2716 Federal Register / Vol. 86, No. 8 / Wednesday, January 13, 2021 / Notices 

26 15 U.S.C. 78s(b)(2)(B). 

27 17 CFR 200.30–3(a)(12). 

1Public Law 114–74 Sec. 701, 129 Stat. 599–601 

(Nov. 2, 2015), codified at 28 U.S.C. 2461 note. 

2Public Law 101–410, 104 Stat. 890–892 (1990), 

codified at 28 U.S.C. 2461 note. 

3Public Law 104–134, Title III, § 31001(s)(1), 110 

Stat. 1321–373 (1996), codified at 28 U.S.C. 2461 

note. 

4See Release Nos. 33–7361, 34–37912, IA–1596, 

IC–22310, dated November 1, 1996 (effective 

December 9, 1996), previously found at 17 CFR 

201.1001 and Table I to Subpart E of Part 201; 

Release Nos. 33–7946, 34–43897, IA–1921, IC– 

24846, dated January 31, 2001 (effective February 

2, 2001), previously found at 17 CFR 201.1002 and 

Table II to Subpart E of Part 201; Release Nos. 33– 

8530, 34–51136, IA–2348, IC–26748, dated 

February 9, 2005 (effective February 14, 2005), 

previously found at 17 CFR 201.1003 and Table III 

to Subpart E of Part 201; Release Nos. 33–9009, 34– 

59449, IA–2845, IC–28635, dated February 25, 2009 

(effective March 3, 2009), previously found at 17 

CFR 201.1004 and Table IV to Subpart E of Part 201; 

and Release Nos. 33–9387, 34–68994, IA–3557, IC– 

30408, dated February 27, 2013 (effective March 5, 

2013), previously found at 17 CFR 201.1005 and 

Table V to Subpart E of Part 201. The penalty 

amounts contained in these releases have now been 

consolidated into Table I to 17 CFR 201.1001. 

5 28 U.S.C. 2461 note Sec. 4. 

6Release Nos. 33–10276; 34–79749; IA–4599; IC– 

32414 (effective Jan. 18, 2017). 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

under Section 19(b)(2)(B) 26 of the Act to 

determine whether the proposed rule 

change should be approved or 

disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSE–2020–108 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NYSE–2020–108. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–NYSE–2020–108, and 

should be submitted on or before 

February 3, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.27

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–00465 Filed 1–12–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release Nos. 33–10918; 34–90874; IA– 

5664; IC–34166] 

Adjustments to Civil Monetary Penalty 

Amounts 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Annual inflation adjustment of 

civil monetary penalties. 

SUMMARY: The Securities and Exchange 

Commission (the ‘‘Commission’’) is 

publishing this notice (the ‘‘Notice’’) 

pursuant to the Federal Civil Penalties 

Inflation Adjustment Act Improvements 

Act of 2015 (the ‘‘2015 Act’’). This Act 

requires all agencies to annually adjust 

for inflation the civil monetary penalties 

that can be imposed under the statutes 

administered by the agency and publish 

the adjusted amounts in the Federal 

Register. This Notice sets forth the 

annual inflation adjustment of the 

maximum amount of civil monetary 

penalties (‘‘CMPs’’) administered by the 

Commission under the Securities Act of 

1933, the Securities Exchange Act of 

1934 (the ‘‘Exchange Act’’), the 

Investment Company Act of 1940, the 

Investment Advisers Act of 1940, and 

certain penalties under the SarbanesOxley Act of 2002. These amounts are 

effective beginning on January 15, 2021, 

and will apply to all penalties imposed 

after that date for violations of the 

aforementioned statutes that occurred 

after November 2, 2015. 

FOR FURTHER INFORMATION CONTACT: 

Stephen M. Ng, Senior Special Counsel, 

Office of the General Counsel, at (202) 

551–7957, or Hannah W. Riedel, Senior 

Counsel, Office of the General Counsel, 

at (202) 551–7918. 

SUPPLEMENTARY INFORMATION: 

I. Background 

This Notice is being published 

pursuant to the 2015 Act,1 which 

amended the Federal Civil Penalties 

Inflation Adjustment Act of 1990 (the 

‘‘Inflation Adjustment Act’’).2 The 

Inflation Adjustment Act previously had 

been amended by the Debt Collection 

Improvement Act of 1996 (the ‘‘DCIA’’) 3

to require that each federal agency adopt 

regulations at least once every four years 

that adjust for inflation the CMPs that 

can be imposed under the statutes 

administered by the agency. Pursuant to 

this requirement, the Commission 

previously adopted regulations in 1996, 

2001, 2005, 2009, and 2013 to adjust the 

maximum amount of the CMPs that 

could be imposed under the statutes the 

Commission administers.4

The 2015 Act replaces the inflation 

adjustment formula prescribed in the 

DCIA with a new formula for calculating 

the inflation-adjusted amount of CMPs. 

The 2015 Act requires that agencies use 

this new formula to re-calculate the 

inflation-adjusted amounts of the 

penalties they administer on an annual 

basis and publish these new amounts in 

the Federal Register by January 15 of 

each year.5 The Commission previously 

published the first annual adjustment 

required by the 2015 Act on January 6, 

2017 (the ‘‘2017 Adjustment’’).6 As part 

of the 2017 Adjustment, the 

Commission promulgated 17 CFR 

201.1001(a) and Table I to Subsection 

1001, which lists the penalty amounts 

for all violations that occurred on or 

before November 2, 2015. For violations 

occurring after November 2, 2015, 

Subsection 1001(b) provides that the 

applicable penalty amounts will be 

adjusted annually based on the formula 

set forth in the 2015 Act. Subsection 

1001(b) further provides that these 

adjusted amounts will be published in 

Federal Register / Vol. 86, No. 8 / Wednesday, January 13, 2021 / Notices 2717 

7Release Nos. 33–10451; 34–82455; IA–4842; IC– 

32963 (effective Jan. 15, 2018). 8Release Nos. 33–10604; 34–85118; IA–5111; IC– 

33373 (effective Jan. 15, 2019). The publication of 

the 2019 Adjustment in the Federal Register was 

delayed due to operation of the Antideficiency Act 

during the absence of an appropriations bill to fund 

federal government programs between December 

22, 2018 and January 25, 2019. 

9Release Nos. 33–10740; 34–87905; IA–5428; IC– 

33740 (effective Jan. 15, 2020). 

10 28 U.S.C. 2461 note Sec. 3(2). 

11 15 U.S.C. 7215(c)(4)(D). 

12The Commission may by order affirm, modify, 

remand, or set aside sanctions, including civil 

monetary penalties, imposed by the PCAOB. See 

Section 107(c) of the Sarbanes-Oxley Act of 2002, 

15 U.S.C. 7217. The Commission may enforce such 

orders in federal district court pursuant to Section 

21(e) of the Exchange Act. As a result, penalties 

assessed by the PCAOB in its disciplinary 

proceedings are penalties ‘‘enforced’’ by the 

Commission for purposes of the Inflation 

Adjustment Act. See Adjustments to Civil Monetary 

Penalty Amounts, Release No. 33–8530 (Feb. 4, 

2005) [70 FR 7606 (Feb. 14, 2005)]. 

13 28 U.S.C. 2461 note Sec. 5. 

14Office of Management and Budget, 

Implementation of Penalty Inflation Adjustments 

for 2021, Pursuant to the Federal Civil Penalties 

Inflation Adjustment Act Improvements Act of 2015 

(December 23, 2020), available at https://

www.whitehouse.gov/wp-content/uploads/2020/12/

M-21-10.pdf. This multiplier represents the 

percentage increase between the October 2019 CPI– 

U and the October 2020 CPI–U, plus 1. 

15 15 U.S.C. 78u–1(a)(3). 

the Federal Register and on the 

Commission’s website. The Commission 

subsequently published annual 

adjustments on January 8, 2018 (the 

‘‘2018 Adjustment’’),7 February 20, 2019 

(‘‘2019 Adjustment’’),8 and January 8, 

2020 (the ‘‘2020 Adjustment’’).9

A CMP is defined in relevant part as 

any penalty, fine, or other sanction that: 

(1) Is for a specific amount, or has a 

maximum amount, as provided by 

federal law; and (2) is assessed or 

enforced by an agency in an 

administrative proceeding or by a 

federal court pursuant to federal law.10

This definition applies to the monetary 

penalty provisions contained in four 

statutes administered by the 

Commission: The Securities Act, the 

Exchange Act, the Investment Company 

Act, and the Investment Advisers Act. 

In addition, the Sarbanes-Oxley Act 

provides the Public Company 

Accounting Oversight Board (the 

‘‘PCAOB’’) authority to levy civil 

monetary penalties in its disciplinary 

proceedings pursuant to 15 U.S.C. 

7215(c)(4)(D).11 The definition of a CMP 

in the Inflation Adjustment Act 

encompasses such civil monetary 

penalties.12

II. Adjusting the Commission’s Penalty 

Amounts for Inflation 

This Notice sets forth the annual 

inflation adjustment required by the 

2015 Act for all CMPs under the 

Securities Act, the Exchange Act, the 

Investment Company Act, and the 

Investment Advisers Act, and certain 

civil monetary penalties under the 

Sarbanes-Oxley Act. 

Pursuant to the 2015 Act, the penalty 

amounts in the 2020 Adjustment are 

adjusted for inflation by increasing them 

by the percentage change between the 

Consumer Price Index for all Urban 

Consumers (‘‘CPI–U’’) for October 2019 

and the October 2020 CPI–U.13 OMB has 

provided its calculation of this 

multiplier (the ‘‘CPI–U Multiplier’’) to 

agencies.14 The new penalty amounts 

are determined by multiplying the 

amounts in the 2020 Adjustment by the 

CPI–U Multiplier and then rounding to 

the nearest dollar. 

For example, the CMP for certain 

insider trading violations by controlling 

persons under Exchange Act Section 

21A(a)(3) 15 was readjusted for inflation 

as part of the 2020 Adjustment to 

$2,140,973. To determine the new CMP 

under this provision, the Commission 

multiplies this amount by the CPI–U 

Multiplier of 1.01182, and rounds to the 

nearest dollar. Thus, the new CMP for 

Exchange Act Section 21A(a)(3) is 

$2,166,279. 

Below is the Commission’s 

calculation of the new penalty amounts 

for the penalties it administers: 

U.S. code citation Civil monetary penalty description 

2020 

adjustment 

penalty 

amounts 

CPI–U 

multiplier 

2021 adjusted 

penalty 

amounts 

15 U.S.C. 77h–1(g) (Securities Act 

Sec. 8A(g)).

For natural person ....................................................

For any other person ................................................

$8,824 

88,248 

1.01182 

1.01182 

$8,928 

89,291 

For natural person/fraud ........................................... 88,248 1.01182 89,291 

For any other person/fraud ....................................... 441,240 1.01182 446,455 

For natural person/fraud/substantial losses or risk 

of losses to others or gains to self.

176,496 1.01182 178,582 

For any other person/fraud/substantial losses or 

risk of losses to others or gain to self.

853,062 1.01182 863,145 

15 U.S.C. 77t(d) (Securities Act Sec. 

20(d)).

For natural person ....................................................

For any other person ................................................

9,639 

96,384 

1.01182 

1.01182 

9,753 

97,523 

For natural person/fraud ........................................... 96,384 1.01182 97,523 

For any other person/fraud ....................................... 481,920 1.01182 487,616 

For natural person/fraud/substantial losses or risk 

of losses to others.

192,768 1.01182 195,047 

For any other person/fraud/substantial losses or 

risk of losses to others.

963,837 1.01182 975,230 

15 U.S.C. 78u(d)(3) (Exchange Act 

Sec. 21(d)(3)).

For natural person ....................................................

For any other person ................................................

9,639 

96,384 

1.01182 

1.01182 

9,753 

97,523 

For natural person/fraud ........................................... 96,384 1.01182 97,523 

For any other person/fraud ....................................... 481,920 1.01182 487,616 

For natural person/fraud/substantial losses or risk 

of losses to others or gains to self.

192,768 1.01182 195,047 

For any other person/fraud/substantial losses or 

risk of losses to others or gain to self.

963,837 1.01182 975,230 

15 U.S.C. 78u–1(a)(3) (Exchange Act 

Sec. 21A(a)(3)).

Insider Trading—controlling person .......................... 2,140,973 1.01182 2,166,279 

15 U.S.C. 78u–2 (Exchange Act Sec. 

21B).

For natural person ....................................................

For any other person ................................................

9,639 

96,384 

1.01182 

1.01182 

9,753 

97,523 

For natural person/fraud ........................................... 96,384 1.01182 97,523 

For any other person/fraud ....................................... 481,920 1.01182 487,616 

2718 Federal Register / Vol. 86, No. 8 / Wednesday, January 13, 2021 / Notices 

16The penalty amounts in this Notice are being 

published in the Federal Register and will not be 

added to the Code of Federal Regulations in 

accordance with the 2015 Act and 17 CFR 

201.1001(b). See 28 U.S.C. 2461 note Sec. 4(a)(2); 

17 CFR 201.1001(b). In addition to being published 

in the Federal Register, the penalty amounts in this 

Notice will be made available on the Commission’s 

website at https://www.sec.gov/enforce/civilpenalties-inflation-adjustments.htm, as detailed in 

17 CFR 201.1001(b). This website also lists the 

penalty amounts for violations that occurred on or 

before November 2, 2015. 

17 17 CFR 201.1001(a). 

U.S. code citation Civil monetary penalty description 

2020 

adjustment 

penalty 

amounts 

CPI–U 

multiplier 

2021 adjusted 

penalty 

amounts 

For natural person/fraud/substantial losses or risk 

of losses to others.

192,768 1.01182 195,047 

For any other person/fraud/substantial losses or 

risk of losses to others.

963,837 1.01182 975,230 

15 U.S.C. 78ff(b) (Exchange Act Sec. 

32(b)).

Exchange Act/failure to file information documents, 

reports.

569 1.01182 576 

15 U.S.C. 78ff(c)(1)(B) (Exchange Act 

Sec. 32(c)(1)(B)).

Foreign Corrupt Practices—any issuer ..................... 21,410 1.01182 21,663 

15 U.S.C. 78ff(c)(2)(B) (Exchange Act 

Sec. 32(c)(2)(B)).

Foreign Corrupt Practices—any agent or stockholder acting on behalf of issuer.21,410 1.01182 21,663 

15 U.S.C. 80a–9(d) (Investment Company Act Sec. 9(d)).For natural person ....................................................

For any other person ................................................

9,639 

96,384 

1.01182 

1.01182 

9,753 

97,523 

For natural person/fraud ........................................... 96,384 1.01182 97,523 

For any other person/fraud ....................................... 481,920 1.01182 487,616 

For natural person/fraud/substantial losses or risk 

of losses to others or gains to self.

192,768 1.01182 195,047 

For any other person/fraud/substantial losses or 

risk of losses to others or gain to self.

963,837 1.01182 975,230 

15 U.S.C. 80a–41(e) (Investment 

Company Act Sec. 42(e)).

For natural person ....................................................

For any other person ................................................

9,639 

96,384 

1.01182 

1.01182 

9,753 

97,523 

For natural person/fraud ........................................... 96,384 1.01182 97,523 

For any other person/fraud ....................................... 481,920 1.01182 487,616 

For natural person/fraud/substantial losses or risk 

of losses to others.

192,768 1.01182 195,047 

For any other person/fraud/substantial losses or 

risk of losses to others.

963,837 1.01182 975,230 

15 U.S.C. 80b–3(i) (Investment Advisers Act Sec. 203(i)).For natural person ....................................................

For any other person ................................................

9,639 

96,384 

1.01182 

1.01182 

9,753 

97,523 

For natural person/fraud ........................................... 96,384 1.01182 97,523 

For any other person/fraud ....................................... 481,920 1.01182 487,616 

For natural person/fraud/substantial losses or risk 

of losses to others or gains to self.

192,768 1.01182 195,047 

For any other person/fraud/substantial losses or 

risk of losses to others or gain to self.

963,837 1.01182 975,230 

15 U.S.C. 80b–9(e) (Investment Advisers Act Sec. 209(e)).For natural person ....................................................

For any other person ................................................

9,639 

96,384 

1.01182 

1.01182 

9,753 

97,523 

For natural person/fraud ........................................... 96,384 1.01182 97,523 

For any other person/fraud ....................................... 481,920 1.01182 487,616 

For natural person/fraud/substantial losses or risk 

of losses to others.

192,768 1.01182 195,047 

For any other person/fraud/substantial losses or 

risk of losses to others.

963,837 1.01182 975,230 

15 U.S.C. 7215(c)(4)(D)(i) (SarbanesOxley Act Sec. 105(c)(4)(D)(i)).For natural person ....................................................

For any other person ................................................

141,943 

2,838,885 

1.01182 

1.01182 

143,621 

2,872,441 

15 U.S.C. 7215(c)(4)(D)(ii) (SarbanesOxley Act Sec. 105(c)(4)(D)(ii)).For natural person ....................................................

For any other person ................................................

1,064,582 

21,291,632 

1.01182 

1.01182 

1,077,165 

21,543,299 

Pursuant to the 2015 Act and 17 CFR 

201.1001, the adjusted penalty amounts 

in this Notice (and all penalty 

adjustments performed pursuant to the 

2015 Act) apply to penalties imposed 

after the date the adjustment is effective 

for violations that occurred after 

November 2, 2015, the 2015 Act’s 

enactment date. These penalty amounts 

supersede the amounts in the 2020 

Adjustment.16 For violations that 

occurred on or before November 2, 

2015, the penalty amounts in Table I to 

17 CFR 201.1001 continue to apply.17

By the Commission. 

Dated: January 8, 2021. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–00528 Filed 1–12–21; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF STATE 

[Public Notice 11289] 

Secretary of State’s Determinations 

under the International Religious 

Freedom Act of 1998 and Frank R. Wolf 

International Religious Freedom Act of 

2016 

The Secretary Of State’s Designation 

Of ‘‘Countries Of Particular Concern’’ 

And ‘‘Special watch list’’ countries for 

religious freedom violations pursuant to 

Section 408(a) of the International 

Religious Freedom Act of 1998 (Pub. L. 

105–292), as amended (the Act), notice 

is hereby given that, on December 2, 

2020, the Secretary of State, under 

authority delegated by the President, 

has designated each of the following as