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 Securities and Exchange Commission [Release No. 34-90932/January 15, 2021]
 I. Background Section 31 of the Securities Exchange Act of 1934 (“Exchange Act”) requires each national securities exchange and national securities association to pay transaction fees to the Commission.[1]
                    
                     Specifically, Section 31(b) requires each national securities exchange to pay to the Commission fees based on the aggregate dollar amount of sales of certain securities (“covered sales”) transacted on the exchange.[2]
                    
                     Section 31(c) requires each national securities association to pay to the Commission fees based on the aggregate dollar amount of covered sales transacted by or through any member of the association other than on an exchange.[3] Section 31 of the Exchange Act requires the Commission to annually adjust the fee rates applicable under Sections 31(b) and (c) to a uniform adjusted rate.[4]
                    
                     Specifically, the Commission must adjust the fee rates to a uniform adjusted rate that is reasonably likely to produce aggregate fee collections (including assessments on security futures transactions) equal to the regular appropriation to the Commission for the applicable fiscal year.[5] The Commission is required to publish notice of the new fee rates under Section 31 not later than 30 days after the date on which an Act making a regular appropriation for the applicable fiscal year is enacted.[6]
                    
                     On December 27, 2020, the President signed into law the Consolidated Appropriations Act, 2021, which includes total appropriations of $1,926,162,000 to the SEC for fiscal year 2021. II. Fiscal Year 2021 Annual Adjustment to the Fee Rate The new fee rate is determined by (1) subtracting the sum of fees estimated to be collected prior to the effective date of the new fee rate [7]
                    
                     and estimated assessments on security futures transactions to be collected under Section 31(d) of the Exchange Act for all of fiscal year 2021 [8]
                    
                     from an amount equal to the regular appropriation to the Commission for fiscal year 2021, and (2) dividing by the estimated aggregate dollar amount of covered sales for the remainder of the fiscal year following the effective date of the new fee rate.[9] As noted above, the Consolidated Appropriations Act, 2021, includes total appropriations of $1,926,162,000 to the Commission for fiscal year 2021.[10]
                    
                     The 
                    ( print page 6695)
                    Commission estimates that it will collect $1,514,646,590 in fees for the period prior to the effective date of the new fee rate and $494 in assessments on round turn transactions in security futures products during all of fiscal year 2021. Using the methodology described in Appendix A, the Commission estimates that the aggregate dollar amount of covered sales for the remainder of fiscal year 2021 to be $81,081,356,203,186. The uniform adjusted rate is computed by dividing the residual fees to be collected of $411,514,917 by the estimated aggregate dollar amount of covered sales for the remainder of fiscal year 2021 of $81,081,356,203,186; this results in a uniform adjusted rate for fiscal year 2021 of $5.10 per million.[11] III. Effective Date of the Uniform Adjusted Rate Under Section 31(j)(4)(A) of the Exchange Act, the fiscal year 2021 annual adjustments to the fee rates applicable under Sections 31(b) and (c) of the Exchange Act shall take effect on the later of October 1, 2020, or 60 days after the date on which a regular appropriation to the Commission for fiscal year 2021 is enacted.[12]
                    
                     The regular appropriation to the Commission for fiscal year 2021 was enacted on December 27, 2020, and accordingly, the new fee rates applicable under Sections 31(b) and (c) of the Exchange Act will take effect on February 25, 2021. IV. Conclusion Accordingly, pursuant to Section 31 of the Exchange Act, *It is hereby ordered*
                     that the fee rates applicable under Sections 31(b) and (c) of the Exchange Act shall be $5.10 per $1,000,000 effective on February 25, 2021. By the Commission. Jill M. Peterson, Assistant Secretary.
 Appendix A This appendix provides the methodology for determining the annual adjustment to the fee rates applicable under Sections 31(b) and (c) of the Exchange Act for fiscal year 2021. Section 31 of the Exchange Act requires the fee rates to be adjusted so that it is reasonably likely that the Commission will collect aggregate fees equal to its regular appropriation for fiscal year 2021. To make the adjustment, the Commission must project the aggregate dollar amount of covered sales of securities on the securities exchanges and certain over-the-counter (“OTC”) markets over the course of the year. The fee rate equals the ratio of the Commission's regular appropriation for fiscal year 2021 (less the sum of fees to be collected during fiscal year 2021 prior to the effective date of the new fee rate and aggregate assessments on security futures transactions during all of fiscal year 2021) to the estimated aggregate dollar amount of covered sales for the remainder of the fiscal year following the effective date of the new fee rate. For 2021, the Commission has estimated the aggregate dollar amount of covered sales by projecting forward the trend established in the previous decade. More specifically, the dollar amount of covered sales was forecasted for months subsequent to November 2020, the last month for which the Commission has data on the dollar volume of covered sales.[13] The following sections describe this process in detail. A. Baseline Estimate of the Aggregate Dollar Amount of Covered Sales for Fiscal Year 2021 First, calculate the average daily dollar amount of covered sales (“ADS”) for each month in the sample (February 2010-November 2020). The monthly total dollar amount of covered sales (exchange plus certain OTC markets) is presented in column C of Table A. The model forecasts the monthly moving average of the average daily dollar amount of covered sales. Each month's average daily dollar amount of covered sales is calculated by dividing the total covered sales for that month (column C of Table A) by the number of trading days for that month (column B of Table A). These amounts are shown in column D of Table A. The moving average will span the same number of months required to be forecast for the remainder of the fiscal year. The trailing moving average used in the forecast model is presented in column E of Table A. To capture the recent trends in the monthly changes in the moving averages, calculate the 1-month and 2-month lags of the trailing moving average shown in column E in Table A. These amounts are shown in columns F and G, respectively, of Table A. Next, model the monthly trailing moving average of ADS as function of a constant term and the two lagged trailing moving averages using the ordinary least squares technique. Use the estimated model to forecast the trailing moving average of ADS of the first month after the last available monthly data. Estimate the trailing moving average of the second month using the forecasted value of the first month and the actual value of the month before that. Similarly, estimate the trailing moving average of the third month using the forecasted values of the two previous months. Continue in this fashion until the end of the fiscal year. The estimate of the trailing moving average ADS for the last applicable month in the fiscal year is a prediction of the moving average for those months that need to be predicted. This estimate is used as the predicted value of ADS for each month in the forecast period; to obtain the forecast total covered sales for each month, multiply the predicted ADS by the number of days in each month. The following is a more formal (mathematical) description of the procedure: 1. Begin with the monthly data for total dollar volume of covered sales (column C). The sample spans ten years, from February 2010-November 2020.[14]
                        
                         Divide each month's total dollar volume by the number of trading days in that month (column B) to obtain the average daily dollar volume (ADS, column D). 2. For each month 
                        *t,*
                         calculate the 9-month trailing moving average of ADS (shown in column E). For example, the value for October, 2011 is the average of the 9 months ending in October, 2011, or February 2011 through October 2011 inclusive. 3. Calculate the 1-month and 2-month lags of the trailing moving average. For example, the 1-month lag of the 9-month trailing moving average for October, 2011 is equal to the 9-month trailing moving average for September, 2011. The 2-month lag of the 9-month trailing moving average for October, 2011 is equal to the 9-month trailing moving average for August 2011. These are shown in columns F and G. 4. Estimate the model using ordinary least squares: *y*t
                         = α + β1*y*t-1
                         + β2*y*t-2
                         + 
                        *u*t Where 
                        *y*t
                         is the 9-month trailing moving average of the average daily sales for month t, and 
                        *y*t-1
                         and 
                        *y*t-2
                         are the 1-month and 2-month lags of 
                        *y*t,
                         and 
                        *u*t
                         representing the error term for month t. The model can be estimated using standard commercially available 
                        ( print page 6696)
                        software. The estimated parameter values are a = −3,106,716,928, b1
                         = +1.574199, b2
                         = −0.560507. The root-mean squared error (RMSE) of the regression is 6,022,194,076. 5. The predicted value of the 9-month trailing moving average of the last month to be forecast represents the final forecast of covered sales for the entire prediction period. This value is shown in column H. This represents the prediction for August of 2021. To calculate this value from the model above, one needs the 1-month and 2-month lag of the 9-month trailing moving average ADS, 
                        *i.e.,*
                         the 9-month trailing moving average for June and July. The 9-month trailing moving average for July is obtained by using the 1-month and 2-month lags for July, that is, the 9-month trailing moving averages for June and May. To arrive at all the necessary inputs, one begins with the first month to be forecast, in this case, December 2020, and iterates predictions forward until the last month is predicted. One then multiplies the final predicted 9-month trailing moving average ADS by the number of days in each month to arrive at the forecast total dollar amount of covered sales. This is shown in column I. 6. For example, for December 2020, using the a, b1, and b2
                         parameter estimates shown above, along with the 1-month and two-month lags in the 9-month trailing moving average ADS (representing the 9-month trailing moving average ADS for November and October 2020, respectively), one can estimate the forecast 9-month trailing moving average ADS for December: -3,106,716,928 + (1.574199 × 527,000,127,996) + (−0.560507 × 518,017,127,996) = 536,143,950,634. 7. With the estimated 9-month trailing moving average ADS for December 2020 calculated above, one can estimate the 9-month trailing moving average ADS for January, 2021. The estimate obtained from December becomes the 1-month lag for January, and the 1-month lag used in the December forecast becomes the 2-month lag for the January forecast. Thus, the predicted 9-month trailing moving average ADS for January 2021 is calculated as: -3,106,716,928+ (1.574199 × 536,143,950,634) + (−0.560507 × 527,000,127,996) = 545,503,592,273. 8. Using the forecasts for December and January, one can estimate the value for February. Repeat this procedure for subsequent months, until the estimate for August 2021 is obtained. This value is 618,941,650,406.[15]
                        
                         This value is then used to calculate the final forecast total monthly covered sales for all 9 months from December 2020 through August 2021. 9. To obtain the estimate of total monthly covered sales for each month, multiply the number of trading days in the month, shown in column B in Table A, by the final forecast 9-month trailing moving average ADS, shown in column H of Table A. This product is shown in column I of Table A, and these figures are used to calculate the new fee rate. B. Using the Forecasts From A To Calculate the New Fee Rate 1. Use Table A to estimate fees collected for the period September 1, 2020 through February 24, 2021. The projected aggregate dollar amount of covered sales for this period is $68,536,044,778,746. Actual and projected fee collections at the current fee rate of $22.10 per million are $1,514,646,590. 2. Estimate the amount of assessments on security futures products collected from September 1, 2020 through August 31, 2021. The only entity reporting assessable security futures products ceased operations in September, 2020.[16]
                        
                         Consequently, the estimated amount of assessments on security futures products collected from September 2020 through August 2021 is equal to the amount already reported, which is $493.87. 3. Subtract the amounts $1,514,646,590 and $493.87 from the target off-setting collection amount set by Congress of $1,926,162,000, leaving $411,514,917 to be collected on dollar volume for the period February 25, 2021 through August 31, 2021. 4. Use Table A to estimate dollar volume for the period February 25, 2021 through August 31, 2021. The estimate is $81,081,356,203,186. Finally, compute the fee rate required to produce the additional $411,514,917 in revenue. This rate is $411,514,917 divided by $81,081,356,203,186 or 0.00000507533. 5. Round the result to the seventh decimal point, yielding a rate of 0.0000051 (or $5.10 per million). This table summarizes the estimates of the aggregate dollar amount of covered sales, by time period. The figures in this table can be used to determine the new fee rate. Table A—Baseline Estimate of the Aggregate Dollar Amount of Sales
Fee rate calculationa. Baseline estimate of the aggregate dollar amount of sales, 09/01/2020 to 01/31/2021 ($Millions)
$58,014,037b. Baseline estimate of the aggregate dollar amount of sales, 02/01/2021 to 02/24/2021 ($Millions)
10,522,008c. Baseline estimate of the aggregate dollar amount of sales, 02/25/2021 to 02/28/2021 ($Millions)
1,237,883d. Baseline estimate of the aggregate dollar amount of sales, 03/01/2021 to 08/31/2021 ($Millions)
79,843,473e. Estimated collections in assessments on security futures products in fiscal year 2021 ($Millions)
0.026f. Implied fee rate (($1,926,162,000 − $22.10*(a + b)−e)/(c + d)
5.0
 Month
Number of 
                             trading  
                             days in  
                             month
Total dollar 
                             amount of  
                             sales
Average daily dollar 
                             amount of sales  
                             (ADS)
9-Month trailing moving 
                             average  
                             ADS
1 Month lag of 9-month 
                             trailing moving average  
                             ADS
2 Month lag of 9-month 
                             trailing moving average  
                             ADS
Forecast 9-month trailing 
                             moving average  
                             ADS
Forecast total dollar 
                             amount of sales(A)
(B)
(C)
(D)
(E)
(F)
(G)
(H)
(I)Feb-10
19
$4,969,848,578,023
$261,570,977,791Mar-10
23
5,563,529,823,621
241,892,601,027Apr-10
21
5,546,445,874,917
264,116,470,234May-10
20
7,260,430,376,294
363,021,518,815Jun-10
22
6,124,776,349,285
278,398,924,967Jul-10
21
5,058,242,097,334
240,868,671,302Aug-10
22
4,765,828,263,463
216,628,557,430Sep-10
21
4,640,722,344,586
220,986,778,314Oct-10
21
5,138,411,712,272
244,686,272,013
$259,130,085,766Nov-10
21
5,279,700,881,901
251,414,327,710
258,001,569,090
$259,130,085,766Dec-10
22
4,998,574,681,208
227,207,940,055
256,369,940,093
258,001,569,090
$259,130,085,766Jan-11
20
5,043,391,121,345
252,169,556,067
255,042,505,186
256,369,940,093
258,001,569,090Feb-11
19
5,114,631,590,581
269,191,136,346
244,616,907,134
255,042,505,186
256,369,940,093Mar-11
23
6,499,355,385,307
282,580,668,926
245,081,545,351
244,616,907,134
255,042,505,186Apr-11
20
4,975,954,868,765
248,797,743,438
245,962,553,367
245,081,545,351
244,616,907,134May-11
21
5,717,905,621,053
272,281,220,050
252,146,182,547
245,962,553,367
245,081,545,351Jun-11
22
5,820,079,494,414
264,549,067,928
256,986,436,948
252,146,182,547
245,962,553,367Jul-11
20
5,189,681,899,635
259,484,094,982
258,630,639,500
256,986,436,948
252,146,182,547Aug-11
23
8,720,566,877,109
379,155,081,613
272,824,056,601
258,630,639,500
256,986,436,948Sep-11
21
6,343,578,147,811
302,075,149,896
281,142,635,472
272,824,056,601
258,630,639,500Oct-11
21
6,163,272,963,688
293,489,188,747
285,733,705,770
281,142,635,472
272,824,056,601Nov-11
21
5,493,906,473,584
261,614,593,980
284,891,867,729
285,733,705,770
281,142,635,472Dec-11
21
5,017,867,255,600
238,946,059,790
280,043,577,825
284,891,867,729
285,733,705,770Jan-12
20
4,726,522,206,487
236,326,110,324
278,657,840,812
280,043,577,825
284,891,867,729Feb-12
20
5,011,862,514,132
250,593,125,707
276,248,052,552
278,657,840,812
280,043,577,825Mar-12
22
5,638,847,967,025
256,311,271,228
275,332,741,808
276,248,052,552
278,657,840,812( print page 6697)Apr-12
20
5,084,239,396,560
254,211,969,828
274,746,950,124
275,332,741,808
276,248,052,552May-12
22
5,611,638,053,374
255,074,456,972
260,960,214,052
274,746,950,124
275,332,741,808Jun-12
21
5,121,896,896,362
243,899,852,208
254,496,292,087
260,960,214,052
274,746,950,124Jul-12
21
4,567,519,314,374
217,500,919,732
246,053,151,085
254,496,292,087
260,960,214,052Aug-12
23
4,621,597,884,730
200,939,038,467
239,311,422,695
246,053,151,085
254,496,292,087Sep-12
19
4,598,499,962,682
242,026,313,825
239,653,673,143
239,311,422,695
246,053,151,085Oct-12
21
5,095,175,588,310
242,627,408,967
240,353,817,437
239,653,673,143
239,311,422,695Nov-12
21
4,547,882,974,292
216,565,855,919
236,573,009,683
240,353,817,437
239,653,673,143Dec-12
20
4,744,922,754,360
237,246,137,718
234,454,661,515
236,573,009,683
240,353,817,437Jan-13
21
5,079,603,817,496
241,885,896,071
233,085,097,764
234,454,661,515
236,573,009,683Feb-13
19
4,800,663,527,089
252,666,501,426
232,817,547,148
233,085,097,764
234,454,661,515Mar-13
20
4,917,701,839,870
245,885,091,993
233,038,129,346
232,817,547,148
233,085,097,764Apr-13
22
5,451,358,637,079
247,789,028,958
236,403,474,816
233,038,129,346
232,817,547,148May-13
22
5,681,788,831,869
258,263,128,721
242,772,818,178
236,403,474,816
233,038,129,346Jun-13
20
5,623,545,462,226
281,177,273,111
247,122,924,765
242,772,818,178
236,403,474,816Jul-13
22
5,083,861,509,754
231,084,614,080
245,840,392,000
247,122,924,765
242,772,818,178Aug-13
22
4,925,611,193,095
223,891,417,868
246,654,343,327
245,840,392,000
247,122,924,765Sep-13
20
4,959,197,626,713
247,959,881,336
247,844,759,285
246,654,343,327
245,840,392,000Oct-13
23
5,928,804,028,970
257,774,088,216
249,610,113,968
247,844,759,285
246,654,343,327Nov-13
20
5,182,024,612,049
259,101,230,602
250,325,083,876
249,610,113,968
247,844,759,285Dec-13
21
5,265,282,994,173
250,727,761,627
250,863,158,280
250,325,083,876
249,610,113,968Jan-14
21
5,808,700,114,288
276,604,767,347
254,064,906,990
250,863,158,280
250,325,083,876Feb-14
19
6,018,926,931,054
316,785,627,950
260,567,406,904
254,064,906,990
250,863,158,280Mar-14
21
6,068,617,342,988
288,981,778,238
261,434,574,140
260,567,406,904
254,064,906,990Apr-14
21
6,013,948,953,528
286,378,521,597
267,578,341,642
261,434,574,140
260,567,406,904May-14
21
5,265,594,447,318
250,742,592,729
270,561,805,516
267,578,341,642
261,434,574,140Jun-14
21
5,159,506,989,669
245,690,809,032
270,309,686,371
270,561,805,516
267,578,341,642Jul-14
22
5,364,099,567,460
243,822,707,612
268,759,532,970
270,309,686,371
270,561,805,516Aug-14
21
5,075,332,147,677
241,682,483,223
266,824,116,595
268,759,532,970
270,309,686,371Sep-14
21
5,507,943,363,243
262,283,017,297
268,108,033,892
266,824,116,595
268,759,532,970Oct-14
23
7,796,638,035,879
338,984,262,430
275,039,088,901
268,108,033,892
266,824,116,595Nov-14
19
5,340,847,027,697
281,097,211,984
271,073,709,349
275,039,088,901
268,108,033,892Dec-14
22
6,559,110,068,128
298,141,366,733
272,091,441,404
271,073,709,349
275,039,088,901Jan-15
20
6,185,619,541,044
309,280,977,052
274,636,158,677
272,091,441,404
271,073,709,349Feb-15
19
5,723,523,235,641
301,238,065,034
280,246,766,711
274,636,158,677
272,091,441,404Mar-15
22
6,395,046,297,249
290,683,922,602
285,246,001,552
280,246,766,711
274,636,158,677Apr-15
21
5,625,548,298,004
267,883,252,286
287,919,395,405
285,246,001,552
280,246,766,711May-15
20
5,521,351,972,386
276,067,598,619
291,739,963,782
287,919,395,405
285,246,001,552Jun-15
22
6,005,521,460,806
272,978,248,218
292,928,322,773
291,739,963,782
287,919,395,405Jul-15
22
6,493,670,315,390
295,166,832,518
288,059,719,450
292,928,322,773
291,739,963,782Aug-15
21
6,963,901,249,270
331,614,345,203
293,672,734,252
288,059,719,450
292,928,322,773Sep-15
21
6,434,496,770,897
306,404,608,138
294,590,872,186
293,672,734,252
288,059,719,450Oct-15
22
6,592,594,708,082
299,663,395,822
293,522,252,049
294,590,872,186
293,672,734,252Nov-15
20
5,822,824,015,945
291,141,200,797
292,400,378,245
293,522,252,049
294,590,872,186Dec-15
22
6,384,337,478,801
290,197,158,127
292,346,293,303
292,400,378,245
293,522,252,049Jan-16
19
6,696,059,796,055
352,424,199,792
301,739,731,915
292,346,293,303
292,400,378,245Feb-16
20
6,659,878,908,747
332,993,945,437
308,064,881,562
301,739,731,915
292,346,293,303Mar-16
22
6,161,943,754,542
280,088,352,479
308,854,893,146
308,064,881,562
301,739,731,915Apr-16
21
5,541,076,988,322
263,860,808,968
305,376,446,085
308,854,893,146
308,064,881,562May-16
21
5,693,520,415,112
271,120,019,767
298,654,854,370
305,376,446,085
308,854,893,146Jun-16
22
6,317,212,852,759
287,146,038,762
296,515,013,328
298,654,854,370
305,376,446,085Jul-16
20
5,331,797,261,269
266,589,863,063
292,840,176,355
296,515,013,328
298,654,854,370Aug-16
23
5,635,976,607,786
245,042,461,208
287,718,094,178
292,840,176,355
296,515,013,328Sep-16
21
5,942,072,286,976
282,955,823,189
286,913,501,407
287,718,094,178
292,840,176,355Oct-16
21
5,460,906,573,682
260,043,170,175
276,648,942,561
286,913,501,407
287,718,094,178Nov-16
21
6,845,287,809,886
325,966,086,185
275,868,069,311
276,648,942,561
286,913,501,407Dec-16
21
6,208,579,880,985
295,646,660,999
277,596,770,257
275,868,069,311
276,648,942,561Jan-17
20
5,598,200,907,603
279,910,045,380
279,380,018,748
277,596,770,257
275,868,069,311Feb-17
19
5,443,426,609,533
286,496,137,344
281,088,476,256
279,380,018,748
277,596,770,257Mar-17
23
6,661,861,914,530
289,646,170,197
281,366,268,638
281,088,476,256
279,380,018,748Apr-17
19
5,116,714,033,499
269,300,738,605
281,667,477,031
281,366,268,638
281,088,476,256May-17
22
6,305,822,460,672
286,628,293,667
286,288,125,082
281,667,477,031
281,366,268,638Jun-17
22
6,854,993,097,601
311,590,595,346
289,469,766,433
286,288,125,082
281,667,477,031Jul-17
20
5,394,333,070,522
269,716,653,526
290,544,597,917
289,469,766,433
286,288,125,082Aug-17
23
6,206,204,906,864
269,834,995,951
284,307,810,113
290,544,597,917
289,469,766,433Sep-17
20
5,939,886,169,525
296,994,308,476
284,457,548,721
284,307,810,113
290,544,597,917Oct-17
22
6,134,529,538,894
278,842,251,768
284,338,904,987
284,457,548,721
284,307,810,113Nov-17
21
6,289,748,560,897
299,511,836,233
285,785,093,752
284,338,904,987
284,457,548,721Dec-17
20
6,672,181,323,001
333,609,066,150
290,669,859,969
285,785,093,752
284,338,904,987Jan-18
21
7,672,288,677,308
365,347,079,872
301,341,675,665
290,669,859,969
285,785,093,752Feb-18
19
8,725,420,462,639
459,232,655,928
320,519,938,139
301,341,675,665
290,669,859,969Mar-18
21
8,264,755,011,030
393,559,762,430
329,627,623,370
320,519,938,139
301,341,675,665Apr-18
21
7,490,308,402,446
356,681,352,497
339,290,367,701
329,627,623,370
320,519,938,139May-18
22
7,242,077,467,361
329,185,339,426
345,884,850,309
339,290,367,701
329,627,623,370Jun-18
21
7,936,783,802,579
377,942,085,837
354,879,047,793
345,884,850,309
339,290,367,701Jul-18
21
6,807,593,326,456
324,171,110,784
359,915,587,684
354,879,047,793
345,884,850,309Aug-18
23
7,363,115,477,823
320,135,455,558
362,207,100,942
359,915,587,684
354,879,047,793Sep-18
19
6,781,988,459,996
356,946,761,052
364,800,178,154
362,207,100,942
359,915,587,684Oct-18
23
10,133,514,482,168
440,587,586,181
373,160,234,410
364,800,178,154
362,207,100,942Nov-18
21
8,414,847,862,204
400,707,041,057
366,657,388,314
373,160,234,410
364,800,178,154Dec-18
19
9,075,221,733,736
477,643,249,144
375,999,997,948
366,657,388,314
373,160,234,410Jan-19
21
7,960,664,643,749
379,079,268,750
378,488,655,310
375,999,997,948
366,657,388,314Feb-19
19
6,676,391,653,247
351,389,034,381
380,955,732,527
378,488,655,310
375,999,997,948Mar-19
21
7,828,979,311,928
372,808,538,663
380,385,338,397
380,955,732,527
378,488,655,310Apr-19
21
6,907,923,076,080
328,948,717,909
380,916,183,633
380,385,338,397
380,955,732,527May-19
22
7,895,053,976,747
358,866,089,852
385,219,587,443
380,916,183,633
380,385,338,397Jun-19
20
7,070,583,442,058
353,529,172,103
384,839,855,338
385,219,587,443
380,916,183,633Jul-19
22
6,792,811,319,721
308,764,150,896
370,192,806,973
384,839,855,338
385,219,587,443Aug-19
22
8,059,527,400,976
366,342,154,590
366,374,486,254
370,192,806,973
384,839,855,338Sep-19
20
6,958,132,871,506
347,906,643,575
351,959,307,858
366,374,486,254
370,192,806,973Oct-19
23
7,235,982,824,882
314,607,948,908
344,795,827,875
351,959,307,858
366,374,486,254Nov-19
20
6,784,888,230,209
339,244,411,510
343,446,425,334
344,795,827,875
351,959,307,858Dec-19
21
7,252,856,724,647
345,374,129,745
340,398,157,677
343,446,425,334
344,795,827,875Jan-20
21
8,178,172,797,805
389,436,799,895
347,119,055,675
340,398,157,677
343,446,425,334Feb-20
19
8,951,554,790,521
471,134,462,659
359,593,319,320
347,119,055,675
340,398,157,677Mar-20
22
16,218,726,536,159
737,214,842,553
402,225,060,481
359,593,319,320
347,119,055,675Apr-20
21
10,289,596,902,933
489,980,804,902
422,360,244,260
402,225,060,481
359,593,319,320May-20
20
9,435,524,799,540
471,776,239,977
434,075,142,636
422,360,244,260
402,225,060,481Jun-20
22
12,093,857,552,130
549,720,797,824
456,498,937,553
434,075,142,636
422,360,244,260Jul-20
22
10,355,334,352,448
470,697,016,020
473,842,167,232
456,498,937,553
434,075,142,636Aug-20
21
9,763,364,099,611
464,922,099,981
487,806,354,840
473,842,167,232
456,498,937,553Sep-20
21
11,545,568,415,944
549,788,972,188
510,519,115,111
487,806,354,840
473,842,167,232Oct-20
22
10,052,383,756,890
456,926,534,404
518,017,974,501
510,519,115,111
487,806,354,840Nov-20
20
11,039,476,882,364
551,973,844,118
527,000,127,996
518,017,974,501
510,519,115,111Dec-20
22



527,000,127,996
518,017,974,501
$618,941,650,406
$13,616,716,308,932Jan-21
19




527,000,127,996
618,941,650,406
11,759,891,357,714Feb-21
19





618,941,650,406
11,759,891,357,714( print page 6698)Mar-21
23





618,941,650,406
14,235,657,959,338Apr-21
21





618,941,650,406
12,997,774,658,526May-21
20





618,941,650,406
12,378,833,008,120Jun-21
22





618,941,650,406
13,616,716,308,932Jul-21
21





618,941,650,406
12,997,774,658,526Aug-21
22





618,941,650,406
13,616,716,308,932


# Footnotes

1.
    
                         15 U.S.C. 78ee. Back to Citation
 2.
    
                         15 U.S.C. 78ee(b). Back to Citation
 3.
    
                         15 U.S.C. 78ee(c). Back to Citation
 4.
    
                         In some circumstances, the SEC also must make a mid-year adjustment to the fee rates applicable under Sections 31(b) and (c). Back to Citation
 5.
    
                         15 U.S.C. 78ee(j)(1) (the Commission must adjust the rates under Sections 31(b) and (c) to a “uniform adjusted rate that, when applied to the baseline estimate of the aggregate dollar amount of sales for such fiscal year, is reasonably likely to produce aggregate fee collections under [Section 31] (including assessments collected under [Section 31(d)]) that are equal to the regular appropriation to the Commission by Congress for such fiscal year.”). Back to Citation
 6.
    
                         15 U.S.C. 78ee(g). Back to Citation
 7.
    
                         The sum of fees to be collected prior to the effective date of the new fee rate is determined by applying the current fee rate to the dollar amount of covered sales prior to the effective date of the new fee rate. The exchanges and FINRA have provided data on the dollar amount of covered sales through November, 2020. To calculate the dollar amount of covered sales from December, 2020 to the effective date of the new fee rate, the Commission is using the same methodology it used in fiscal year 2020. This methodology is described in Appendix A of this order. Back to Citation
 8.
    
                         OneChicago, LLC, the only reporting entity for single stock futures, ceased operations in September, 2020; its last R-31 report was filed in October, 2020. Accordingly, the forecast for the assessments for all of fiscal year 2021 for single stock futures is the reported assessments on single stock futures from September, 2020 by OneChicago, LLC. Back to Citation
 9.
    
                         To estimate the aggregate dollar amount of covered sales for the remainder of fiscal year 2021 following the effective date of the new fee rate, the Commission is using the same methodology it used previously. This methodology is described in Appendix A of this order. Back to Citation
 10.
    
                         The President signed into law the “Consolidated Appropriations Act, 2021” on December 27, 2020. This legislation included an 
                        
                        appropriation of $1,894,835,000 to the SEC for fiscal year 2021 operations. The Act further directed that “[i]n addition to the foregoing appropriation, for move, replication, and related costs associated with a replacement lease for the Commission's District of Columbia headquarters, not to exceed $18,650,000, to remain available until expended; and for move, replication, and related costs associated with a replacement lease for the Commission's San Francisco Regional Office facilities, not to exceed $12,677,000, to remain available until expended.” The sum of these three amounts is $1,926,162,000. Finally, the Act further directed that “for purposes of calculating the fee rate under section 31(j) . . . all amounts appropriated under this heading shall be deemed to be the regular appropriation to the Commission for fiscal year 2021.” Back to Citation
 11.
    
                         Appendix A shows the process of calculating the fiscal year 2021 annual adjustment and includes the data used by the Commission in making this adjustment. Back to Citation
 12.
    
                         15 U.S.C. 78ee(j)(4)(A). Back to Citation
 13.
    
                             To determine the availability of data, the Commission compares the date of the appropriation with the date the transaction data are due from the exchanges (10 business days after the end of the month). If the business day following the date of the appropriation is equal to or subsequent to the date the data are due from the exchanges, the Commission uses these data. The appropriation was signed on December 27, 2020. The first business day after this date was December 28, 2020. Data for November 2020 were due from the exchanges on December 14, 2020. As a result, the Commission used November 2020 and earlier data to forecast volume for December 2020 and later months. Back to Citation
 14.
    
                             Because the model uses a two period lag in the 9-month trailing moving average of average daily covered sales, ten additional months of data are added to the table so that the model is estimated with 120 observations. Back to Citation
 15.
    
                             One obtains insignificantly different values using the rounded parameter estimates shown above. The predicted ADS values displayed above represents the full precision estimate. Back to Citation
 16.
    
                             OneChicago, LLC, the only reporting entity for single stock futures, ceased operations in September, 2020; its last R-31 report was filed in October, 2020. Accordingly, the forecast for the assessments for all of fiscal year 2021 for single stock futures is the reported assessments on single stock futures from September, 2020 by OneChicago, LLC. Back to Citation


[FR Doc. 2021-01341 Filed 1-21-21; 8:45 am] BILLING CODE 8011-01-P