47696 Federal Register / Vol. 86, No. 163 / Thursday, August 26, 2021 / Notices 

1 15 U.S.C. 77f(b). 

2 15 U.S.C. 78m(e). 

3 15 U.S.C. 78n(g). 

4 15 U.S.C. 77f(b)(2). The annual adjustments are 

designed to adjust the fee rate in a given fiscal year 

so that, when applied to the aggregate maximum 

offering prices at which securities are proposed to 

be offered for the fiscal year, it is reasonably likely 

to produce total fee collections under Section 6(b) 

equal to the ‘‘target fee collection amount’’ required 

by Section 6(b)(6)(A) for that fiscal year. 

5 15 U.S.C. 78m(e)(4) and 15 U.S.C. 78n(g)(4). 

6 15 U.S.C. 77f(b)(6)(A). 

7The Commission annually adjusts for inflation 

the civil monetary penalties that can be imposed 

under the statutes administered by Commission, as 

required by the Federal Civil Penalties Inflation 

Adjustment Act Improvements Act of 2015, 

pursuant to guidance from the Office of 

Management and Budget (‘‘OMB’’). See OMB 

December 16, 2019, Memorandum for the Heads of 

Executive Departments and Agencies, M–20–05, on 

‘‘Implementation of Penalty Inflation Adjustments 

for 2020, Pursuant to the Federal Civil Penalties 

Inflation Adjustment Act Improvements Act of 

2015.’’ 

8This value was announced on July 13, 2021. See 

https://www.bls.gov/news.release/archives/cpi_

07132021.htm. 

9See Supplemental Tables, ‘‘CPI–U News Release 

Companion File’’ from the July 13, 2021, press 

release. 

(4) ‘‘MiFID Delegated Directive’’ 

means Commission Delegated Directive 

(EU) 2017/593, as amended from time to 

time. 

(5) ‘‘MiFIR’’ means Regulation (EU) 

600/2014, as amended from time to 

time. 

(6) ‘‘EMIR’’ means the ‘‘European 

Market Infrastructure Regulation,’’ 

Regulation (EU) 648/2012, as amended 

from time to time. 

(7) ‘‘EMIR RTS’’ means Commission 

Delegated Regulation (EU) 149/2013, as 

amended from time to time. 

(8) ‘‘EMIR Margin RTS’’ means 

Commission Delegated Regulation (EU) 

2016/2251, as amended from time to 

time. 

(9) ‘‘CRD’’ means Directive 2013/36/ 

EU, as amended from time to time. 

(10) ‘‘CRR’’ means Regulation (EU) 

575/2013, as amended from time to 

time. 

(11) ‘‘CRR Reporting ITS’’ means 

Commission Implementing Regulation 

(EU) 680/2014, as amended from time to 

time. 

(12) ‘‘MLD’’ means Directive (EU) 

2015/849, as amended from time to 

time. 

(13) ‘‘MAR’’ means the ‘‘Market 

Abuse Regulation,’’ Regulation (EU) 

596/2014, as amended from time to 

time. 

(14) ‘‘MAR Investment 

Recommendations Regulation’’ means 

Commission Delegated Regulation (EU) 

2016/958, as amended from time to 

time. 

(15) ‘‘CNMV’’ means the Spanish 

Comisio ́n Nacional del Mercado de 

Valores. 

(16) ‘‘BoS’’ means the Spanish Banco 

de Espan ̃ a. 

(17) ‘‘ECB’’ means the European 

Central Bank. 

(18) ‘‘Accounting Directive’’ means 

Directive 2013/34/EU of the European 

Parliament and of the Council of 26 June 

2013, as amended from time to time. 

(19) ‘‘BRRD’’ means Bank Recovery 

and Resolution Directive 2014/59/EU of 

the European Parliament and of the 

Council of 15 May 2014, as amended 

from time to time. 

(20) ‘‘SSMA’’ means the Spanish 

Securities Market Act, Royal Legislative 

Decree 4/2015, of October 23, as 

amended from time to time. 

(21) ‘‘RD 217/2008’’ means Royal 

Decree 217/2008, of February 15, as 

amended from time to time. 

(22) ‘‘LOSSEC’’ means the Act on 

Regulation, Supervision, and Solvency 

of Credit Institutions, Law 10/2014, of 

June 26, as amended from time to time. 

(23) ‘‘RD 84/2015’’ means Royal 

Decree 84/2015, of February 13, as 

amended from time to time. 

(24) ‘‘BoS Circular 2/2016’’ means 

Circular 2/2016, of February 2, of the 

Bank of Spain, as amended from time to 

time. 

(25) ‘‘SMLA’’ means the Spanish 

Anti-Money Laundering Act, Law 10/ 

2010, of April 28, as amended from time 

to time. 

(26) ‘‘Prudentially regulated’’ means a 

Covered Entity that has a ‘‘prudential 

regulator’’ as that term is defined in 

Exchange Act section 3(a)(74). 

[FR Doc. 2021–18335 Filed 8–25–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release Nos. 33–10965; 34–92720/August 

23, 2021] 

Order Making Fiscal Year 2022 Annual 

Adjustments to Registration Fee Rates 

I. Background 

The Commission collects fees under 

various provisions of the securities 

laws. Section 6(b) of the Securities Act 

of 1933 (‘‘Securities Act’’) requires the 

Commission to collect fees from issuers 

on the registration of securities.1 Section 

13(e) of the Securities Exchange Act of 

1934 (‘‘Exchange Act’’) requires the 

Commission to collect fees on specified 

repurchases of securities.2 Section 14(g) 

of the Exchange Act requires the 

Commission to collect fees on specified 

proxy solicitations and statements in 

corporate control transactions.3 These 

provisions require the Commission to 

make annual adjustments to the 

applicable fee rates. 

II. Fiscal Year 2022 Annual Adjustment 

to Fee Rates 

Section 6(b)(2) of the Securities Act 

requires the Commission to make an 

annual adjustment to the fee rate 

applicable under Section 6(b).4 The 

annual adjustment to the fee rate under 

Section 6(b) of the Securities Act also 

sets the annual adjustment to the fee 

rates under Sections 13(e) and 14(g) of 

the Exchange Act.5

Section 6(b)(2) sets forth the method 

for determining the annual adjustment 

to the fee rate under Section 6(b) for 

fiscal year 2022. Specifically, the 

Commission must adjust the fee rate 

under Section 6(b) to a ‘‘rate that, when 

applied to the baseline estimate of the 

aggregate maximum offering prices for 

[fiscal year 2022], is reasonably likely to 

produce aggregate fee collections under 

[Section 6(b)] that are equal to the target 

fee collection amount for [fiscal year 

2022].’’ That is, the adjusted rate is 

determined by dividing the ‘‘target fee 

collection amount’’ for fiscal year 2022 

by the ‘‘baseline estimate of the 

aggregate maximum offering prices’’ for 

fiscal year 2022. 

III. Target Fee Collection Amount for 

FY 2022 

The statutory ‘‘target fee collection 

amount’’ for fiscal year 2021 and ‘‘each 

fiscal year thereafter’’ is ‘‘an amount 

that is equal to the target fee collection 

amount for the prior fiscal year, 

adjusted by the rate of inflation.’’ 6 The 

target fee collection amount for fiscal 

year 2021 was $709,554,300. To adjust 

the fiscal year 2021 target fee collection 

amount by the rate of inflation to 

determine the fiscal year 2022 target fee 

collection amount, the Commission has 

determined that it will use an approach 

similar to one that it uses to annually 

adjust civil monetary penalties by the 

rate of inflation.7 Under this approach, 

the Commission will use the year-overyear change, rounded to five decimal 

places, in the Consumer Price Index for 

All Urban Consumers (‘‘CPI–U’’), not 

seasonally adjusted, in calculating the 

target fee collection amount, which is 

then rounded to the nearest whole 

dollar. The calculation for the fiscal year 

2022 target fee collection amount is 

described in more detail below. 

The most recent CPI–U index value, 

not seasonally adjusted, available for 

use by the Commission at the time this 

fee rate update was prepared was for 

June 2021. This value is 271.696.8 The 

CPI–U index value, not seasonally 

adjusted, for June 2020 is 257.797.9


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Federal Register / Vol. 86, No. 163 / Thursday, August 26, 2021 / Notices 47697 

10Appendix A explains how we determined the 

‘‘baseline estimate of the aggregate maximum 

offering prices’’ for fiscal year 2022 using our 

methodology, and then shows the arithmetical 

process of calculating the fiscal year 2022 annual 

adjustment based on that estimate. The appendix 

includes the data used by the Commission in 

making its ‘‘baseline estimate of the aggregate 

maximum offering prices’’ for fiscal year 2022. 

11 15 U.S.C. 77f(b)(4), 15 U.S.C. 78m(e)(6), and 15 

U.S.C. 78n(g)(6). 

12 15 U.S.C. 77f(b), 78m(e), and 78n(g). 

Dividing the June 2021 value by the 

June 2020 value and rounding to five 

decimal places yields a multiplier value 

of 1.05391. Multiplying the fiscal year 

2021 target fee collection amount of 

$709,554,300 by the multiplier value of 

1.05391 and rounding to the nearest 

whole dollar yields a fiscal year 2022 

target fee collection amount of 

$747,806,372. 

Section 6(b)(6)(B) defines the 

‘‘baseline estimate of the aggregate 

maximum offering prices’’ for fiscal year 

2022 as ‘‘the baseline estimate of the 

aggregate maximum offering price at 

which securities are proposed to be 

offered pursuant to registration 

statements filed with the Commission 

during [fiscal year 2022] as determined 

by the Commission, after consultation 

with the Congressional Budget Office 

and the Office of Management and 

Budget . . . .’’ 

To make the baseline estimate of the 

aggregate maximum offering prices for 

fiscal year 2022, the Commission is 

using the methodology it has used in 

prior fiscal years and that was 

developed in consultation with the 

Congressional Budget Office and 

OMB.10 Using this methodology, the 

Commission determines the ‘‘baseline 

estimate of the aggregate maximum 

offering price’’ for fiscal year 2022 to be 

$8,066,357,647,394. Based on this 

estimate and the fiscal year 2022 target 

fee collection amount, the Commission 

calculates the fee rate for fiscal 2022 to 

be $92.70 per million. This adjusted fee 

rate applies to Section 6(b) of the 

Securities Act, as well as to Sections 

13(e) and 14(g) of the Exchange Act. 

IV. Effective Dates of the Annual 

Adjustments 

The fiscal year 2022 annual 

adjustments to the fee rates applicable 

under Section 6(b) of the Securities Act 

and Sections 13(e) and 14(g) of the 

Exchange Act will be effective on 

October 1, 2021.11

V. Conclusion 

Accordingly, pursuant to Section 6(b) 

of the Securities Act and Sections 13(e) 

and 14(g) of the Exchange Act,12

It is hereby ordered that the fee rates 

applicable under Section 6(b) of the 

Securities Act and Sections 13(e) and 

14(g) of the Exchange Act shall be 

$92.70 per million effective on October 

1, 2021. 

By the Commission. 

Vanessa Countryman, 

Secretary. 

Appendix A 

Congress has established a target 

amount of monies to be collected from 

fees charged to issuers based on the 

value of their registrations. This 

appendix provides the formula for 

determining such fees, which the 

Commission adjusts annually. Congress 

has mandated that the Commission 

determine these fees based on the 

‘‘aggregate maximum offering prices,’’ 

which measures the aggregate dollar 

amount of securities registered with the 

Commission over the course of the year. 

In order to maximize the likelihood that 

the amount of monies targeted by 

Congress will be collected, the fee rate 

must be set to reflect projected aggregate 

maximum offering prices. As a 

percentage, the fee rate equals the ratio 

of the target amounts of monies to the 

projected aggregate maximum offering 

prices. 

For 2022, the Commission has 

estimated the aggregate maximum 

offering prices by projecting forward the 

trend established in the previous 

decade. More specifically, an autoregressive integrated moving average 

(‘‘ARIMA’’) model was used to forecast 

the value of the aggregate maximum 

offering prices for months subsequent to 

July 2021, the last month for which the 

Commission has data on the aggregate 

maximum offering prices. 

The following sections describe this 

process in detail. 

A. Baseline Estimate of the Aggregate 

Maximum Offering Prices for Fiscal 

Year 2022 

First, calculate the aggregate 

maximum offering prices (AMOP) for 

each month in the sample (July 2011– 

July 2021). Next, calculate the 

percentage change in the AMOP from 

month to month. 

Model the monthly percentage change 

in AMOP as a first order moving average 

process. The moving average approach 

allows one to model the effect that an 

exceptionally high (or low) observation 

of AMOP tends to be followed by a more 

‘‘typical’’ value of AMOP. 

Use the [estimated moving average] 

[ARIMA] model to forecast the monthly 

percent change in AMOP. These percent 

changes can then be applied to obtain 

forecasts of the total dollar value of 

registrations. The following is a more 

formal (mathematical) description of the 

procedure: 

1. Begin with the monthly data for 

AMOP. The sample spans ten years, 

from July 2011 to July 2021. 

2. Divide each month’s AMOP 

(column C) by the number of trading 

days in that month (column B) to obtain 

the average daily AMOP (AAMOP, 

column D). 

3. For each month t, the natural 

logarithm of AAMOP is reported in 

column E. 

4. Calculate the change in 

log(AAMOP) from the previous month 

as Dt = log (AAMOPt)¥log(AAMOPt-1). 

This approximates the percentage 

change. 

5. Estimate the first order moving 

average model Dt = a + bet-1 + et, where 

et denotes the forecast error for month 

t. The forecast error is simply the 

difference between the one-month 

ahead forecast and the actual realization 

of Dt. The forecast error is expressed as 

et = Dt¥a¥bet-1. The model can be 

estimated using standard commercially 

available software. Using least squares, 

the estimated parameter values are a = 

0.0079933991 and b = 0.9007307577. 

6. For the month of August 2021 

forecast Dt = 8/2021 = a + bet = 7/2021. For 

all subsequent months, forecast Dt = a. 

7. Calculate forecasts of log(AAMOP). 

For example, the forecast of 

log(AAMOP) for October 2021 is given 

by FLAAMOP t = 10/2021 = log(AAMOP t

= 7/2021) + D t = 8/2021 +D t = 9/2021 + D t

= 10/2021. 

8. Under the assumption that et is 

normally distributed, the n-step ahead 

forecast of AAMOP is given by 

exp(FLAAMOPt + sn

2/2), where sn

denotes the standard error of the n-step 

ahead forecast. 

9. For October 2021, this gives a 

forecast AAMOP of $30.399 billion 

(Column I), and a forecast AMOP of 

$638.385 billion (Column J). 

10. Iterate this process through 

September 2022 to obtain a baseline 

estimate of the aggregate maximum 

offering prices for fiscal year 2022 of 

$8,066,357,647,394. 

B. Using the Forecasts From A To 

Calculate the New Fee Rate 

1. Using the data from Table A, 

estimate the aggregate maximum 

offering prices between 10/01/21 and 9/ 

30/22 to be $8,066,357,647,394. 

2. The rate necessary to collect the 

target $747,806,372 in fee revenues 

required by Section 6(b) of the 

Securities Act is then calculated as: 

$747,806,372 ÷ $8,066,357,647,394 = 

0.0000927068. 


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47698 Federal Register / Vol. 86, No. 163 / Thursday, August 26, 2021 / Notices 

3. Round the result to the seventh 

decimal point, yielding a rate of 

0.0000927 (or $92.70 per million). 

TABLE A—ESTIMATION OF BASELINE OF AGGREGATE MAXIMUM OFFERING PRICES

[Fee rate calculation] 

a. Baseline estimate of the aggregate maximum offering prices, 10/01/21 to 09/30/22 ($Millions) ............................................... 8,066,358 

b. Implied fee rate ($747,806,372 / a) ............................................................................................................................................. $92.70 

Month 

No. of trading days in 

month 

Aggregate 

maximum 

offering 

prices, in 

$Millions 

Average 

daily aggregate max. 

offering 

prices 

(AAMOP) in 

$Millions 

log 

(AAMOP) 

Log 

(Change in 

AAMOP) 

Forecast 

log(AAMOP) 

Standard 

error 

Forecast 

AAMOP, in 

$Millions 

Forecast 

aggregate 

maximum 

offering 

prices, in 

$Millions 

(A) (B) (C) (D) (E) (F) (G) (H) (I) (J) 

Jul–11 ........................................ 20 215,391 10,770 23.100 .................... .................... .................... .................... ....................

Aug–11 ...................................... 23 179,870 7,820 22.780 ¥0.320 .................... .................... .................... ....................

Sep–11 ...................................... 21 168,005 8,000 22.803 0.023 .................... .................... .................... ....................

Oct–11 ....................................... 21 181,452 8,641 22.880 0.077 .................... .................... .................... ....................

Nov–11 ...................................... 21 256,418 12,210 23.226 0.346 .................... .................... .................... ....................

Dec–11 ...................................... 21 237,652 11,317 23.150 ¥0.076 .................... .................... .................... ....................

Jan–12 ...................................... 20 276,965 13,848 23.351 0.202 .................... .................... .................... ....................

Feb–12 ...................................... 20 228,419 11,421 23.159 ¥0.193 .................... .................... .................... ....................

Mar–12 ...................................... 22 430,806 19,582 23.698 0.539 .................... .................... .................... ....................

Apr–12 ....................................... 20 173,626 8,681 22.884 ¥0.813 .................... .................... .................... ....................

May–12 ..................................... 22 414,122 18,824 23.658 0.774 .................... .................... .................... ....................

Jun–12 ...................................... 21 272,218 12,963 23.285 ¥0.373 .................... .................... .................... ....................

Jul–12 ........................................ 21 170,462 8,117 22.817 ¥0.468 .................... .................... .................... ....................

Aug–12 ...................................... 23 295,472 12,847 23.276 0.459 .................... .................... .................... ....................

Sep–12 ...................................... 19 331,295 17,437 23.582 0.305 .................... .................... .................... ....................

Oct–12 ....................................... 21 137,562 6,551 22.603 ¥0.979 .................... .................... .................... ....................

Nov–12 ...................................... 21 221,521 10,549 23.079 0.476 .................... .................... .................... ....................

Dec–12 ...................................... 20 321,602 16,080 23.501 0.422 .................... .................... .................... ....................

Jan–13 ...................................... 21 368,488 17,547 23.588 0.087 .................... .................... .................... ....................

Feb–13 ...................................... 19 252,148 13,271 23.309 ¥0.279 .................... .................... .................... ....................

Mar–13 ...................................... 20 533,440 26,672 24.007 0.698 .................... .................... .................... ....................

Apr–13 ....................................... 22 235,779 10,717 23.095 ¥0.912 .................... .................... .................... ....................

May–13 ..................................... 22 382,950 17,407 23.580 0.485 .................... .................... .................... ....................

Jun–13 ...................................... 20 480,624 24,031 23.903 0.322 .................... .................... .................... ....................

Jul–13 ........................................ 22 263,869 11,994 23.208 ¥0.695 .................... .................... .................... ....................

Aug–13 ...................................... 22 253,305 11,514 23.167 ¥0.041 .................... .................... .................... ....................

Sep–13 ...................................... 20 267,923 13,396 23.318 0.151 .................... .................... .................... ....................

Oct–13 ....................................... 23 293,847 12,776 23.271 ¥0.047 .................... .................... .................... ....................

Nov–13 ...................................... 20 326,257 16,313 23.515 0.244 .................... .................... .................... ....................

Dec–13 ...................................... 21 358,169 17,056 23.560 0.045 .................... .................... .................... ....................

Jan–14 ...................................... 21 369,067 17,575 23.590 0.030 .................... .................... .................... ....................

Feb–14 ...................................... 19 298,376 15,704 23.477 ¥0.113 .................... .................... .................... ....................

Mar–14 ...................................... 21 564,840 26,897 24.015 0.538 .................... .................... .................... ....................

Apr–14 ....................................... 21 263,401 12,543 23.252 ¥0.763 .................... .................... .................... ....................

May–14 ..................................... 21 403,700 19,224 23.679 0.427 .................... .................... .................... ....................

Jun–14 ...................................... 21 423,075 20,146 23.726 0.047 .................... .................... .................... ....................

Jul–14 ........................................ 22 373,811 16,991 23.556 ¥0.170 .................... .................... .................... ....................

Aug–14 ...................................... 21 405,017 19,287 23.683 0.127 .................... .................... .................... ....................

Sep–14 ...................................... 21 409,349 19,493 23.693 0.011 .................... .................... .................... ....................

Oct–14 ....................................... 23 338,832 14,732 23.413 ¥0.280 .................... .................... .................... ....................

Nov–14 ...................................... 19 386,898 20,363 23.737 0.324 .................... .................... .................... ....................

Dec–14 ...................................... 22 370,760 16,853 23.548 ¥0.189 .................... .................... .................... ....................

Jan–15 ...................................... 20 394,127 19,706 23.704 0.156 .................... .................... .................... ....................

Feb–15 ...................................... 19 466,138 24,534 23.923 0.219 .................... .................... .................... ....................

Mar–15 ...................................... 22 753,747 34,261 24.257 0.334 .................... .................... .................... ....................

Apr–15 ....................................... 21 356,560 16,979 23.555 ¥0.702 .................... .................... .................... ....................

May–15 ..................................... 20 478,591 23,930 23.898 0.343 .................... .................... .................... ....................

Jun–15 ...................................... 22 446,102 20,277 23.733 ¥0.166 .................... .................... .................... ....................

Jul–15 ........................................ 22 402,062 18,276 23.629 ¥0.104 .................... .................... .................... ....................

Aug–15 ...................................... 21 334,746 15,940 23.492 ¥0.137 .................... .................... .................... ....................

Sep–15 ...................................... 21 289,872 13,803 23.348 ¥0.144 .................... .................... .................... ....................

Oct–15 ....................................... 22 300,276 13,649 23.337 ¥0.011 .................... .................... .................... ....................

Nov–15 ...................................... 20 409,690 20,485 23.743 0.406 .................... .................... .................... ....................

Dec–15 ...................................... 22 308,569 14,026 23.364 ¥0.379 .................... .................... .................... ....................

Jan–16 ...................................... 19 457,411 24,074 23.904 0.540 .................... .................... .................... ....................

Feb–16 ...................................... 20 554,343 27,717 24.045 0.141 .................... .................... .................... ....................

Mar–16 ...................................... 22 900,301 40,923 24.435 0.390 .................... .................... .................... ....................

Apr–16 ....................................... 21 250,716 11,939 23.203 ¥1.232 .................... .................... .................... ....................

May–16 ..................................... 21 409,992 19,523 23.695 0.492 .................... .................... .................... ....................

Jun–16 ...................................... 22 321,219 14,601 23.404 ¥0.291 .................... .................... .................... ....................

Jul–16 ........................................ 20 289,671 14,484 23.396 ¥0.008 .................... .................... .................... ....................

Aug–16 ...................................... 23 352,068 15,307 23.452 0.055 .................... .................... .................... ....................

Sep–16 ...................................... 21 326,116 15,529 23.466 0.014 .................... .................... .................... ....................

Oct–16 ....................................... 21 266,115 12,672 23.263 ¥0.203 .................... .................... .................... ....................


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Federal Register / Vol. 86, No. 163 / Thursday, August 26, 2021 / Notices 47699 

Month 

No. of trading days in 

month 

Aggregate 

maximum 

offering 

prices, in 

$Millions 

Average 

daily aggregate max. 

offering 

prices 

(AAMOP) in 

$Millions 

log 

(AAMOP) 

Log 

(Change in 

AAMOP) 

Forecast 

log(AAMOP) 

Standard 

error 

Forecast 

AAMOP, in 

$Millions 

Forecast 

aggregate 

maximum 

offering 

prices, in 

$Millions 

(A) (B) (C) (D) (E) (F) (G) (H) (I) (J) 

Nov–16 ...................................... 21 443,034 21,097 23.772 0.510 .................... .................... .................... ....................

Dec–16 ...................................... 21 310,614 14,791 23.417 ¥0.355 .................... .................... .................... ....................

Jan–17 ...................................... 20 503,030 25,152 23.948 0.531 .................... .................... .................... ....................

Feb–17 ...................................... 19 255,815 13,464 23.323 ¥0.625 .................... .................... .................... ....................

Mar–17 ...................................... 23 723,870 31,473 24.172 0.849 .................... .................... .................... ....................

Apr–17 ....................................... 19 255,275 13,436 23.321 ¥0.851 .................... .................... .................... ....................

May–17 ..................................... 22 569,965 25,908 23.978 0.657 .................... .................... .................... ....................

Jun–17 ...................................... 22 445,081 20,231 23.730 ¥0.247 .................... .................... .................... ....................

Jul–17 ........................................ 20 291,167 14,558 23.401 ¥0.329 .................... .................... .................... ....................

Aug–17 ...................................... 23 263,981 11,477 23.164 ¥0.238 .................... .................... .................... ....................

Sep–17 ...................................... 20 372,705 18,635 23.648 0.485 .................... .................... .................... ....................

Oct–17 ....................................... 22 173,749 7,898 22.790 ¥0.858 .................... .................... .................... ....................

Nov–17 ...................................... 21 377,262 17,965 23.612 0.822 .................... .................... .................... ....................

Dec–17 ...................................... 20 281,126 14,056 23.366 ¥0.245 .................... .................... .................... ....................

Jan–18 ...................................... 21 593,025 28,239 24.064 0.698 .................... .................... .................... ....................

Feb–18 ...................................... 19 353,182 18,589 23.646 ¥0.418 .................... .................... .................... ....................

Mar–18 ...................................... 21 685,784 32,656 24.209 0.563 .................... .................... .................... ....................

Apr–18 ....................................... 21 367,569 17,503 23.586 ¥0.624 .................... .................... .................... ....................

May–18 ..................................... 22 543,840 24,720 23.931 0.345 .................... .................... .................... ....................

Jun–18 ...................................... 21 477,967 22,760 23.848 ¥0.083 .................... .................... .................... ....................

Jul–18 ........................................ 21 327,710 15,605 23.471 ¥0.377 .................... .................... .................... ....................

Aug–18 ...................................... 23 347,239 15,097 23.438 ¥0.033 .................... .................... .................... ....................

Sep–18 ...................................... 19 259,874 13,678 23.339 ¥0.099 .................... .................... .................... ....................

Oct–18 ....................................... 23 300,814 13,079 23.294 ¥0.045 .................... .................... .................... ....................

Nov–18 ...................................... 21 447,767 21,322 23.783 0.489 .................... .................... .................... ....................

Dec–18 ...................................... 19 276,130 14,533 23.400 ¥0.383 .................... .................... .................... ....................

Jan–19 ...................................... 21 495,624 23,601 23.885 0.485 .................... .................... .................... ....................

Feb–19 ...................................... 19 372,166 19,588 23.698 ¥0.186 .................... .................... .................... ....................

Mar–19 ...................................... 21 604,813 28,801 24.084 0.385 .................... .................... .................... ....................

Apr–19 ....................................... 21 267,737 12,749 23.269 ¥0.815 .................... .................... .................... ....................

May–19 ..................................... 22 476,892 21,677 23.800 0.531 .................... .................... .................... ....................

Jun–19 ...................................... 20 399,178 19,959 23.717 ¥0.083 .................... .................... .................... ....................

Jul–19 ........................................ 22 359,438 16,338 23.517 ¥0.200 .................... .................... .................... ....................

Aug–19 ...................................... 22 401,391 18,245 23.627 0.110 .................... .................... .................... ....................

Sep–19 ...................................... 20 382,876 19,144 23.675 0.048 .................... .................... .................... ....................

Oct–19 ....................................... 23 181,113 7,874 22.787 ¥0.888 .................... .................... .................... ....................

Nov–19 ...................................... 20 553,889 27,694 24.044 1.258 .................... .................... .................... ....................

Dec–19 ...................................... 21 438,062 20,860 23.761 ¥0.283 .................... .................... .................... ....................

Jan–20 ...................................... 21 636,403 30,305 24.135 0.373 .................... .................... .................... ....................

Feb–20 ...................................... 19 424,133 22,323 23.829 ¥0.306 .................... .................... .................... ....................

Mar–20 ...................................... 22 409,403 18,609 23.647 ¥0.182 .................... .................... .................... ....................

Apr–20 ....................................... 21 389,821 18,563 23.644 ¥0.002 .................... .................... .................... ....................

May–20 ..................................... 20 731,835 36,592 24.323 0.679 .................... .................... .................... ....................

Jun–20 ...................................... 22 650,219 29,555 24.110 ¥0.214 .................... .................... .................... ....................

Jul–20 ........................................ 22 457,871 20,812 23.759 ¥0.351 .................... .................... .................... ....................

Aug–20 ...................................... 21 465,953 22,188 23.823 0.064 .................... .................... .................... ....................

Sep–20 ...................................... 21 435,323 20,730 23.755 ¥0.068 .................... .................... .................... ....................

Oct–20 ....................................... 22 429,638 19,529 23.695 ¥0.060 .................... .................... .................... ....................

Nov–20 ...................................... 20 849,894 42,495 24.473 0.777 .................... .................... .................... ....................

Dec–20 ...................................... 22 493,133 22,415 23.833 ¥0.640 .................... .................... .................... ....................

Jan–21 ...................................... 19 753,590 39,663 24.404 0.571 .................... .................... .................... ....................

Feb–21 ...................................... 19 785,163 41,324 24.445 0.041 .................... .................... .................... ....................

Mar–21 ...................................... 23 960,806 41,774 24.456 0.011 .................... .................... .................... ....................

Apr–21 ....................................... 21 430,803 20,514 23.744 ¥0.711 .................... .................... .................... ....................

May–21 ..................................... 20 759,512 37,976 24.360 0.616 .................... .................... .................... ....................

Jun–21 ...................................... 22 512,966 23,317 23.872 ¥0.488 .................... .................... .................... ....................

Jul–21 ........................................ 21 485,097 23,100 23.863 ¥0.009 .................... .................... .................... ....................

Aug–21 ...................................... 22 .................... .................... .................... .................... 24.066 0.331 29,885 657,469 

Sep–21 ...................................... 21 .................... .................... .................... .................... 24.074 0.332 30,141 632,962 

Oct–21 ....................................... 21 .................... .................... .................... .................... 24.082 0.334 30,399 638,385 

Nov–21 ...................................... 21 .................... .................... .................... .................... 24.090 0.335 30,660 643,855 

Dec–21 ...................................... 22 .................... .................... .................... .................... 24.098 0.337 30,922 680,294 

Jan–22 ...................................... 20 .................... .................... .................... .................... 24.106 0.339 31,187 623,748 

Feb–22 ...................................... 19 .................... .................... .................... .................... 24.114 0.340 31,455 597,638 

Mar–22 ...................................... 23 .................... .................... .................... .................... 24.122 0.342 31,724 729,655 

Apr–22 ....................................... 20 .................... .................... .................... .................... 24.130 0.343 31,996 639,919 

May–22 ..................................... 21 .................... .................... .................... .................... 24.138 0.345 32,270 677,673 

Jun–22 ...................................... 22 .................... .................... .................... .................... 24.146 0.346 32,547 716,026 

Jul–22 ........................................ 20 .................... .................... .................... .................... 24.154 0.348 32,825 656,510 

Aug–22 ...................................... 23 .................... .................... .................... .................... 24.162 0.350 33,107 761,455 

Sep–22 ...................................... 21 .................... .................... .................... .................... 24.170 0.351 33,390 701,199 


jbell on DSKJLSW7X2PROD with NOTICES

EN26AU21.024</GPH>jbell on DSKJLSW7X2PROD with NOTICES

Dollar Value, 

$Billions 

Figure A 

Aggregate Maximum Offering Prices Subject to Securities Act Section 6(b) 

(Dashed Line Indicates Forecast Values) 

$1,200 --.--------------------------------------"""'T$1,000 

$800 n $600 II 11 II I II I ft I

I I A I\ I \f\ / I l ~I\I\ 1\1\I\ I Ml A IV l ' 

$400 $200 

$0 ~~----=...,....-----,-------r----,---r---~--...,....-----,-------r---

Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Ju
Federal Register / Vol. 86, No. 163 / Thursday, August 26, 2021 / Notices 47701 

[FR Doc. 2021–18402 Filed 8–25–21; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

Reporting and Recordkeeping 

Requirements Under OMB Review 

AGENCY: Small Business Administration. 

ACTION: 30-Day notice. 

SUMMARY: The Small Business 

Administration (SBA) is seeking 

approval from the Office of Management 

and Budget (OMB) for the information 

collection described below. In 

accordance with the Paperwork 

Reduction Act and OMB procedures, 

SBA is publishing this notice to allow 

all interested member of the public an 

additional 30 days to provide comments 

on the proposed collection of 

information. 

DATES: Submit comments on or before 

September 27, 2021. 

ADDRESSES: Written comments and 

recommendations for this information 

collection request should be sent within 

30 days of publication of this notice to 

www.reginfo.gov/public/do/PRAMain. 

Find this particular information 

collection request by selecting ‘‘Small 

Business Administration’’; ‘‘Currently 

Under Review,’’ then select the ‘‘Only 

Show ICR for Public Comment’’ 

checkbox. This information collection 

can be identified by title and/or OMB 

Control Number. 

FOR FURTHER INFORMATION CONTACT: You 

may obtain a copy of the information 

collection and supporting documents 

from the Agency Clearance Office at 

Curtis.Rich@sba.gov; (202) 205–7030, or 

from www.reginfo.gov/public/do/ 

PRAMain. 

SUPPLEMENTARY INFORMATION: The 

information collected is used by SBA to 

monitor the Agents, fees charged by 

Agents, and the relationship between 

Agents and lenders. The information 

helps SBA to determine among other 

things whether borrowers are paying 

unnecessary, unreasonable or 

prohibitive fees. 

Solicitation of Public Comments: 

Comments may be submitted on (a) 

Whether the collection of information is 

necessary for the agency to properly 

perform its functions; (b) whether the 

burden estimates are accurate; (c) 

whether there are ways to minimize the 

burden, including through the use of 

automated techniques or other forms of 

information technology; and (d) whether 

there are ways to enhance the quality, 

utility, and clarity of the information. 

OMB Control 3245–0201. 

Title: Compensation Agreement. 

Description of Respondents: SBA 

Borrowers. 

Form Number’s: 159(7a), 159(504), 

159D. 

Estimated Number of Respondents: 

9,210. 

Estimated Annual Responses: 9,210. 

Estimated Annual Hour Burden: 

1,385. 

Curtis Rich, 

Management Analyst. 

[FR Doc. 2021–18417 Filed 8–25–21; 8:45 am] 

BILLING CODE 8026–03–P 

SMALL BUSINESS ADMINISTRATION 

Reporting and Recordkeeping 

Requirements Under OMB Review 

AGENCY: Small Business Administration. 

ACTION: 30-Day notice. 

SUMMARY: The Small Business 

Administration (SBA) is seeking 

approval from the Office of Management 

and Budget (OMB) for the information 

collection described below. In 

accordance with the Paperwork 

Reduction Act and OMB procedures, 

SBA is publishing this notice to allow 

all interested member of the public an 

additional 30 days to provide comments 

on the proposed collection of 

information. 

DATES: Submit comments on or before 

September 27, 2021. 

ADDRESSES: Written comments and 

recommendations for this information 

collection request should be sent within 

30 days of publication of this notice to 

www.reginfo.gov/public/do/PRAMain. 

Find this particular information 

collection request by selecting ‘‘Small 

Business Administration’’; ‘‘Currently 

Under Review,’’ then select the ‘‘Only 

Show ICR for Public Comment’’ 

checkbox. This information collection 

can be identified by title and/or OMB 

Control Number. 

FOR FURTHER INFORMATION CONTACT: You 

may obtain a copy of the information 

collection and supporting documents 

from the Agency Clearance Office at 

Curtis.Rich@sba.gov; (202) 205–7030, or 

from www.reginfo.gov/public/do/ 

PRAMain. 

SUPPLEMENTARY INFORMATION: 

Solicitation of Public Comments 

This form facilitates online 

registration for the Boots to Business 

course for eligible service members and 

their spouses. The collected data will be 

used to report course statistics, manage 

course operations more efficiently, tailor 

individual classes based on the 

experience and interests of the 

participants, and ultimately contact 

Boots to Business alumni. 

Comments may be submitted on (a) 

whether the collection of information is 

necessary for the agency to properly 

perform its functions; (b) whether the 

burden estimates are accurate; (c) 

whether there are ways to minimize the 

burden, including through the use of 

automated techniques or other forms of 

information technology; and (d) whether 

there are ways to enhance the quality, 

utility, and clarity of the information. 

OMB Control: 3245–0384. 

Title: Boots to Business, 

Description of Respondents: 

Transitioning Service Members. 

Estimated Number of Respondents: 

18,000. 

Estimated Annual Responses: 18,000. 

Estimated Annual Hour Burden: 

1,500. 

Curtis Rich, 

Management Analyst. 

[FR Doc. 2021–18411 Filed 8–25–21; 8:45 am] 

BILLING CODE 8026–03–P 

SMALL BUSINESS ADMINISTRATION 

Reporting and Recordkeeping 

Requirements Under OMB Review 

AGENCY: Small Business Administration. 

ACTION: 30-Day notice. 

SUMMARY: The Small Business 

Administration (SBA) is seeking 

approval from the Office of Management 

and Budget (OMB) for the information 

collection described below. In 

accordance with the Paperwork 

Reduction Act and OMB procedures, 

SBA is publishing this notice to allow 

all interested member of the public an 

additional 30 days to provide comments 

on the proposed collection of 

information. 

DATES: Submit comments on or before 

September 27, 2021. 

ADDRESSES: Written comments and 

recommendations for this information 

collection request should be sent within 

30 days of publication of this notice to 

www.reginfo.gov/public/do/PRAMain. 

Find this particular information 

collection request by selecting ‘‘Small 

Business Administration’’; ‘‘Currently 

Under Review,’’ then select the ‘‘Only 

Show ICR for Public Comment’’ 

checkbox. This information collection 

can be identified by title and/or OMB 

Control Number. 

FOR FURTHER INFORMATION CONTACT: You 

may obtain a copy of the information 

collection and supporting documents 

from the Agency Clearance Office at 


jbell on DSKJLSW7X2PROD with NOTICES