9964 Federal Register / Vol. 75, No. 42 / Thursday, March 4, 2010 / Notices 

6 If the fund has been in operation fewer than six 

months, the measured period will begin 

immediately following the fund’s first public 

offering. 

7 If the fund has been in operation fewer than five 

years, the measured period will begin immediately 

following the fund’s first public offering. 

1 15 U.S.C. 78ee. 

2 15 U.S.C. 78ee(b). 

3 15 U.S.C. 78ee(c). 

4 15 U.S.C. 78ee(j)(1) and (j)(3). 

5 15 U.S.C. 78ee(j)(2). 

6 15 U.S.C. 78ee(l)(1). 

7See id. 

copies of the Notice assembled in the 

form and at the place that the financial 

intermediary, or its agent, reasonably 

requests to facilitate the financial 

intermediary’s sending of the Notice to 

each beneficial owner of the fund’s 

stock; and (c) upon the request of any 

financial intermediary, or its agent, that 

receives copies of the Notice, will pay 

the financial intermediary, or its agent, 

the reasonable expenses of sending the 

Notice to such beneficial owners. 

V. Additional Board Determinations 

for Funds Whose Shares Trade at a 

Premium: If: 

A. The fund’s common stock has 

traded on the exchange that it primarily 

trades on at the time in question at an 

average premium to NAV equal to or 

greater than 10%, as determined on the 

basis of the average of the discount or 

premium to NAV of the fund’s common 

stock as of the close of each trading day 

over a 12-week rolling period (each such 

12-week rolling period ending on the 

last trading day of each week); and 

B. The fund’s annualized distribution 

rate for such 12-week rolling period, 

expressed as a percentage of NAV as of 

the ending date of such 12-week rolling 

period, is greater than the fund’s average 

annual total return in relation to the 

change in NAV over the 2-year period 

ending on the last day of such 12-week 

rolling period; then: 

1. At the earlier of the next regularly 

scheduled meeting or within four 

months of the last day of such 12-week 

rolling period the Board, including a 

majority of the Independent Trustees: 

(a) Will request and evaluate, and the 

Adviser will furnish, such information 

as may be reasonably necessary to make 

an informed determination of whether 

the Plan should be continued or 

continued after amendment; 

(b) Will determine whether 

continuation, or continuation after 

amendment, of the Plan is consistent 

with the fund’s investment objective(s) 

and policies and in the best interests of 

the fund and its stockholders, after 

considering the information in 

condition V.B.1.a above; including, 

without limitation: 

(1) Whether the Plan is accomplishing 

its purpose(s); 

(2) The reasonably foreseeable effects 

of the Plan on the fund’s long-term total 

return in relation to the market price 

and NAV of the fund’s common stock; 

and 

(3) The fund’s current distribution 

rate, as described in condition V.B 

above, compared to with the fund’s 

average annual total return over the 2- 

year period, as described in condition 

V.B, or such longer period as the board 

deems appropriate; and 

(c) Based upon that determination, 

will approve or disapprove the 

continuation, or continuation after 

amendment, of the Plan; and 

2. The Board will record the 

information considered by it and the 

basis for its approval or disapproval of 

the continuation, or continuation after 

amendment, of the Plan in its meeting 

minutes, which must be made and 

preserved for a period of not less than 

six years from the date of such meeting, 

the first two years in an easily accessible 

place. 

VI. Public Offerings: The fund will not 

make a public offering of the fund’s 

common stock other than: 

A. A rights offering below NAV to 

holders of the fund’s common stock; 

B. An offering in connection with a 

dividend reinvestment plan, merger, 

consolidation, acquisition, spin-off or 

reorganization of the fund; or 

C. An offering other than an offering 

described in conditions VI.A and VI.B 

above, unless, with respect to such other 

offering: 

1. the fund’s annualized distribution 

rate for the six months ending on the 

last day of the month ended 

immediately prior to the most recent 

distribution declaration date,6 expressed 

as a percentage of NAV per share as of 

such date, is no more than 1 percentage 

point greater than the fund’s average 

annual total return for the 5-year period 

ending on such date; 7 and 

2. the transmittal letter accompanying 

any registration statement filed with the 

Commission in connection with such 

offering discloses that the fund has 

received an order under section 19(b) to 

permit it to make periodic distributions 

of long-term capital gains with respect 

to its common stock as frequently as 

twelve times each year, and as 

frequently as distributions are specified 

in accordance with the terms of any 

outstanding preferred stock that such 

fund may issue. 

VII. Amendments to Rule 19b–1. The 

requested relief will expire on the 

effective date of any amendment to rule 

19b–1 that provides relief permitting 

certain closed-end investment 

companies to make periodic 

distributions of long-term capital gains 

with respect to their outstanding 

common stock as frequently as twelve 

times each year. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–4516 Filed 3–3–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–61605/March 1, 2010] 

Order Making Fiscal Year 2010 MidYear Adjustment to the Fee Rates 

Applicable Under Sections 31(b) and 

(c) of the Securities Exchange Act of 

1934 

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 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 sales of 

certain securities transacted by or 

through any member of the association 

other than on an exchange.3

Sections 31(j)(1) and (3) require the 

Commission to make annual 

adjustments to the fee rates applicable 

under Sections 31(b) and (c) for each of 

the fiscal years 2003 through 2011, and 

one final adjustment to fix the fee rates 

for fiscal year 2012 and beyond.4

Section 31(j)(2) requires the 

Commission, in certain circumstances, 

to make a mid-year adjustment to the fee 

rates in fiscal years 2002 through 2011.5

The annual and mid-year adjustments 

are designed to adjust the fee rates in a 

given fiscal year so that, when applied 

to the aggregate dollar volume of sales 

for the fiscal year, they are reasonably 

likely to produce total fee collections 

under Section 31 equal to the ‘‘target 

offsetting collection amount’’ specified 

in Section 31(l)(1) for that fiscal year.6

For fiscal year 2010, the target offsetting 

collection amount is $1,161,000,000.7

mstockstill on DSKH9S0YB1PROD with NOTICES

Federal Register / Vol. 75, No. 42 / Thursday, March 4, 2010 / Notices 9965 

8The amount $84,822,877,437,603 is the baseline 

estimate of the aggregate dollar amount of sales for 

fiscal year 2010 calculated by the Commission in 

its Order Making Fiscal 2010 Annual Adjustments 

to the Fee Rates Applicable Under Section 6(b) of 

the Securities Act of 1933 and Sections 13(e), 14(g), 

31(b) and 31(c) of the Securities Exchange Act of 

1934, Rel. No. 33–9030 (April 30, 2009), 74 FR 

21018 (May 6, 2009). 

9The Financial Industry Regulatory Authority, 

Inc. (‘‘FINRA’’) and each exchange are required to 

file a monthly report on Form R31 containing dollar 

volume data on sales of securities subject to Section 

31. The report is due on the 10th business day 

following any month in which the exchange or 

association has covered sales. 

10Although section 31(j)(2) indicates that the 

Commission should determine the actual aggregate 

dollar volume of sales for fiscal 2010 ‘‘based on the 

actual aggregate dollar volume of sales during the 

first 5 months of such fiscal year,’’ data are only 

available for the first four months of the fiscal year 

as of the date the Commission is required to issue 

this order, i.e., March 1, 2010. Dollar volume data 

on sales of securities subject to Section 31 for 

February 2010 will not be available from the 

exchanges and FINRA for several weeks. 

11See Appendix A. 

12 15 U.S.C. 78ee(j)(2). The term ‘‘fees collected’’ 

is not defined in section 31. Because national 

securities exchanges and national securities 

associations are not required to pay the first 

installment of section 31 fees for fiscal 2010 until 

March 15, the Commission will not ‘‘collect’’ any 

fees in the first five months of fiscal 2010. See 15 

U.S.C. 78ee(e). However, the Commission believes 

that, for purposes of calculating the mid-year 

adjustment, Congress, by stating in section 31(j)(2) 

that the ‘‘uniform adjusted rate * * * is reasonably 

likely to produce aggregate fee collections under 

section 31 * * * that are equal to [$1,161,000,000],’’ 

intended the Commission to include the fees that 

the Commission will collect based on transactions 

in the six months before the effective date of the 

mid-year adjustment. 

13The calculation is as follows: 

($1,161,000,000¥$598,633,917¥$18,611)/ 

$33,260,374,276,849 = $0.0000169080. Round this 

result to the seventh decimal point, yielding a rate 

of $16.90 per million. 

14 15 U.S.C. 78ee. 

15The value 1.012 has been rounded. All 

computations are done with the unrounded value. 

II. Determination of the Need for a MidYear Adjustment in Fiscal 2010 

Under section 31(j)(2) of the Exchange 

Act, the Commission must make a midyear adjustment to the fee rates under 

Sections 31(b) and (c) in fiscal year 2010 

if it determines, based on the actual 

aggregate dollar volume of sales during 

the first five months of the fiscal year, 

that the baseline estimate 

$84,822,877,437,603 is reasonably likely 

to be 10% (or more) greater or less than 

the actual aggregate dollar volume of 

sales for fiscal year 2010.8 To make this 

determination, the Commission must 

estimate the actual aggregate dollar 

volume of sales for fiscal year 2010. 

Based on data provided by the 

national securities exchanges and the 

national securities association that are 

subject to section 31,9 the actual 

aggregate dollar volume of sales during 

the first four months of fiscal year 2010 

was $19,531,642,600,905.10 Using these 

data and a methodology for estimating 

the aggregate dollar amount of sales for 

the remainder of fiscal year 2010 

(developed after consultation with the 

Congressional Budget Office and the 

OMB),11 the Commission estimates that 

the aggregate dollar amount of sales for 

the remainder of fiscal year 2010 to be 

$43,755,155,427,595. Thus, the 

Commission estimates that the actual 

aggregate dollar volume of sales for all 

of fiscal year 2010 will be 

$63,286,798,028,500. 

Because the baseline estimate of 

$84,822,877,437,603 is more than 10% 

greater than the $63,286,798,028,500 

estimated actual aggregate dollar 

volume of sales for fiscal year 2010, 

Section 31(j)(2) of the Exchange Act 

requires the Commission to issue an 

order adjusting the fee rates under 

Sections 31(b) and (c). 

III. Calculation of the Uniform Adjusted 

Rate 

Section 31(j)(2) specifies the method 

for determining the mid-year adjustment 

for fiscal 2010. Specifically, the 

Commission must adjust the rates under 

sections 31(b) and (c) to a ‘‘uniform 

adjusted rate that, when applied to the 

revised estimate of the aggregate dollar 

amount of sales for the remainder of 

fiscal year 2010, is reasonably likely to 

produce aggregate fee collections under 

section 31 (including fees collected 

during such 5-month period and 

assessments collected under section 

31(d)) that are equal to 

$1,161,000,000.’’ 12 In other words, the 

uniform adjusted rate is determined by 

subtracting fees collected prior to the 

effective date of the new rate and 

assessments collected under section 

31(d) during all of fiscal year 2010 from 

$1,161,000,000, which is the target 

offsetting collection amount for fiscal 

year 2010. That difference is then 

divided by the revised estimate of the 

aggregate dollar volume of sales for the 

remainder of the fiscal year following 

the effective date of the new rate. 

The Commission estimates that it will 

collect $598,633,917 in fees for the 

period prior to the effective date of the 

mid-year adjustment and $18,611 in 

assessments on round turn transactions 

in security futures products during all of 

fiscal year 2010. Using the methodology 

referenced in Part II above, the 

Commission estimates that the aggregate 

dollar volume of sales for the remainder 

of fiscal year 2010 following the 

effective date of the new rate will be 

$33,260,374,276,849. This amount 

reflects more recent information on the 

dollar amount of sales of securities than 

was available at the time of the setting 

of the initial fee rate for fiscal year 2010, 

and indicates a significant reduction in 

sales. Based on these estimates, and 

employing the mid-year adjustment 

mechanism established by statute, the 

uniform adjusted rate must be adjusted 

to $16.90 per million of the aggregate 

dollar amount of sales of securities.13

The aggregate dollar amount of sales of 

securities subject to Section 31 fees is 

illustrated in Appendix A. 

IV. Effective Date of the Uniform 

Adjusted Rate 

Section 31(j)(4)(B) of the Exchange 

Act provides that a mid-year adjustment 

shall take effect on April 1 of the fiscal 

year in which such rate applies. 

Therefore, the exchanges and the 

national securities association that are 

subject to section 31 fees must pay fees 

under sections 31(b) and (c) at the 

uniform adjusted rate of $16.90 per 

million for sales of securities transacted 

on April 1, 2010, and thereafter until the 

annual adjustment for fiscal 2011 is 

effective. 

V. Conclusion 

Accordingly, pursuant to Section 31 

of the Exchange Act,14

It is hereby ordered that each of the 

fee rates under sections 31(b) and (c) of 

the Exchange Act shall be $16.90 per 

$1,000,000 of the aggregate dollar 

amount of sales of securities subject to 

these sections effective April 1, 2010. 

By the Commission. 

Elizabeth M. Murphy, 

Secretary. 

‘ 

A. Baseline Estimate of the Aggregate Dollar 

Amount of Sales 

First, calculate the average daily dollar 

amount of sales (ADS) for each month in the 

sample (January 2000–January 2010). The 

data obtained from the exchanges and FINRA 

are presented in Table A. The monthly 

aggregate dollar amount of sales from all 

exchanges and FINRA is contained in 

column C. 

Next, calculate the change in the natural 

logarithm of ADS from month-to-month. The 

average monthly change in the logarithm of 

ADS over the entire sample is 0.004 and the 

standard deviation 0.125. Assume the 

monthly percentage change in ADS follows a 

random walk. The expected monthly 

percentage growth rate of ADS is 1.2 percent. 

Now, use the expected monthly percentage 

growth rate to forecast total dollar volume. 

For example, one can use the ADS for 

January 2010 ($245,357,654,413) to forecast 

ADS for February 2010 ($248,264,845,054 = 

$245,357,654,413 × 1.012).15 Multiply by the 

number of trading days in February 2010 (19) 

to obtain a forecast of the total dollar volume 

for the month ($4,717,032,056,030). Repeat 

mstockstill on DSKH9S0YB1PROD with NOTICES

9966 Federal Register / Vol. 75, No. 42 / Thursday, March 4, 2010 / Notices 

the method to generate forecasts for 

subsequent months. 

The forecasts for total dollar volume are in 

column G of Table A. The following is a more 

formal (mathematical) description of the 

procedure: 

1. Divide each month’s total dollar volume 

(column C) 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 change 

in ADS from the previous month as Dt = log 

(ADSt/ADSt-1), where log (x) denotes the 

natural logarithm of x. 

3. Calculate the mean and standard 

deviation of the series {D1, D2,* * *, D120}. 

These are given by μ = 0.004 and s = 0.125, 

respectively. 

4. Assume that the natural logarithm of 

ADS follows a random walk, so that Ds and 

Dt are statistically independent for any two 

months s and t. 

5. Under the assumption that Dt is normally 

distributed, the expected value of ADSt/ 

ADSt-1 is given by exp (μ + s2/2), or on 

average ADSt = 1.012 × ADSt-1. 

6. For February 2010, this gives a forecast 

ADS of 1.012 × $245,357,654,413 = 

$248,264,845,054. Multiply this figure by the 

19 trading days in February 2010 to obtain 

a total dollar volume forecast of 

$4,717,032,056,030. 

7. For March 2010, multiply the February 

2010 ADS forecast by 1.012 to obtain a 

forecast ADS of $251,206,482,379. Multiply 

this figure by the 23 trading days in March 

2010 to obtain a total dollar volume forecast 

of $5,777,749,094,716. 

8. Repeat this procedure for subsequent 

months. 

B. Using the forecasts from A to calculate the 

new fee rate 

1. Determine the aggregate dollar volume of 

sales between 10/1/09 and 1/14/10 to be 

$16,715,256,569,641. Multiply this amount 

by the fee rate of $25.70 per million dollars 

in sales during this period and get 

$429,582,094 in actual fees collected during 

10/1/09 and 1/14/10. Determine the actual 

and projected aggregate dollar volume of 

sales between 1/15/10 and 3/31/10 to be 

$13,311,167,182,011. Multiply this amount 

by the fee rate of $12.70 per million dollars 

in sales during this period and get an 

estimate of $169,051,823 in actual and 

projected fees collected during 1/15/10 and 

3/31/10. 

2. Estimate the amount of assessments on 

security futures products collected during 

10/1/09 and 9/30/10 to be $18,611 by 

summing the amounts collected through 

January 2010 of $5,684 with projections of a 

1.2% monthly increase in subsequent 

months. 

3. Determine the projected aggregate dollar 

volume of sales between 4/1/10 and 9/30/10 

to be $33,260,374,276,849. 

4. The rate necessary to collect the target 

$1,161,000,000 in fee revenues is then 

calculated as: ($1,161,000,000¥$429,582,094 

¥$169,051,823¥$18,611) ÷ 

$33,260,374,276,849 = 0.0000169080. 

5. Round the result to the seventh decimal 

point, yielding a rate of 0.0000169000 (or 

$16.90 per million). 

TABLE A—ESTIMATION OF BASELINE OF THE AGGREGATE DOLLAR AMOUNT OF SALES

[Methodology developed in consultation with the Office of Management and Budget and the Congressional Budget Office] 

Fee rate calculation 

a. Baseline estimate of the aggregate dollar amount of sales, 10/1/09 to 1/14/10 ($Millions) .............................................................. 16,715,257 

b. Baseline estimate of the aggregate dollar amount of sales, 1/15/00 to 3/31/10 ($Millions) .............................................................. 13,311,167 

c. Baseline estimate of the aggregate dollar amount of sales, 4/1/00 to 9/30/10 ($Millions) ................................................................. 33,260,374 

d. Estimated collections in assessmests on security futures products in FY 2010 ($Millions) .............................................................. 0.019 

e. Implied fee rate (($1,161,000,000¥0.0000257 × a¥0.0000127 × b¥d)/c) ...................................................................................... $16.90 

Data 

Month 

Number of 

trading days 

in month 

Aggregate dollar 

amount of sales 

Average daily dollar amount of 

sales (ADS) 

Change in 

LN of ADS Forecast ADS Forecast aggregate dollar amount of sales 

(A) (B) (C) (D) (E) (F) (G) 

Jan–00 ........................... 20 3,057,831,397,113 152,891,569,856 ¥ .............................. ........................................

Feb–00 ........................... 20 2,973,119,888,063 148,655,994,403 ¥0.028 .............................. ........................................

Mar–00 ........................... 23 4,135,152,366,234 179,789,233,315 0.190 .............................. ........................................

Apr–00 ............................ 19 3,174,694,525,687 167,099,185,562 ¥0.073 .............................. ........................................

May–00 .......................... 22 2,649,273,207,318 120,421,509,424 ¥0.328 .............................. ........................................

Jun–00 ........................... 22 2,883,513,997,781 131,068,818,081 0.085 .............................. ........................................

Jul–00 ............................. 20 2,804,753,395,361 140,237,669,768 0.068 .............................. ........................................

Aug–00 ........................... 23 2,720,788,395,832 118,295,147,645 ¥0.170 .............................. ........................................

Sep–00 ........................... 20 2,930,188,809,012 146,509,440,451 0.214 .............................. ........................................

Oct–00 ............................ 22 3,485,926,307,727 158,451,195,806 0.078 .............................. ........................................

Nov–00 ........................... 21 2,795,778,876,887 133,132,327,471 ¥0.174 .............................. ........................................

Dec–00 ........................... 20 2,809,917,349,851 140,495,867,493 0.054 .............................. ........................................

Jan–01 ........................... 21 3,143,501,125,244 149,690,529,774 0.063 .............................. ........................................

Feb–01 ........................... 19 2,372,420,523,286 124,864,238,068 ¥0.181 .............................. ........................................

Mar–01 ........................... 22 2,554,419,085,113 116,109,958,414 ¥0.073 .............................. ........................................

Apr–01 ............................ 20 2,324,349,507,745 116,217,475,387 0.001 .............................. ........................................

May–01 .......................... 22 2,353,179,388,303 106,962,699,468 ¥0.083 .............................. ........................................

Jun–01 ........................... 21 2,111,922,113,236 100,567,719,678 ¥0.062 .............................. ........................................

Jul–01 ............................. 21 2,004,384,034,554 95,446,858,788 ¥0.052 .............................. ........................................

Aug–01 ........................... 23 1,803,565,337,795 78,415,884,252 ¥0.197 .............................. ........................................

Sep–01 ........................... 15 1,573,484,946,383 104,898,996,426 0.291 .............................. ........................................

Oct–01 ............................ 23 2,147,238,873,044 93,358,211,871 ¥0.117 .............................. ........................................

Nov–01 ........................... 21 1,939,427,217,518 92,353,677,025 ¥0.011 .............................. ........................................

Dec–01 ........................... 20 1,921,098,738,113 96,054,936,906 0.039 .............................. ........................................

Jan–02 ........................... 21 2,149,243,312,432 102,344,919,640 0.063 .............................. ........................................

Feb–02 ........................... 19 1,928,830,595,585 101,517,399,768 ¥0.008 .............................. ........................................

Mar–02 ........................... 20 2,002,216,374,514 100,110,818,726 ¥0.014 .............................. ........................................

Apr–02 ............................ 22 2,062,101,866,506 93,731,903,023 ¥0.066 .............................. ........................................

May–02 .......................... 22 1,985,859,756,557 90,266,352,571 ¥0.038 .............................. ........................................

Jun–02 ........................... 20 1,882,185,380,609 94,109,269,030 0.042 .............................. ........................................

Jul–02 ............................. 22 2,349,564,490,189 106,798,385,918 0.126 .............................. ........................................

mstockstill on DSKH9S0YB1PROD with NOTICES

Federal Register / Vol. 75, No. 42 / Thursday, March 4, 2010 / Notices 9967 

Month 

Number of 

trading days 

in month 

Aggregate dollar 

amount of sales 

Average daily dollar amount of 

sales (ADS) 

Change in 

LN of ADS Forecast ADS Forecast aggregate dollar amount of sales 

(A) (B) (C) (D) (E) (F) (G) 

Aug–02 ........................... 22 1,793,429,904,079 81,519,541,095 ¥0.270 .............................. ........................................

Sep–02 ........................... 20 1,518,944,367,204 75,947,218,360 ¥0.071 .............................. ........................................

Oct–02 ............................ 23 2,127,874,947,972 92,516,302,086 0.197 .............................. ........................................

Nov–02 ........................... 20 1,780,816,458,122 89,040,822,906 ¥0.038 .............................. ........................................

Dec–02 ........................... 21 1,561,092,215,646 74,337,724,555 ¥0.180 .............................. ........................................

Jan–03 ........................... 21 1,723,698,830,414 82,080,896,686 0.099 .............................. ........................................

Feb–03 ........................... 19 1,411,722,405,357 74,301,179,229 ¥0.180 .............................. ........................................

Mar–03 ........................... 21 1,699,581,267,718 80,932,441,320 0.085 .............................. ........................................

Apr–03 ............................ 21 1,759,751,025,279 83,797,667,870 0.035 .............................. ........................................

May–03 .......................... 21 1,871,390,985,678 89,113,856,461 0.062 .............................. ........................................

Jun–03 ........................... 21 2,122,225,077,345 101,058,337,016 0.126 .............................. ........................................

Jul–03 ............................. 22 2,100,812,973,956 95,491,498,816 ¥0.057 .............................. ........................................

Aug–03 ........................... 21 1,766,527,686,224 84,120,366,011 ¥0.127 .............................. ........................................

Sep–03 ........................... 21 2,063,584,421,939 98,265,924,854 0.155 .............................. ........................................

Oct–03 ............................ 23 2,331,850,083,022 101,384,786,218 0.031 .............................. ........................................

Nov–03 ........................... 19 1,903,726,129,859 100,196,112,098 ¥0.012 .............................. ........................................

Dec–03 ........................... 22 2,066,530,151,383 93,933,188,699 ¥0.065 .............................. ........................................

Jan–04 ........................... 20 2,390,942,905,678 119,547,145,284 0.241 .............................. ........................................

Feb–04 ........................... 19 2,177,765,594,701 114,619,241,826 ¥0.042 .............................. ........................................

Mar–04 ........................... 23 2,613,809,754,550 113,643,858,893 ¥0.009 .............................. ........................................

Apr–04 ............................ 21 2,418,663,760,191 115,174,464,771 0.013 .............................. ........................................

May–04 .......................... 20 2,259,243,404,459 112,962,170,223 ¥0.019 .............................. ........................................

Jun–04 ........................... 21 2,112,826,072,876 100,610,765,375 ¥0.116 .............................. ........................................

Jul–04 ............................. 21 2,209,808,376,565 105,228,970,313 0.045 .............................. ........................................

Aug–04 ........................... 22 2,033,343,354,640 92,424,697,938 ¥0.130 .............................. ........................................

Sep–04 ........................... 21 1,993,803,487,749 94,943,023,226 0.027 .............................. ........................................

Oct–04 ............................ 21 2,414,599,088,108 114,980,908,958 0.191 .............................. ........................................

Nov–04 ........................... 21 2,577,513,374,160 122,738,732,103 0.065 .............................. ........................................

Dec–04 ........................... 22 2,673,532,981,863 121,524,226,448 ¥0.010 .............................. ........................................

Jan–05 ........................... 20 2,581,847,200,448 129,092,360,022 0.060 .............................. ........................................

Feb–05 ........................... 19 2,532,202,408,589 133,273,810,978 0.032 .............................. ........................................

Mar–05 ........................... 22 3,030,474,897,226 137,748,858,965 0.033 .............................. ........................................

Apr–05 ............................ 21 2,906,386,944,434 138,399,378,306 0.005 .............................. ........................................

May–05 .......................... 21 2,697,414,503,460 128,448,309,689 ¥0.075 .............................. ........................................

Jun–05 ........................... 22 2,825,962,273,624 128,452,830,619 0.000 .............................. ........................................

Jul–05 ............................. 20 2,604,021,263,875 130,201,063,194 0.014 .............................. ........................................

Aug–05 ........................... 23 2,846,115,585,965 123,744,155,912 ¥0.051 .............................. ........................................

Sep–05 ........................... 21 3,009,640,645,370 143,316,221,208 0.147 .............................. ........................................

Oct–05 ............................ 21 3,279,847,331,057 156,183,206,241 0.086 .............................. ........................................

Nov–05 ........................... 21 3,163,453,821,548 150,640,658,169 ¥0.036 .............................. ........................................

Dec–05 ........................... 21 3,090,212,715,561 147,152,986,455 ¥0.023 .............................. ........................................

Jan–06 ........................... 20 3,573,372,724,766 178,668,636,238 0.194 .............................. ........................................

Feb–06 ........................... 19 3,314,259,849,456 174,434,728,919 ¥0.024 .............................. ........................................

Mar–06 ........................... 23 3,807,974,821,564 165,564,122,677 ¥0.052 

Apr–06 ............................ 19 3,257,478,138,851 171,446,217,834 0.035 .............................. ........................................

May–06 .......................... 22 4,206,447,844,451 191,202,174,748 0.109 .............................. ........................................

Jun–06 ........................... 22 3,995,113,357,316 181,596,061,696 ¥0.052 .............................. ........................................

Jul–06 ............................. 20 3,339,658,009,357 166,982,900,468 ¥0.084 .............................. ........................................

Aug–06 ........................... 23 3,410,187,280,845 148,269,012,211 ¥0.119 .............................. ........................................

Sep–06 ........................... 20 3,407,409,863,673 170,370,493,184 0.139 .............................. ........................................

Oct–06 ............................ 22 3,980,070,216,912 180,912,282,587 0.060 .............................. ........................................

Nov–06 ........................... 21 3,933,474,986,969 187,308,332,713 0.035 .............................. ........................................

Dec–06 ........................... 20 3,715,146,848,695 185,757,342,435 ¥0.008 .............................. ........................................

Jan–07 ........................... 20 4,263,986,570,973 213,199,328,549 0.138 .............................. ........................................

Feb–07 ........................... 19 3,946,799,860,532 207,726,308,449 ¥0.026 .............................. ........................................

Mar–07 ........................... 22 5,245,051,744,090 238,411,442,913 0.138 .............................. ........................................

Apr–07 ............................ 20 4,274,665,072,437 213,733,253,622 ¥0.109 .............................. ........................................

May–07 .......................... 22 5,172,568,357,522 235,116,743,524 0.095 .............................. ........................................

Jun–07 ........................... 21 5,586,337,010,802 266,016,048,133 0.123 .............................. ........................................

Jul–07 ............................. 21 5,938,330,480,139 282,777,641,911 0.061 .............................. ........................................

Aug–07 ........................... 23 7,713,644,229,032 335,375,836,045 0.171 .............................. ........................................

Sep–07 ........................... 19 4,805,676,596,099 252,930,347,163 ¥0.282 .............................. ........................................

Oct–07 ............................ 23 6,499,651,716,225 282,593,552,879 0.111 .............................. ........................................

Nov–07 ........................... 21 7,176,290,763,989 341,728,131,619 0.190 .............................. ........................................

Dec–07 ........................... 20 5,512,903,594,564 275,645,179,728 ¥0.215 .............................. ........................................

Jan–08 ........................... 21 7,997,242,071,529 380,821,051,025 0.323 .............................. ........................................

Feb–08 ........................... 20 6,139,080,448,887 306,954,022,444 ¥0.216 .............................. ........................................

Mar–08 ........................... 20 6,767,852,332,381 338,392,616,619 0.098 .............................. ........................................

Apr–08 ............................ 22 6,150,017,772,735 279,546,262,397 ¥0.191 .............................. ........................................

May–08 .......................... 21 6,080,169,766,807 289,531,893,657 0.035 .............................. ........................................

mstockstill on DSKH9S0YB1PROD with NOTICES

9968 Federal Register / Vol. 75, No. 42 / Thursday, March 4, 2010 / Notices 

Month 

Number of 

trading days 

in month 

Aggregate dollar 

amount of sales 

Average daily dollar amount of 

sales (ADS) 

Change in 

LN of ADS Forecast ADS Forecast aggregate dollar amount of sales 

(A) (B) (C) (D) (E) (F) (G) 

Jun–08 ........................... 21 6,962,199,302,412 331,533,300,115 0.135 .............................. ........................................

Jul–08 ............................. 22 8,104,256,787,805 368,375,308,537 0.105 .............................. ........................................

Aug–08 ........................... 21 6,106,057,711,009 290,764,652,905 ¥0.237 .............................. ........................................

Sep–08 ........................... 21 8,156,991,919,103 388,428,186,624 0.290 .............................. ........................................

Oct–08 ............................ 23 8,644,538,213,244 375,849,487,532 ¥0.033 .............................. ........................................

Nov–08 ........................... 19 5,727,998,341,833 301,473,596,939 ¥0.221 .............................. ........................................

Dec–08 ........................... 22 5,176,041,317,640 235,274,605,347 ¥0.248 .............................. ........................................

Jan–09 ........................... 20 4,670,249,433,806 233,512,471,690 ¥0.008 .............................. ........................................

Feb–09 ........................... 19 4,771,470,184,048 251,130,009,687 0.073 .............................. ........................................

Mar–09 ........................... 22 5,885,594,284,780 267,527,012,945 0.063 .............................. ........................................

Apr–09 ............................ 21 5,123,665,205,517 243,984,057,406 ¥0.092 .............................. ........................................

May–09 .......................... 20 5,086,717,129,965 254,335,856,498 0.042 .............................. ........................................

Jun–09 ........................... 22 5,271,742,782,609 239,624,671,937 ¥0.060 .............................. ........................................

Jul–09 ............................. 22 4,659,599,245,583 211,799,965,708 ¥0.123 .............................. ........................................

Aug–09 ........................... 21 4,582,102,295,783 218,195,347,418 0.030 .............................. ........................................

Sep–09 ........................... 21 4,929,211,335,509 234,724,349,310 0.073 .............................. ........................................

Oct–09 ............................ 22 5,410,071,946,836 245,912,361,220 0.047 .............................. ........................................

Nov–09 ........................... 20 4,770,994,671,867 238,549,733,593 ¥0.030 .............................. ........................................

Dec–09 ........................... 22 4,688,780,548,360 213,126,388,562 ¥0.113 .............................. ........................................

Jan–10 ........................... 19 4,661,795,433,843 245,357,654,413 0.141 .............................. ........................................

Feb–10 ........................... 19 .............................. .............................. .................... 248,264,845,054 4,717,032,056,030 

Mar–10 ........................... 23 .............................. .............................. .................... 251,206,482,379 5,777,749,094,716 

Apr–10 ............................ 21 .............................. .............................. .................... 254,182,974,538 5,337,842,465,308 

May–10 .......................... 20 .............................. .............................. .................... 257,194,734,520 5,143,894,690,405 

Jun–10 ........................... 22 .............................. .............................. .................... 260,242,180,205 5,725,327,964,515 

Jul–10 ............................. 21 .............................. .............................. .................... 263,325,734,426 5,529,840,422,940 

Aug–10 ........................... 22 .............................. .............................. .................... 266,445,825,024 5,861,808,150,526 

Sep–10 ........................... 21 .............................. .............................. .................... 269,602,884,912 5,661,660,583,153 

[FR Doc. 2010–4530 Filed 3–3–10; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. PA–41; File No. S7–05–10] 

Privacy Act of 1974: Systems of 

Records 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Notice of revised system of 

records. 

SUMMARY: In accordance with the 

requirements of the Privacy Act of 1974, 

as amended, 5 U.S.C. 552a, the 

Securities and Exchange Commission 

(‘‘Commission’’ or ‘‘SEC’’) proposes to 

revise a Privacy Act system of records: 

‘‘Mailing, Contact and Other Lists (SEC– 

56)’’, originally published in the Federal 

Register Volume 74, Number 139 on 

Wednesday, July 22, 2009. 

DATES: The proposed changes will 

become effective April 13, 2010 unless 

further notice is given. The Commission 

will publish a new notice if the effective 

date is delayed to review comments or 

if changes are made based on comments 

received. To be assured of 

consideration, comments should be 

received on or before April 5, 2010. 

ADDRESSES: Comments may be 

submitted by any of the following 

methods: 

Electronic Comments 

• Use the Commission’s Internet 

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

rules/other.shtml); or 

• Send an e-mail to rulecomments@sec.gov. Please include File 

Number S7–05–10 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number S7–05–10. This file number 

should be included on the subject line 

if e-mail is used. To help us process and 

review your comments more efficiently, 

please use only one method. The 

Commission will post all comments on 

the Commission’s Internet Web site 

(http://www.sec.gov/rules/other.shtml). 

Comments are available for Web site 

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 a.m. and 3 p.m. 

All comments received will be posted 

without change; we do not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. 

FOR FURTHER INFORMATION CONTACT: 

Barbara A. Stance, Chief Privacy Officer, 

Office of Information Technology, 202– 

551–7209. 

SUPPLEMENTARY INFORMATION: The 

Commission proposes to revise a system 

of records: ‘‘Mailing, Contact and Other 

Lists (SEC–56)’’. As described in the 

original notice, the system contains 

records related to individuals and 

employees who submit requests for 

information, subscriptions, inquiries, 

guidance, informal advice and other 

assistance to the SEC, and records 

related to individuals who register for 

SEC-related activities and events. This 

notice is published to revise the system 

of records to add the following new 

routine use: ‘‘To individuals who 

register for SEC-sponsored seminars, 

training programs or compliance 

meetings, such as the CCOutreach 

Program.’’ 

The Commission has submitted a 

report of the revised system of records 

to the appropriate Congressional 

committees and to the Director of the 

Office of Management and Budget 

(‘‘OMB’’) as required by 5 U.S.C. 552a(r) 

(Privacy Act of 1974) and guidelines 

mstockstill on DSKH9S0YB1PROD with NOTICES