Order Making Fiscal Year 2025 Annual Adjustments to Registration Fee Rates, 68476-68480 [2024-19022]
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68476
Federal Register / Vol. 89, No. 165 / Monday, August 26, 2024 / Notices
to Add Priority Mail & USPS Ground
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Date: August 19, 2024; Filing Authority:
39 U.S.C. 3642, 39 CFR 3040.130
through 3040.135, and 39 CFR 3035.105;
Public Representative: Christopher C.
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Contract 227 to Competitive Product
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Under Seal; Filing Acceptance Date:
August 19, 2024; Filing Authority: 39
U.S.C. 3642, 39 CFR 3040.130 through
3040.135, and 39 CFR 3035.105; Public
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3040.135, and 39 CFR 3035.105; Public
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Comments Due: August 27, 2024.
This Notice will be published in the
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Erica A. Barker,
Secretary.
BILLING CODE 7710–FW–P
SECURITIES AND EXCHANGE
COMMISSION
[Release Nos. 33–11299; 34–100784/August
20, 2024]
Order Making Fiscal Year 2025 Annual
Adjustments to Registration Fee Rates
lotter on DSK11XQN23PROD with NOTICES1
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
purchases of securities.2 Section 14(g) of
U.S.C. 77f(b).
U.S.C. 78m(e). Per Section 13(e)(2), a
purchase by or for the issuer or any person
controlling, controlled by, or under common
control with the issuer, or a purchase subject to
control of the issuer or any such person, shall be
deemed to be a purchase by the issuer for some or
all purposes of Section 13(e)(1).
2 15
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II. Fiscal Year 2025 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 2025. 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 2025], is reasonably likely to
produce aggregate fee collections under
[Section 6(b)] that are equal to the target
fee collection amount for [fiscal year
2025].’’ That is, the adjusted rate is
determined by dividing the ‘‘target fee
collection amount’’ for fiscal year 2025
by the ‘‘baseline estimate of the
aggregate maximum offering prices’’ for
fiscal year 2025.
III. Target Fee Collection Amount for
FY 2025
[FR Doc. 2024–19005 Filed 8–23–24; 8:45 am]
1 15
the Exchange Act requires the
Commission to collect fees on specified
proxy solicitations and specified tender
offers.3 These provisions require the
Commission to make annual
adjustments to the applicable fee rates.
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
Consistent with the fiscal year 2021
calculation, 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,
3 15
U.S.C. 78n(g).
U.S.C. 77f(b)(2). The annual adjustments are
designed to adjust the fee rate in a given fiscal year
so that, when applied to the aggregate maximum
offering 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).
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 Dec.
16, 2019, Memorandum for the Heads of Executive
Departments and Agencies,’’ M–20–05, on
4 15
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Fmt 4703
Sfmt 4703
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
2025 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 2024. This value is 314.175.8 The
CPI–U index value, not seasonally
adjusted, for June 2023 is 305.109.9
Dividing the June 2024 value by the
June 2023 value and rounding to five
decimal places yields a multiplier value
of 1.02971. Multiplying the fiscal year
2024 target fee collection amount of
$839,771,535 10 by the multiplier value
of 1.02971 and rounding to the nearest
whole dollar yields a fiscal year 2025
target fee collection amount of
$864,721,147.
Section 6(b)(6)(B) defines the
‘‘baseline estimate of the aggregate
maximum offering prices’’ for fiscal year
2025 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 2025] 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 2025, 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.11 Using this methodology, the
‘‘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 July 11, 2024. See
https://www.bls.gov/news.release/archives/cpi_
07112024.htm.
9 See ‘‘Table 1. Consumer Price Index for All
Urban Consumers (CPI–U): U.S. city average, by
expenditure category, June 2024’’ in the
announcement referenced above.
10 See 88 FR 59953, published Aug. 30, 2023
(https://www.federalregister.gov/documents/2023/
08/30/2023-18723/order-making-fiscal-year-2024annual-adjustments-to-registration-fee-rates).
11 Appendix A explains how we determined the
‘‘baseline estimate of the aggregate maximum
offering prices’’ for fiscal year 2025 using our
methodology, and then shows the arithmetical
process of calculating the fiscal year 2025 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 2025.
E:\FR\FM\26AUN1.SGM
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68477
Federal Register / Vol. 89, No. 165 / Monday, August 26, 2024 / Notices
Commission determines the ‘‘baseline
estimate of the aggregate maximum
offering price’’ for fiscal year 2025 to be
$5,647,140,476,572. Based on this
estimate and the fiscal year 2025 target
fee collection amount, the Commission
calculates the fee rate for fiscal 2025 to
be $153.10 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 2025 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, 2024.12
V. Conclusion
Accordingly, pursuant to Section 6(b)
of the Securities Act and Sections 13(e)
and 14(g) of the Exchange Act,13
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
$153.10 per million effective on October
1, 2024.
By the Commission.
Sherry R. Haywood,
Assistant 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 (hereafter, ‘‘registrations’’).
In order to maximize the likelihood that the
amount of monies targeted by Congress under
Section 6(b) of the Securities Act of 1933 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 2025, 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 2024,
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
2025
First, calculate the aggregate maximum
offering prices (AMOP) for each month in the
sample (July 2014 through July 2024). 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 2014
to July 2024.
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 = 0.0009130838 and b = 0.9266757361.
6. For the month of August 2024 forecast
Dt = 8/2024 = a + bet = 7/2024. For all subsequent
months, forecast Dt = a.
7. Calculate forecasts of log (AAMOP). For
example, the forecast of log (AAMOP) for
October 2024 is given by FLAAMOP t = 10/2024
= log (AAMOP t = 7/2024) + D t = 8/2024 + D t
= 9/2024 + D t = 10/2024.
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 2024, this gives a forecast
AAMOP of $22,312 million (Column I), and
a forecast AMOP of $513,185 million
(Column J).
10. Iterate this process through September
2025 to obtain a baseline estimate of the
aggregate maximum offering prices for fiscal
year 2025 of $5,647,140,476,572.
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 10/01/24 and 9/30/25 to be
$5,647,140,476,572.
2. The rate necessary to collect the target
$864,721,147 in fee revenues required by
Section 6(b) of the Securities Act is then
calculated as: $864,721,147 ÷
$5,647,140,476,572 =0.0001531.
3. Round the result to the seventh decimal
point, yielding a rate of 0.0001531 (or
$153.10 per million).
TABLE A—ESTIMATION OF BASELINE OF AGGREGATE MAXIMUM OFFERING PRICES
[Fee rate calculation]
lotter on DSK11XQN23PROD with NOTICES1
a. Baseline estimate of the aggregate maximum offering prices, 10/01/24 to 09/30/25 ($Millions) ...................................................
b. Implied fee rate ($864,721,147/a) ...................................................................................................................................................
5,647,140
$153.10
Month
Number of
trading days
in month
Aggregate
maximum
offering
prices, in
$millions
Average
daily
aggregate
max.
offering
prices
(AAMOP) in
$millions
log
(AAMOP)
Log
(change in
AAMOP)
Forecast log
(AAMOP)
Standard
error
Forecast
AAMOP, in
$millions
Forecast
aggregate
maximum
offering
prices, in
$millions
(A)
(B)
(C)
(D)
(E)
(F)
(G)
(H)
(I)
(J)
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Jul–14 ........................................
Aug–14 ......................................
Sep–14 ......................................
Oct–14 .......................................
22
21
21
23
373,811
405,017
409,349
338,832
12 15 U.S.C. 77f(b)(4), 15 U.S.C. 78m(e)(6), and 15
U.S.C. 78n(g)(6).
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16,991
19,287
19,493
14,732
¥0.170
0.127
0.011
¥0.280
23.556
23.683
23.693
23.413
U.S.C. 77f(b), 78m(e), and 78n(g).
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lotter on DSK11XQN23PROD with NOTICES1
68478
Federal Register / Vol. 89, No. 165 / Monday, August 26, 2024 / 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)
(D)
Nov–14 ......................................
Dec–14 ......................................
Jan–15 .......................................
Feb–15 ......................................
Mar–15 ......................................
Apr–15 .......................................
May–15 ......................................
Jun–15 .......................................
Jul–15 ........................................
Aug–15 ......................................
Sep–15 ......................................
Oct–15 .......................................
Nov–15 ......................................
Dec–15 ......................................
Jan–16 .......................................
Feb–16 ......................................
Mar–16 ......................................
Apr–16 .......................................
May–16 ......................................
Jun–16 .......................................
Jul–16 ........................................
Aug–16 ......................................
Sep–16 ......................................
Oct–16 .......................................
Nov–16 ......................................
Dec–16 ......................................
Jan–17 .......................................
Feb–17 ......................................
Mar–17 ......................................
Apr–17 .......................................
May–17 ......................................
Jun–17 .......................................
Jul–17 ........................................
Aug–17 ......................................
Sep–17 ......................................
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 .......................................
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22
20
19
22
21
20
22
22
21
21
22
20
22
19
20
22
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
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
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Jkt 262001
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
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
PO 00000
Forecast
aggregate
maximum
offering
prices, in
$millions
(G)
(H)
(I)
(J)
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log
(AAMOP)
Forecast log
(AAMOP)
(E)
(F)
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
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
Frm 00093
Standard
error
Forecast
AAMOP, in
$millions
Log
(change in
AAMOP)
Fmt 4703
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
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
Sfmt 4703
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
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
E:\FR\FM\26AUN1.SGM
26AUN1
68479
Federal Register / Vol. 89, No. 165 / Monday, August 26, 2024 / 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)
785,163
960,806
430,803
759,512
512,966
485,097
608,745
565,229
338,100
387,841
618,897
809,773
531,622
868,009
607,591
529,417
410,380
364,895
495,621
371,472
175,612
362,262
311,922
484,759
700,233
775,232
310,952
574,632
87,686
778,808
290,749
387,612
118,541
458,187
35,060
547,780
625,139
1,073,420
330,061
769,244
481,093
465,992
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
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 ......................................
Oct–22 .......................................
Nov–22 ......................................
Dec–22 ......................................
Jan–23 .......................................
Feb–23 ......................................
Mar–23 ......................................
Apr–23 .......................................
May–23 ......................................
Jun–23 .......................................
Jul–23 ........................................
Aug–23 ......................................
Sep–23 ......................................
Oct–23 .......................................
Nov–23 ......................................
Dec–23 ......................................
Jan–24 .......................................
Feb–24 ......................................
Mar–24 ......................................
Apr–24 .......................................
May–24 ......................................
Jun–24 .......................................
Jul–24 ........................................
Aug–24 ......................................
Sep–24 ......................................
Oct–24 .......................................
Nov–24 ......................................
Dec–24 ......................................
Jan–25 .......................................
Feb–25 ......................................
Mar–25 ......................................
Apr–25 .......................................
May–25 ......................................
Jun–25 .......................................
Jul–25 ........................................
Aug–25 ......................................
Sep–25 ......................................
19
23
21
20
22
21
22
21
21
21
22
20
19
23
20
21
21
20
23
21
21
21
21
20
19
23
19
22
21
20
23
20
22
21
20
21
20
20
22
22
19
22
22
20
23
20
21
21
19
21
21
21
20
22
21
21
Standard
error
Forecast
AAMOP, in
$millions
Forecast
aggregate
maximum
offering
prices, in
$millions
(G)
(H)
(I)
(J)
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
23.714
23.715
23.716
23.717
23.718
23.719
23.720
23.721
23.721
23.722
23.723
23.724
23.725
23.726
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
0.472
0.473
0.474
0.475
0.477
0.478
0.479
0.480
0.482
0.483
0.484
0.485
0.487
0.488
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
22,245
22,279
22,312
22,346
22,380
22,414
22,448
22,482
22,516
22,550
22,584
22,618
22,652
22,686
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
489,392
445,574
513,185
446,923
469,978
470,689
426,506
472,114
472,828
473,543
451,675
497,594
475,694
476,413
log
(AAMOP)
Log
(change in
AAMOP)
Forecast log
(AAMOP)
(D)
(E)
(F)
41,324
41,774
20,514
37,976
23,317
23,100
27,670
26,916
16,100
18,469
28,132
40,489
27,980
37,740
30,380
25,210
19,542
18,245
21,549
17,689
8,362
17,251
14,853
24,238
36,854
33,706
16,366
26,120
4,176
38,940
12,641
19,381
5,388
21,818
1,753
26,085
31,257
53,671
15,003
34,966
25,321
21,181
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
24.445
24.456
23.744
24.360
23.872
23.863
24.044
24.016
23.502
23.639
24.060
24.424
24.055
24.354
24.137
23.951
23.696
23.627
23.794
23.596
22.847
23.571
23.421
23.911
24.330
24.241
23.518
23.986
22.153
24.385
23.260
23.688
22.407
23.806
21.285
23.985
24.166
24.706
23.432
24.278
23.955
23.776
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
0.041
0.011
¥0.711
0.616
¥0.488
¥0.009
0.181
¥0.028
¥0.514
0.137
0.421
0.364
¥0.370
0.299
¥0.217
¥0.187
¥0.255
¥0.069
0.166
¥0.197
¥0.749
0.724
¥0.150
0.490
0.419
¥0.089
¥0.722
0.467
¥1.833
2.233
¥1.125
0.427
¥1.280
1.399
¥2.521
2.700
0.181
0.541
¥1.275
0.846
¥0.323
¥0.178
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
....................
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$Billions
$1,200 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
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$200
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Jul-14
Jul-15
Jul-16
Jul-17
Jul-18
Jul-19
Jul-20
Jul-21
Jul-22
Jul-23
Jul-24
Jul-25
EN26AU24.000</GPH>
Federal Register / Vol. 89, No. 165 / Monday, August 26, 2024 / Notices
Jkt 262001
[FR Doc. 2024–19022 Filed 8–23–24; 8:45 am]
17:03 Aug 23, 2024
BILLING CODE 8011–01–C
VerDate Sep<11>2014
Figure A
Aggregate Maximum Offering Prices Subject to Securities Act Section 6(b)
(Dashed Line Indicates Forecast Values)
]]>Agencies
[Federal Register Volume 89, Number 165 (Monday, August 26, 2024)]
[Notices]
[Pages 68476-68480]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-19022]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release Nos. 33-11299; 34-100784/August 20, 2024]
Order Making Fiscal Year 2025 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 purchases of securities.\2\
Section 14(g) of the Exchange Act requires the Commission to collect
fees on specified proxy solicitations and specified tender offers.\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). Per Section 13(e)(2), a purchase by or for
the issuer or any person controlling, controlled by, or under common
control with the issuer, or a purchase subject to control of the
issuer or any such person, shall be deemed to be a purchase by the
issuer for some or all purposes of Section 13(e)(1).
\3\ 15 U.S.C. 78n(g).
---------------------------------------------------------------------------
II. Fiscal Year 2025 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 2025.
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 2025], is reasonably
likely to produce aggregate fee collections under [Section 6(b)] that
are equal to the target fee collection amount for [fiscal year 2025].''
That is, the adjusted rate is determined by dividing the ``target fee
collection amount'' for fiscal year 2025 by the ``baseline estimate of
the aggregate maximum offering prices'' for fiscal year 2025.
III. Target Fee Collection Amount for FY 2025
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\ Consistent with the fiscal year 2021
calculation, 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 2025 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 Dec. 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 2024. This value is 314.175.\8\ The CPI-U
index value, not seasonally adjusted, for June 2023 is 305.109.\9\
Dividing the June 2024 value by the June 2023 value and rounding to
five decimal places yields a multiplier value of 1.02971. Multiplying
the fiscal year 2024 target fee collection amount of $839,771,535 \10\
by the multiplier value of 1.02971 and rounding to the nearest whole
dollar yields a fiscal year 2025 target fee collection amount of
$864,721,147.
---------------------------------------------------------------------------
\8\ This value was announced July 11, 2024. See https://www.bls.gov/news.release/archives/cpi_07112024.htm.
\9\ See ``Table 1. Consumer Price Index for All Urban Consumers
(CPI-U): U.S. city average, by expenditure category, June 2024'' in
the announcement referenced above.
\10\ See 88 FR 59953, published Aug. 30, 2023 (https://www.federalregister.gov/documents/2023/08/30/2023-18723/order-making-fiscal-year-2024-annual-adjustments-to-registration-fee-rates).
---------------------------------------------------------------------------
Section 6(b)(6)(B) defines the ``baseline estimate of the aggregate
maximum offering prices'' for fiscal year 2025 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 2025] 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 2025, 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.\11\ Using this
methodology, the
[[Page 68477]]
Commission determines the ``baseline estimate of the aggregate maximum
offering price'' for fiscal year 2025 to be $5,647,140,476,572. Based
on this estimate and the fiscal year 2025 target fee collection amount,
the Commission calculates the fee rate for fiscal 2025 to be $153.10
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.
---------------------------------------------------------------------------
\11\ Appendix A explains how we determined the ``baseline
estimate of the aggregate maximum offering prices'' for fiscal year
2025 using our methodology, and then shows the arithmetical process
of calculating the fiscal year 2025 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 2025.
---------------------------------------------------------------------------
IV. Effective Dates of the Annual Adjustments
The fiscal year 2025 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, 2024.\12\
---------------------------------------------------------------------------
\12\ 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,\13\
---------------------------------------------------------------------------
\13\ 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 $153.10 per million effective on October 1, 2024.
By the Commission.
Sherry R. Haywood,
Assistant 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 (hereafter, ``registrations''). In order to
maximize the likelihood that the amount of monies targeted by
Congress under Section 6(b) of the Securities Act of 1933 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 2025, 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
2024, 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 2025
First, calculate the aggregate maximum offering prices (AMOP)
for each month in the sample (July 2014 through July 2024). 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 2014 to July 2024.
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] = 0.0009130838 and [beta] =
0.9266757361.
6. For the month of August 2024 forecast
[Delta]t = 8/2024 = [alpha] +
[beta]et = 7/2024. For all subsequent months, forecast
[Delta]t = [alpha].
7. Calculate forecasts of log (AAMOP). For example, the forecast
of log (AAMOP) for October 2024 is given by FLAAMOP
t = 10/2024 = log (AAMOP t = 7/2024) + [Delta]
t = 8/2024 + [Delta] t = 9/2024 + [Delta]
t = 10/2024.
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 2024, this gives a forecast AAMOP of $22,312
million (Column I), and a forecast AMOP of $513,185 million (Column
J).
10. Iterate this process through September 2025 to obtain a
baseline estimate of the aggregate maximum offering prices for
fiscal year 2025 of $5,647,140,476,572.
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 10/01/24 and 9/30/25 to be
$5,647,140,476,572.
2. The rate necessary to collect the target $864,721,147 in fee
revenues required by Section 6(b) of the Securities Act is then
calculated as: $864,721,147 / $5,647,140,476,572 =0.0001531.
3. Round the result to the seventh decimal point, yielding a
rate of 0.0001531 (or $153.10 per million).
Table A--Estimation of Baseline of Aggregate Maximum Offering Prices
[Fee rate calculation]
------------------------------------------------------------------------
------------------------------------------------------------------------
a. Baseline estimate of the aggregate maximum offering 5,647,140
prices, 10/01/24 to 09/30/25 ($Millions)...............
b. Implied fee rate ($864,721,147/a).................... $153.10
------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------------------------------
Average
daily Forecast
Number 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-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 ........... ........... ........... ...........
[[Page 68478]]
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 ........... ........... ........... ...........
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 ........... ........... ........... ...........
[[Page 68479]]
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............................. 22 608,745 27,670 24.044 0.181 ........... ........... ........... ...........
Sep-21............................. 21 565,229 26,916 24.016 -0.028 ........... ........... ........... ...........
Oct-21............................. 21 338,100 16,100 23.502 -0.514 ........... ........... ........... ...........
Nov-21............................. 21 387,841 18,469 23.639 0.137 ........... ........... ........... ...........
Dec-21............................. 22 618,897 28,132 24.060 0.421 ........... ........... ........... ...........
Jan-22............................. 20 809,773 40,489 24.424 0.364 ........... ........... ........... ...........
Feb-22............................. 19 531,622 27,980 24.055 -0.370 ........... ........... ........... ...........
Mar-22............................. 23 868,009 37,740 24.354 0.299 ........... ........... ........... ...........
Apr-22............................. 20 607,591 30,380 24.137 -0.217 ........... ........... ........... ...........
May-22............................. 21 529,417 25,210 23.951 -0.187 ........... ........... ........... ...........
Jun-22............................. 21 410,380 19,542 23.696 -0.255 ........... ........... ........... ...........
Jul-22............................. 20 364,895 18,245 23.627 -0.069 ........... ........... ........... ...........
Aug-22............................. 23 495,621 21,549 23.794 0.166 ........... ........... ........... ...........
Sep-22............................. 21 371,472 17,689 23.596 -0.197 ........... ........... ........... ...........
Oct-22............................. 21 175,612 8,362 22.847 -0.749 ........... ........... ........... ...........
Nov-22............................. 21 362,262 17,251 23.571 0.724 ........... ........... ........... ...........
Dec-22............................. 21 311,922 14,853 23.421 -0.150 ........... ........... ........... ...........
Jan-23............................. 20 484,759 24,238 23.911 0.490 ........... ........... ........... ...........
Feb-23............................. 19 700,233 36,854 24.330 0.419 ........... ........... ........... ...........
Mar-23............................. 23 775,232 33,706 24.241 -0.089 ........... ........... ........... ...........
Apr-23............................. 19 310,952 16,366 23.518 -0.722 ........... ........... ........... ...........
May-23............................. 22 574,632 26,120 23.986 0.467 ........... ........... ........... ...........
Jun-23............................. 21 87,686 4,176 22.153 -1.833 ........... ........... ........... ...........
Jul-23............................. 20 778,808 38,940 24.385 2.233 ........... ........... ........... ...........
Aug-23............................. 23 290,749 12,641 23.260 -1.125 ........... ........... ........... ...........
Sep-23............................. 20 387,612 19,381 23.688 0.427 ........... ........... ........... ...........
Oct-23............................. 22 118,541 5,388 22.407 -1.280 ........... ........... ........... ...........
Nov-23............................. 21 458,187 21,818 23.806 1.399 ........... ........... ........... ...........
Dec-23............................. 20 35,060 1,753 21.285 -2.521 ........... ........... ........... ...........
Jan-24............................. 21 547,780 26,085 23.985 2.700 ........... ........... ........... ...........
Feb-24............................. 20 625,139 31,257 24.166 0.181 ........... ........... ........... ...........
Mar-24............................. 20 1,073,420 53,671 24.706 0.541 ........... ........... ........... ...........
Apr-24............................. 22 330,061 15,003 23.432 -1.275 ........... ........... ........... ...........
May-24............................. 22 769,244 34,966 24.278 0.846 ........... ........... ........... ...........
Jun-24............................. 19 481,093 25,321 23.955 -0.323 ........... ........... ........... ...........
Jul-24............................. 22 465,992 21,181 23.776 -0.178 ........... ........... ........... ...........
Aug-24............................. 22 ........... ........... ........... ........... 23.714 0.472 22,245 489,392
Sep-24............................. 20 ........... ........... ........... ........... 23.715 0.473 22,279 445,574
Oct-24............................. 23 ........... ........... ........... ........... 23.716 0.474 22,312 513,185
Nov-24............................. 20 ........... ........... ........... ........... 23.717 0.475 22,346 446,923
Dec-24............................. 21 ........... ........... ........... ........... 23.718 0.477 22,380 469,978
Jan-25............................. 21 ........... ........... ........... ........... 23.719 0.478 22,414 470,689
Feb-25............................. 19 ........... ........... ........... ........... 23.720 0.479 22,448 426,506
Mar-25............................. 21 ........... ........... ........... ........... 23.721 0.480 22,482 472,114
Apr-25............................. 21 ........... ........... ........... ........... 23.721 0.482 22,516 472,828
May-25............................. 21 ........... ........... ........... ........... 23.722 0.483 22,550 473,543
Jun-25............................. 20 ........... ........... ........... ........... 23.723 0.484 22,584 451,675
Jul-25............................. 22 ........... ........... ........... ........... 23.724 0.485 22,618 497,594
Aug-25............................. 21 ........... ........... ........... ........... 23.725 0.487 22,652 475,694
Sep-25............................. 21 ........... ........... ........... ........... 23.726 0.488 22,686 476,413
--------------------------------------------------------------------------------------------------------------------------------------------------------
BILLING CODE 8011-01-P
[[Page 68480]]
[GRAPHIC] [TIFF OMITTED] TN26AU24.000
[FR Doc. 2024-19022 Filed 8-23-24; 8:45 am]
BILLING CODE 8011-01-C
