647,394.
2. The rate necessary to collect the target $747,806,372 in fee
revenues required by Section 6(b) of the Securities Act is then
calculated as: $747,806,372 / $8,066,357,647,394 = 0.0000927068.
[[Page 47698]]
3. Round the result to the seventh decimal point, yielding a rate
of 0.0000927 (or $92.70 per million).
Table A--Estimation of Baseline of Aggregate Maximum Offering Prices
[Fee rate calculation]
------------------------------------------------------------------------
------------------------------------------------------------------------
a. Baseline estimate of the aggregate maximum offering 8,066,358
prices, 10/01/21 to 09/30/22 ($Millions)...............
b. Implied fee rate ($747,806,372 / a).................. $92.70
------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------------------------------
Average
daily Forecast
No. 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)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Jul-11............................. 20 215,391 10,770 23.100 ........... ........... ........... ........... ...........
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............................. 23 352,068 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 ........... ........... ........... ...........
[[Page 47699]]
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............................. 23 263,981 11,477 23.164 -0.238 ........... ........... ........... ...........
Sep-17............................. 20 372,705 18,635 23.648 0.485 ........... ........... ........... ...........
Oct-17............................. 22 173,749 7,898 22.790 -0.858 ........... ........... ........... ...........
Nov-17............................. 21 377,262 17,965 23.612 0.822 ........... ........... ........... ...........
Dec-17............................. 20 281,126 14,056 23.366 -0.245 ........... ........... ........... ...........
Jan-18............................. 21 593,025 28,239 24.064 0.698 ........... ........... ........... ...........
Feb-18............................. 19 353,182 18,589 23.646 -0.418 ........... ........... ........... ...........
Mar-18............................. 21 685,784 32,656 24.209 0.563 ........... ........... ........... ...........
Apr-18............................. 21 367,569 17,503 23.586 -0.624 ........... ........... ........... ...........
May-18............................. 22 543,840 24,720 23.931 0.345 ........... ........... ........... ...........
Jun-18............................. 21 477,967 22,760 23.848 -0.083 ........... ........... ........... ...........
Jul-18............................. 21 327,710 15,605 23.471 -0.377 ........... ........... ........... ...........
Aug-18............................. 23 347,239 15,097 23.438 -0.033 ........... ........... ........... ...........
Sep-18............................. 19 259,874 13,678 23.339 -0.099 ........... ........... ........... ...........
Oct-18............................. 23 300,814 13,079 23.294 -0.045 ........... ........... ........... ...........
Nov-18............................. 21 447,767 21,322 23.783 0.489 ........... ........... ........... ...........
Dec-18............................. 19 276,130 14,533 23.400 -0.383 ........... ........... ........... ...........
Jan-19............................. 21 495,624 23,601 23.885 0.485 ........... ........... ........... ...........
Feb-19............................. 19 372,166 19,588 23.698 -0.186 ........... ........... ........... ...........
Mar-19............................. 21 604,813 28,801 24.084 0.385 ........... ........... ........... ...........
Apr-19............................. 21 267,737 12,749 23.269 -0.815 ........... ........... ........... ...........
May-19............................. 22 476,892 21,677 23.800 0.531 ........... ........... ........... ...........
Jun-19............................. 20 399,178 19,959 23.717 -0.083 ........... ........... ........... ...........
Jul-19............................. 22 359,438 16,338 23.517 -0.200 ........... ........... ........... ...........
Aug-19............................. 22 401,391 18,245 23.627 0.110 ........... ........... ........... ...........
Sep-19............................. 20 382,876 19,144 23.675 0.048 ........... ........... ........... ...........
Oct-19............................. 23 181,113 7,874 22.787 -0.888 ........... ........... ........... ...........
Nov-19............................. 20 553,889 27,694 24.044 1.258 ........... ........... ........... ...........
Dec-19............................. 21 438,062 20,860 23.761 -0.283 ........... ........... ........... ...........
Jan-20............................. 21 636,403 30,305 24.135 0.373 ........... ........... ........... ...........
Feb-20............................. 19 424,133 22,323 23.829 -0.306 ........... ........... ........... ...........
Mar-20............................. 22 409,403 18,609 23.647 -0.182 ........... ........... ........... ...........
Apr-20............................. 21 389,821 18,563 23.644 -0.002 ........... ........... ........... ...........
May-20............................. 20 731,835 36,592 24.323 0.679 ........... ........... ........... ...........
Jun-20............................. 22 650,219 29,555 24.110 -0.214 ........... ........... ........... ...........
Jul-20............................. 22 457,871 20,812 23.759 -0.351 ........... ........... ........... ...........
Aug-20............................. 21 465,953 22,188 23.823 0.064 ........... ........... ........... ...........
Sep-20............................. 21 435,323 20,730 23.755 -0.068 ........... ........... ........... ...........
Oct-20............................. 22 429,638 19,529 23.695 -0.060 ........... ........... ........... ...........
Nov-20............................. 20 849,894 42,495 24.473 0.777 ........... ........... ........... ...........
Dec-20............................. 22 493,133 22,415 23.833 -0.640 ........... ........... ........... ...........
Jan-21............................. 19 753,590 39,663 24.404 0.571 ........... ........... ........... ...........
Feb-21............................. 19 785,163 41,324 24.445 0.041 ........... ........... ........... ...........
Mar-21............................. 23 960,806 41,774 24.456 0.011 ........... ........... ........... ...........
Apr-21............................. 21 430,803 20,514 23.744 -0.711 ........... ........... ........... ...........
May-21............................. 20 759,512 37,976 24.360 0.616 ........... ........... ........... ...........
Jun-21............................. 22 512,966 23,317 23.872 -0.488 ........... ........... ........... ...........
Jul-21............................. 21 485,097 23,100 23.863 -0.009 ........... ........... ........... ...........
Aug-21............................. 22 ........... ........... ........... ........... 24.066 0.331 29,885 657,469
Sep-21............................. 21 ........... ........... ........... ........... 24.074 0.332 30,141 632,962
Oct-21............................. 21 ........... ........... ........... ........... 24.082 0.334 30,399 638,385
Nov-21............................. 21 ........... ........... ........... ........... 24.090 0.335 30,660 643,855
Dec-21............................. 22 ........... ........... ........... ........... 24.098 0.337 30,922 680,294
Jan-22............................. 20 ........... ........... ........... ........... 24.106 0.339 31,187 623,748
Feb-22............................. 19 ........... ........... ........... ........... 24.114 0.340 31,455 597,638
Mar-22............................. 23 ........... ........... ........... ........... 24.122 0.342 31,724 729,655
Apr-22............................. 20 ........... ........... ........... ........... 24.130 0.343 31,996 639,919
May-22............................. 21 ........... ........... ........... ........... 24.138 0.345 32,270 677,673
Jun-22............................. 22 ........... ........... ........... ........... 24.146 0.346 32,547 716,026
Jul-22............................. 20 ........... ........... ........... ........... 24.154 0.348 32,825 656,510
Aug-22............................. 23 ........... ........... ........... ........... 24.162 0.350 33,107 761,455
Sep-22............................. 21 ........... ........... ........... ........... 24.170 0.351 33,390 701,199
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[[Page 47700]]
[GRAPHIC] [TIFF OMITTED] TN26AU21.024
[[Page 47701]]
[FR Doc. 2021-18402 Filed 8-25-21; 8:45 am]
BILLING CODE 8011-01-P
