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 Securities and Exchange Commission [Release No. 34-94644]
 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 March 15, 2022, the President signed into law the Consolidated Appropriations Act, 2022, which includes total appropriations of $1,999,663,000 to the SEC for fiscal year 2022. II. Fiscal Year 2022 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 2022 [8]
                    
                     from an amount equal to the regular appropriation to the Commission for fiscal year 2022, 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, 2022, includes total appropriations of $1,999,663,000 to the Commission for fiscal year 2022.[10]
                    
                     The Commission estimates that it will collect $643,763,663 in fees for the period prior to the effective date of the new fee rate and $0 in assessments on round turn transactions in security futures products during all of fiscal year 2022. Using the methodology described in Appendix A, the Commission estimates that the aggregate dollar amount of covered sales for the remainder of fiscal year 2022 to be $59,331,516,269,025. The uniform adjusted rate is computed by dividing the residual fees to be collected of $1,355,899,337 by the estimated aggregate dollar amount of covered sales for the remainder of fiscal year 2022 of $59,331,516,269,025; this results in a uniform adjusted rate for fiscal year 2022 of $22.90 per million.[11] III. Effective Date of the Uniform Adjusted Rate Under Section 31(j)(4)(A) of the Exchange Act, the fiscal year 2022 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, 2021, or 60 days after the date on which a regular appropriation to the Commission for fiscal year 2022 is enacted.[12]
                    
                     The regular appropriation to the Commission for fiscal year 2022 was enacted on March 15, 2022, and accordingly, the new fee rates applicable under Sections 31(b) and (c) of the Exchange Act will take effect on May 14, 2022. 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 $22.90 per $1,000,000 effective on May 14, 2022. By the Commission. Dated: April 8, 2022. 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 2022. 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 2022. 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 
                    ( print page 21932)
                    Commission's regular appropriation for fiscal year 2022 (less the sum of fees to be collected during fiscal year 2022 prior to the effective date of the new fee rate and aggregate assessments on security futures transactions during all of fiscal year 2022) 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 2022, 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 February 2022, 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 2022 First, calculate the average daily dollar amount of covered sales (“ADS”) for each month in the sample (August 2011-February 2022). 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 August 2011-February 2022.[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 6-month trailing moving average of ADS (shown in column E). For example, the value for January, 2012 is the average of the 6 months ending in January, 2012, or August 2011 through January 2012 inclusive. 3. Calculate the 1-month and 2-month lags of the trailing moving average. For example, the 1-month lag of the 6-month trailing moving average for February, 2012 is equal to the 6-month trailing moving average for January, 2012. The 2-month lag of the 6-month trailing moving average for March, 2012 is equal to the 6-month trailing moving average for January 2012. 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 6-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 software. The estimated parameter values are a = −367,840,831, b1
                         = +1.635496, b2
                         = −0.629751. The root-mean squared error (RMSE) of the regression is 10,477,301,062. 5. The predicted value of the 6-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 2022. To calculate this value from the model above, one needs the 1-month and 2-month lag of the 6-month trailing moving average ADS, 
                    *i.e.,*
                     the 6-month trailing moving average for June and July. The 6-month trailing moving average for July is obtained by using the 1-month and 2-month lags for July, that is, the 6-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, March 2022, and iterates predictions forward until the last month is predicted. One then multiplies the final predicted 6-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 March 2022, using the a, b1, and b2
                     parameter estimates shown above, along with the 1-month and two-month lags in the 6-month trailing moving average ADS (representing the 6-month trailing moving average ADS for January and February 2022, respectively), one can estimate the forecast 6-month trailing moving average ADS for March: −367,840,831 + (1.635496 × 681,912,575,789) + (−0.629751 × 641,935,586,835) = 710,637,605,562. 7. With the estimated 6-month trailing moving average ADS for March 2022 calculated above, one can estimate the 6-month trailing moving average ADS for April, 2022. The estimate obtained from March becomes the 1-month lag for April, and the 1-month lag used in the March forecast becomes the 2-month lag for the April forecast. Thus, the predicted 6-month trailing moving average ADS for April 2022 is calculated as: -367,840,831 + (1.635496 × 710,637,605,562) + (-0.629751 × 681,912,575,789) = 732,441,711,767. 8. Using the forecasts for March and April, one can estimate the value for May. Repeat this procedure for subsequent months, until the estimate for August 2022 is obtained. This value 
                    ( print page 21933)
                    is 791,086,883,587.[15]
                    
                     This value is then used to calculate the final forecast total monthly covered sales for all 6 months from March 2022 through August 2022. 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 6-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, 2021 through May 13, 2022. The projected aggregate dollar amount of covered sales for this period is $126,228,169,296,551. Actual and projected fee collections at the current fee rate of $5.10 per million are $643,763,663. 2. Estimate the amount of assessments on security futures products collected from September 1, 2021 through August 31, 2022. 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 2021 through August 2022 is zero. 3. Subtract the amount $643,763,663 from the target off-setting collection amount set by Congress of $1,999,663,000, leaving $1,355,899,337 to be collected on dollar volume for the period May 14, 2022 through August 31, 2022. 4. Use Table A to estimate dollar volume for the period May 14, 2022 through August 31, 2022. The estimate is $59,331,516,269,025. Finally, compute the fee rate required to produce the additional $1,355,899,337 in revenue. This rate is $1,355,899,337 divided by $59,331,516,269,025 or 0.00002285293. 5. Round the result to the seventh decimal point, yielding a rate of 0.0000229 (or $22.90 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.  
 
 Month
# of trading days in month
Total dollar amount of sales
Average daily dollar amount of sales (ADS)
6-Month trailing moving average ADS
1 Month lag of 6-month trailing moving average ADS
2 Month lag of 6-month trailing moving average ADS
Forecast 6-month trailing moving average ADS
Forecast total dollar amount of sales(A)
(B)
(C)
(D)
(E)
(F)
(G)
(H)
(I)Aug-11
23
$8,720,566,877,109
$379,155,081,613Sep-11
21
6,343,578,147,811
302,075,149,896Oct-11
21
6,163,272,963,688
293,489,188,747Nov-11
21
5,493,906,473,584
261,614,593,980Dec-11
21
5,017,867,255,600
238,946,059,790Jan-12
20
4,726,522,206,487
236,326,110,324
285,267,697,392Feb-12
20
5,011,862,514,132
250,593,125,707
263,840,704,741
285,267,697,392Mar-12
22
5,638,847,967,025
256,311,271,228
256,213,391,630
263,840,704,741
285,267,697,392Apr-12
20
5,084,239,396,560
254,211,969,828
249,667,188,476
256,213,391,630
263,840,704,741May-12
22
5,611,638,053,374
255,074,456,972
248,577,165,642
249,667,188,476
256,213,391,630Jun-12
21
5,121,896,896,362
243,899,852,208
249,402,797,711
248,577,165,642
249,667,188,476Jul-12
21
4,567,519,314,374
217,500,919,732
246,265,265,946
249,402,797,711
248,577,165,642Aug-12
23
4,621,597,884,730
200,939,038,467
237,989,584,739
246,265,265,946
249,402,797,711Sep-12
19
4,598,499,962,682
242,026,313,825
235,608,758,505
237,989,584,739
246,265,265,946Oct-12
21
5,095,175,588,310
242,627,408,967
233,677,998,362
235,608,758,505
237,989,584,739Nov-12
21
4,547,882,974,292
216,565,855,919
227,259,898,186
233,677,998,362
235,608,758,505Dec-12
20
4,744,922,754,360
237,246,137,718
226,150,945,771
227,259,898,186
233,677,998,362Jan-13
21
5,079,603,817,496
241,885,896,071
230,215,108,494
226,150,945,771
227,259,898,186Feb-13
19
4,800,663,527,089
252,666,501,426
238,836,352,321
230,215,108,494
226,150,945,771Mar-13
20
4,917,701,839,870
245,885,091,993
239,479,482,016
238,836,352,321
230,215,108,494Apr-13
22
5,451,358,637,079
247,789,028,958
240,339,752,014
239,479,482,016
238,836,352,321May-13
22
5,681,788,831,869
258,263,128,721
247,289,297,481
240,339,752,014
239,479,482,016Jun-13
20
5,623,545,462,226
281,177,273,111
254,611,153,380
247,289,297,481
240,339,752,014Jul-13
22
5,083,861,509,754
231,084,614,080
252,810,939,715
254,611,153,380
247,289,297,481Aug-13
22
4,925,611,193,095
223,891,417,868
248,015,092,455
252,810,939,715
254,611,153,380Sep-13
20
4,959,197,626,713
247,959,881,336
248,360,890,679
248,015,092,455
252,810,939,715Oct-13
23
5,928,804,028,970
257,774,088,216
250,025,067,222
248,360,890,679
248,015,092,455Nov-13
20
5,182,024,612,049
259,101,230,602
250,164,750,869
250,025,067,222
248,360,890,679Dec-13
21
5,265,282,994,173
250,727,761,627
245,089,832,288
250,164,750,869
250,025,067,222Jan-14
21
5,808,700,114,288
276,604,767,347
252,676,524,499
245,089,832,288
250,164,750,869Feb-14
19
6,018,926,931,054
316,785,627,950
268,158,892,846
252,676,524,499
245,089,832,288Mar-14
21
6,068,617,342,988
288,981,778,238
274,995,875,663
268,158,892,846
252,676,524,499Apr-14
21
6,013,948,953,528
286,378,521,597
279,763,281,227
274,995,875,663
268,158,892,846May-14
21
5,265,594,447,318
250,742,592,729
278,370,174,915
279,763,281,227
274,995,875,663Jun-14
21
5,159,506,989,669
245,690,809,032
277,530,682,815
278,370,174,915
279,763,281,227Jul-14
22
5,364,099,567,460
243,822,707,612
272,067,006,193
277,530,682,815
278,370,174,915Aug-14
21
5,075,332,147,677
241,682,483,223
259,549,815,405
272,067,006,193
277,530,682,815Sep-14
21
5,507,943,363,243
262,283,017,297
255,100,021,915
259,549,815,405
272,067,006,193Oct-14
23
7,796,638,035,879
338,984,262,430
263,867,645,387
255,100,021,915
259,549,815,405Nov-14
19
5,340,847,027,697
281,097,211,984
268,926,748,596
263,867,645,387
255,100,021,915Dec-14
22
6,559,110,068,128
298,141,366,733
277,668,508,213
268,926,748,596
263,867,645,387Jan-15
20
6,185,619,541,044
309,280,977,052
288,578,219,786
277,668,508,213
268,926,748,596Feb-15
19
5,723,523,235,641
301,238,065,034
298,504,150,088
288,578,219,786
277,668,508,213Mar-15
22
6,395,046,297,249
290,683,922,602
303,237,634,306
298,504,150,088
288,578,219,786Apr-15
21
5,625,548,298,004
267,883,252,286
291,387,465,949
303,237,634,306
298,504,150,088May-15
20
5,521,351,972,386
276,067,598,619
290,549,197,054
291,387,465,949
303,237,634,306Jun-15
22
6,005,521,460,806
272,978,248,218
286,355,343,969
290,549,197,054
291,387,465,949Jul-15
22
6,493,670,315,390
295,166,832,518
284,002,986,546
286,355,343,969
290,549,197,054Aug-15
21
6,963,901,249,270
331,614,345,203
289,065,699,908
284,002,986,546
286,355,343,969Sep-15
21
6,434,496,770,897
306,404,608,138
291,685,814,164
289,065,699,908
284,002,986,546Oct-15
22
6,592,594,708,082
299,663,395,822
296,982,504,753
291,685,814,164
289,065,699,908Nov-15
20
5,822,824,015,945
291,141,200,797
299,494,771,783
296,982,504,753
291,685,814,164Dec-15
22
6,384,337,478,801
290,197,158,127
302,364,590,101
299,494,771,783
296,982,504,753Jan-16
19
6,696,059,796,055
352,424,199,792
311,907,484,647
302,364,590,101
299,494,771,783Feb-16
20
6,659,878,908,747
332,993,945,437
312,137,418,019
311,907,484,647
302,364,590,101Mar-16
22
6,161,943,754,542
280,088,352,479
307,751,375,409
312,137,418,019
311,907,484,647Apr-16
21
5,541,076,988,322
263,860,808,968
301,784,277,600
307,751,375,409
312,137,418,019May-16
21
5,693,520,415,112
271,120,019,767
298,447,414,095
301,784,277,600
307,751,375,409Jun-16
22
6,317,212,852,759
287,146,038,762
297,938,894,201
298,447,414,095
301,784,277,600Jul-16
20
5,331,797,261,269
266,589,863,063
283,633,171,413
297,938,894,201
298,447,414,095( print page 21935)Aug-16
23
5,635,976,607,786
245,042,461,208
268,974,590,708
283,633,171,413
297,938,894,201Sep-16
21
5,942,072,286,976
282,955,823,189
269,452,502,493
268,974,590,708
283,633,171,413Oct-16
21
5,460,906,573,682
260,043,170,175
268,816,229,361
269,452,502,493
268,974,590,708Nov-16
21
6,845,287,809,886
325,966,086,185
277,957,240,431
268,816,229,361
269,452,502,493Dec-16
21
6,208,579,880,985
295,646,660,999
279,374,010,803
277,957,240,431
268,816,229,361Jan-17
20
5,598,200,907,603
279,910,045,380
281,594,041,190
279,374,010,803
277,957,240,431Feb-17
19
5,443,426,609,533
286,496,137,344
288,502,987,212
281,594,041,190
279,374,010,803Mar-17
23
6,661,861,914,530
289,646,170,197
289,618,045,047
288,502,987,212
281,594,041,190Apr-17
19
5,116,714,033,499
269,300,738,605
291,160,973,118
289,618,045,047
288,502,987,212May-17
22
6,305,822,460,672
286,628,293,667
284,604,674,365
291,160,973,118
289,618,045,047Jun-17
22
6,854,993,097,601
311,590,595,346
287,261,996,756
284,604,674,365
291,160,973,118Jul-17
20
5,394,333,070,522
269,716,653,526
285,563,098,114
287,261,996,756
284,604,674,365Aug-17
23
6,206,204,906,864
269,834,995,951
282,786,241,215
285,563,098,114
287,261,996,756Sep-17
20
5,939,886,169,525
296,994,308,476
284,010,930,928
282,786,241,215
285,563,098,114Oct-17
22
6,134,529,538,894
278,842,251,768
285,601,183,122
284,010,930,928
282,786,241,215Nov-17
21
6,289,748,560,897
299,511,836,233
287,748,440,217
285,601,183,122
284,010,930,928Dec-17
20
6,672,181,323,001
333,609,066,150
291,418,185,351
287,748,440,217
285,601,183,122Jan-18
21
7,672,288,677,308
365,347,079,872
307,356,589,742
291,418,185,351
287,748,440,217Feb-18
19
8,725,420,462,639
459,232,655,928
338,922,866,405
307,356,589,742
291,418,185,351Mar-18
21
8,264,755,011,030
393,559,762,430
355,017,108,730
338,922,866,405
307,356,589,742Apr-18
21
7,490,308,402,446
356,681,352,497
367,990,292,185
355,017,108,730
338,922,866,405May-18
22
7,242,077,467,361
329,185,339,426
372,935,876,051
367,990,292,185
355,017,108,730Jun-18
21
7,936,783,802,579
377,942,085,837
380,324,712,665
372,935,876,051
367,990,292,185Jul-18
21
6,807,593,326,456
324,171,110,784
373,462,051,150
380,324,712,665
372,935,876,051Aug-18
23
7,363,115,477,823
320,135,455,558
350,279,184,422
373,462,051,150
380,324,712,665Sep-18
19
6,781,988,459,996
356,946,761,052
344,177,017,526
350,279,184,422
373,462,051,150Oct-18
23
10,133,514,482,168
440,587,586,181
358,161,389,806
344,177,017,526
350,279,184,422Nov-18
21
8,414,847,862,204
400,707,041,057
370,081,673,412
358,161,389,806
344,177,017,526Dec-18
19
9,075,221,733,736
477,643,249,144
386,698,533,963
370,081,673,412
358,161,389,806Jan-19
21
7,960,664,643,749
379,079,268,750
395,849,893,624
386,698,533,963
370,081,673,412Feb-19
19
6,676,391,653,247
351,389,034,381
401,058,823,428
395,849,893,624
386,698,533,963Mar-19
21
7,828,979,311,928
372,808,538,663
403,702,453,030
401,058,823,428
395,849,893,624Apr-19
21
6,907,923,076,080
328,948,717,909
385,095,974,984
403,702,453,030
401,058,823,428May-19
22
7,895,053,976,747
358,866,089,852
378,122,483,117
385,095,974,984
403,702,453,030Jun-19
20
7,070,583,442,058
353,529,172,103
357,436,803,610
378,122,483,117
385,095,974,984Jul-19
22
6,792,811,319,721
308,764,150,896
345,717,617,301
357,436,803,610
378,122,483,117Aug-19
22
8,059,527,400,976
366,342,154,590
348,209,804,002
345,717,617,301
357,436,803,610Sep-19
20
6,958,132,871,506
347,906,643,575
344,059,488,154
348,209,804,002
345,717,617,301Oct-19
23
7,235,982,824,882
314,607,948,908
341,669,359,987
344,059,488,154
348,209,804,002Nov-19
20
6,784,888,230,209
339,244,411,510
338,399,080,264
341,669,359,987
344,059,488,154Dec-19
21
7,252,856,724,647
345,374,129,745
337,039,906,538
338,399,080,264
341,669,359,987Jan-20
21
8,178,172,797,805
389,436,799,895
350,485,348,037
337,039,906,538
338,399,080,264Feb-20
19
8,951,554,790,521
471,134,462,659
367,950,732,716
350,485,348,037
337,039,906,538Mar-20
22
16,218,726,536,159
737,214,842,553
432,835,432,545
367,950,732,716
350,485,348,037Apr-20
21
10,289,596,902,933
489,980,804,902
462,064,241,877
432,835,432,545
367,950,732,716May-20
20
9,435,524,799,540
471,776,239,977
484,152,879,955
462,064,241,877
432,835,432,545Jun-20
22
12,093,857,552,130
549,720,797,824
518,210,657,968
484,152,879,955
462,064,241,877Jul-20
22
10,355,334,352,448
470,697,016,020
531,754,027,322
518,210,657,968
484,152,879,955Aug-20
21
9,763,364,099,611
464,922,099,981
530,718,633,543
531,754,027,322
518,210,657,968Sep-20
21
11,545,564,207,158
549,788,771,769
499,480,955,079
530,718,633,543
531,754,027,322Oct-20
22
10,052,383,314,951
456,926,514,316
493,971,906,648
499,480,955,079
530,718,633,543Nov-20
20
11,039,477,432,965
551,973,871,648
507,338,178,593
493,971,906,648
499,480,955,079Dec-20
22
12,172,302,216,779
553,286,464,399
507,932,456,356
507,338,178,593
493,971,906,648Jan-21
19
12,396,479,814,996
652,446,306,052
538,224,004,694
507,932,456,356
507,338,178,593Feb-21
19
12,103,659,666,497
637,034,719,289
566,909,441,246
538,224,004,694
507,932,456,356Mar-21
23
16,485,012,205,966
716,739,661,129
594,734,589,472
566,909,441,246
538,224,004,694Apr-21
21
11,602,282,119,601
552,489,624,743
610,661,774,543
594,734,589,472
566,909,441,246May-21
20
11,729,455,630,914
586,472,781,546
616,411,592,860
610,661,774,543
594,734,589,472Jun-21
22
13,038,812,281,463
592,673,285,521
622,976,063,047
616,411,592,860
610,661,774,543Jul-21
21
11,623,478,100,180
553,498,957,151
606,484,838,230
622,976,063,047
616,411,592,860Aug-21
22
11,493,350,851,643
522,425,038,711
587,383,224,800
606,484,838,230
622,976,063,047Sep-21
21
12,312,072,157,576
586,289,150,361
565,641,473,005
587,383,224,800
606,484,838,230Oct-21
21
12,011,570,888,110
571,979,566,100
568,889,796,565
565,641,473,005
587,383,224,800Nov-21
21
13,996,377,941,116
666,494,187,672
582,226,697,586
568,889,796,565
565,641,473,005Dec-21
22
15,494,373,840,971
704,289,720,044
600,829,436,673
582,226,697,586
568,889,796,565Jan-22
20
16,002,717,162,409
800,135,858,120
641,935,586,835
600,829,436,673
582,226,697,586( print page 21936)Feb-22
19
14,483,452,476,259
762,286,972,435
681,912,575,789
641,935,586,835
600,829,436,673Mar-22
23



681,912,575,789
641,935,586,835
791,086,883,587
18,194,998,322,501Apr-22
20




681,912,575,789
791,086,883,587
15,821,737,671,740May-22
21





791,086,883,587
16,612,824,555,327Jun-22
21





791,086,883,587
16,612,824,555,327Jul-22
20





791,086,883,587
15,821,737,671,740Aug-22
23





791,086,883,587
18,194,998,322,501


# 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 February, 2022. To calculate the dollar amount of covered sales from March, 2022 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.
    
                         Currently, security futures do not trade on any market, therefore the Commission has not collected any assessments for transactions in security futures. Accordingly, the forecast for the assessments for all of fiscal year 2022 for single stock futures is zero. Back to Citation
 9.
    
                         To estimate the aggregate dollar amount of covered sales for the remainder of fiscal year 2022 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, 2022” on March 15, 2022. This legislation included an appropriation of $1,988,550,000 to the SEC for fiscal year 2022 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 Fort Worth Regional Office facilities, not to exceed $6,746,000, 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 $4,367,000, to remain available until expended.” The sum of these three amounts is $1,999,663,000. 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 2022.” Back to Citation
 11.
    
                         Appendix A shows the process of calculating the fiscal year 2022 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 March 15, 2022. The first business day after this date was March 16, 2022. Data for February were due from the exchanges on March 14, 2022. As a result, the Commission used February 2022 and earlier data to forecast volume for March 2022 and later months. Back to Citation
 14.
    
                         Because the model uses a two period lag in the 6-month trailing moving average of average daily covered sales, seven 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.
    
                         Currently, security futures do not trade on any market, therefore the Commission has not collected any assessments for transactions in security futures. Accordingly, the forecast for the assessments for all of fiscal year 2022 for single stock futures is zero. Back to Citation


[FR Doc. 2022-07881 Filed 4-12-22; 8:45 am] BILLING CODE 8011-01-P