Document ID: SEC-2016-1123-0001
Agency: sec
Document Type: Rule
Title: Adjustments to Civil Monetary Penalty Amounts
Posted Date: 2016-07-01T04:00Z

[Federal Register Volume 81, Number 127 (Friday, July 1, 2016)]
[Rules and Regulations]
[Pages 43042-43047]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-15541]

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SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 201

[Release Nos. 33-10104; 34-78156; IA-4437; IC-32162; File No. S7-11-16]
RIN 3235-AL94

Adjustments to Civil Monetary Penalty Amounts

AGENCY: Securities and Exchange Commission.

ACTION: Interim final rule; request for comment.

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SUMMARY: The Securities and Exchange Commission (the ``Commission'') is 
adopting an interim final rule to implement the Federal Civil Penalties 
Inflation Adjustment Act Improvements Act of 2015, which amended the 
Federal Civil Penalties Inflation Adjustment Act of 1990, as previously 
amended by the Debt Collection Improvement Act of 1996. This interim 
final rule adjusts for inflation the maximum amount of civil monetary 
penalties under the Securities Act of 1933, the Securities Exchange Act 
of 1934, the Investment Company Act of 1940, the Investment Advisers 
Act of 1940, and certain penalties under the Sarbanes-Oxley Act of 
2002.

DATES: Effective Date: This interim final rule is effective on August 
1, 2016. Comment Date: Comments on the interim final rule should be 
received on or before August 15, 2016.

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/proposed.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number S7-11-16 on the subject line; or
     Use the Federal eRulemaking Portal (http://www.regulations.gov). Follow the instructions for submitting comments.

Paper Comments

     Send paper comments to Brent J. Fields, Secretary, 
Securities and

[[Page 43043]]

Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number S7-11-16. This file number 
should be included on the subject line if email 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 Web 
site (http://www.sec.gov/rules/proposed.shtml). Comments are also 
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 10:00 a.m. and 3:00 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: James A. Cappoli, Assistant General 
Counsel, Office of the General Counsel, at (202) 551-7923, or Stephen 
M. Ng, Senior Counsel, Office of the General Counsel, at (202) 551-
7957.

I. Background

    This interim final rule implements the Federal Civil Penalties 
Inflation Adjustment Act Improvements Act of 2015 (the ``2015 
Act''),\1\ which amends the Federal Civil Penalties Inflation 
Adjustment Act of 1990 (the ``Inflation Adjustment Act'').\2\ The 
Inflation Adjustment Act had previously been amended by the Debt 
Collection Improvement Act of 1996 (``DCIA'') \3\ to require that each 
federal agency adopt regulations at least once every four years that 
adjust for inflation the maximum amount of the civil monetary penalties 
(``CMPs'') under the statutes administered by the agency. Pursuant to 
the requirements of the DCIA, the Commission has previously adopted 
regulations in 1996, 2001, 2005, 2009, and 2013 to adjust the maximum 
amount of the CMPs under the statutes the Commission administers.\4\
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    \1\ Public Law 114-74 Sec. 701, 129 Stat. 599-601 (Nov. 2, 
2015), codified at 28 U.S.C. 2461 note.
    \2\ Public Law 101-410, 104 Stat. 890-892 (1990), codified at 28 
U.S.C. 2461 note.
    \3\ Public Law 104-134, Title III, Sec.  31001(s)(1), Apr. 26, 
1996, 110 Stat. 1321-373, codified at 28 U.S.C. 2461 note.
    \4\ See 17 CFR part 201.1001 to 1005, and Tables I to V to 
Subpart E.
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    The 2015 Act replaces the inflation adjustment mechanism prescribed 
in the DCIA and all previous inflation adjustments made pursuant to the 
DCIA with a new mechanism for calculating the inflation-adjusted amount 
of CMPs. Each agency must first adjust the maximum amount of CMPs \5\ 
with an initial ``catch-up'' adjustment.\6\ Each agency must then 
perform subsequent annual adjustments for inflation.\7\ This interim 
final rule implements the initial ``catch-up adjustment,'' which 
increases CMP amounts based on the percentage change between the 
Consumer Price Index for all Urban Consumers (``CPI-U'') for the month 
of October in the year the civil penalty was established or previously 
adjusted by a statute or regulation other than the Inflation Adjustment 
Act, and the October 2015 CPI-U.\8\ Annual inflation adjustments after 
this first catch-up adjustment will then be based on the percentage 
change between the October CPI-U preceding the date of the last 
adjustment made pursuant to the 2015 Act and the prior year's October 
CPI-U.\9\ Thus, in January 2017, the Commission will again adjust the 
maximum amount of the CMPs it administers based on the percentage 
change from the 2015 October CPI-U to the 2016 October CPI-U.
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    \5\ The 2015 Act also applies to minimum penalty amounts and 
penalty ranges. See 28 U.S.C. 2461 note Sec. 5(a). All of the 
statutes administered by the Commission, however, only include 
maximum penalty amounts. Thus, in this interim final rule, we only 
refer to the effect of the 2015 Act on maximum penalty amounts.
    \6\ 28 U.S.C. 2461 note Sec. 4(b)(1); Office of Management and 
Budget, Implementation of the Federal Civil Penalties Inflation 
Adjustment Act Improvements Act of 2015 (February 24, 2016) (``OMB 
Guidance'') at 1, available at https://www.whitehouse.gov/sites/default/files/omb/memoranda/2016/m-16-06.pdf.
    \7\ 28 U.S.C. 2461 note Sec. 4(b)(2); OMB Guidance at 1.
    \8\ 28 U.S.C. 2461 note Sec. 5(b)(2); OMB Guidance at 3. The 
catch-up adjustment excludes prior adjustments under the Inflation 
Adjustment Act, which were capped at 10 percent and thus contributed 
to a decline in the real value of penalties. See OMB Guidance at 3. 
The 2015 Act is intended to remedy this decline. See id.
    \9\ 28 U.S.C. 2461 note Sec. 5; OMB Guidance at 4.
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    A CMP is defined in relevant part as any penalty, fine, or other 
sanction that: (1) Is for a specific amount, or has a maximum amount, 
as provided by federal law; and (2) is assessed or enforced by an 
agency in an administrative proceeding or by a federal court pursuant 
to federal law.\10\ This definition applies to the monetary penalty 
provisions contained in four statutes administered by the Commission: 
The Securities Act of 1933; the Securities Exchange Act of 1934 (the 
``Exchange Act''); the Investment Company Act of 1940; and the 
Investment Advisers Act of 1940. In addition, the Sarbanes-Oxley Act of 
2002 provides the Public Company Accounting Oversight Board (the 
``PCAOB'') authority to levy civil monetary penalties in its 
disciplinary proceedings pursuant to 15 U.S.C. 7215(c)(4)(D).\11\ The 
definition of a CMP in the 1990 Act encompasses such civil monetary 
penalties.\12\
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    \10\ 28 U.S.C. 2461 note Sec. 3(2). Thus the adjustments 
prescribed by the 2015 Act do not apply to penalties written as 
functions of violations or to civil penalties based on the 
defendant's gross pecuniary gain. OMB Guidance at 2.
    \11\ 15 U.S.C. 7215(c)(4)(D).
    \12\ The Commission may by order affirm, modify, remand, or set 
aside sanctions, including civil monetary penalties, imposed by the 
PCAOB. See Section 107(c) of the Sarbanes-Oxley Act of 2002, 15 
U.S.C. 7217. The Commission may enforce such orders in federal 
district court pursuant to Section 21(e) of the Securities Exchange 
Act of 1934. As a result, penalties assessed by the PCAOB in its 
disciplinary proceedings are penalties ``enforced'' by the 
Commission for purposes of the Act. See Adjustments to Civil 
Monetary Penalty Amounts, Release No. 33-8530 (Feb. 4, 2005) [70 FR 
7606 (Feb. 14, 2005)].
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    Accordingly, we are revising 17 CFR 201.1001 and Table I to Subpart 
E, to establish revised amounts for each CMP authorized by the 
Securities Act, the Exchange Act, the Investment Company Act, the 
Investment Advisers Act, and certain penalties under the Sarbanes-Oxley 
Act and removing Sec.  201.1002 and Table II to Subpart E, Sec.  
201.1003 and Table III to Subpart E, Sec.  201.1004 and Table IV to 
Subpart E, and Sec.  201.1005 and Table V to Subpart E. The adjustments 
set forth in the amendment apply to all penalties imposed after the 
effective date of this interim final rule, including to penalties 
imposed for violations that occur before the effective date of the 
amendment.\13\
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    \13\ 28 U.S.C. 2461 note Sec. 6; OMB Guidance at 3-4.
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II. Summary of the Calculation

    In order to complete the catch-up adjustment required by the 2015 
Act, the Commission must first identify, for each penalty, the year and 
corresponding penalty amount when the maximum penalty amount was 
established (i.e., as originally enacted by Congress), or last adjusted 
(i.e., by Congress in statute, or by the agency through regulation), 
whichever is later, other than pursuant to the Inflation Adjustment 
Act.\14\
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    \14\ 28 U.S.C. 2461 note Sec. 5(b)(2)(A); OMB Guidance at 3. 
References to the Inflation Adjustment Act here and below include 
the amendments made to that Act by the DCIA.
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    The Commission must then modify the maximum amount of CMPs based on 
the percentage by which the CPI-U for the month of October 2015, not 
seasonally adjusted, exceeds the CPI-U for the month of October for the 
calendar year when the penalty amount was established or last adjusted. 
OMB has provided a table to all agencies that lists multipliers that 
can be used to adjust the maximum penalty amount

[[Page 43044]]

based on the year the penalty was established or last adjusted (the 
``CPI-U Multiplier'').\15\ After applying this multiplier, the 
Commission must round all penalty amounts to the nearest dollar. In 
accordance with the 2015 Act, however, the Commission shall not 
increase catch-up penalty amounts by more than 150 percent of the 
corresponding penalty amount in effect on November 2, 2015, including 
penalty adjustments made pursuant to the Inflation Adjustment Act prior 
to that date.\16\
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    \15\ 28 U.S.C. 2461 note Sec. 5(b)(2)(B); OMB Guidance at 3, 
Table A.
    \16\ 28 U.S.C. 2461 note Sec. 5(b)(2)(C); OMB Guidance at 3. 
Because the 150 percent limitation is on the amount of the increase, 
the adjusted penalty will be up to 250 percent above the amount in 
effect on November 2, 2015.
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    To explain the inflation adjustment calculation for CMP amounts 
under the 2015 Act, we provide the following example based on the CMP 
for certain insider trading violations by controlling persons in 
Exchange Act Section 21A(a)(3).\17\
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    \17\ 15 U.S.C. 78u-1(a)(3).
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    Step 1: The Commission identifies the year that the CMP was 
established or last adjusted and the maximum CMP for that year. The 
maximum penalty amount for this provision was established in 1988 by 
the Insider Trading and Securities Fraud Enforcement Act of 1988.\18\ 
When established, the maximum penalty amount for a violation of this 
provision was $1,000,000.
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    \18\ Public Law 100-704, Sec. 3(a)(2), 102 Stat. 4677-4679 
(1988). The Dodd-Frank Wall Street Reform and Consumer Protection 
Act of 2010 authorized the Commission to impose civil penalties in 
cease-and-desist proceedings. See 15 U.S.C. 77h-1(g), 15 U.S.C. 78u-
2(b), 15 U.S.C. 80a-9(d)(1)(B), 15 U.S.C. 80b-3(i)(1)(B). For the 
Securities Act, Congress provided this authority in a new section of 
that Act, whereas for the Exchange Act, the Investment Company Act, 
and the Investment Advisers Act, Congress cross-referenced pre-
existing penalty amounts for administrative proceedings that were 
established in 1990. Therefore, for the purposes of applying the 
2015 Act, the amounts of the penalties for cease-and-desist 
proceedings under the Securities Act were established in 2010 and 
the amounts of the penalties for cease-and-desist proceedings under 
the Exchange Act, the Investment Company Act, and the Investment 
Advisers Act were established in 1990.
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    Step 2: The Commission multiplies the maximum penalty amount at the 
time the penalty amount was established or last adjusted by the CPI-U 
multiplier, representing the percentage change in the CPI-U from 
October in the year the penalty was established or last adjusted to 
October 2015, and rounds that number to the nearest dollar. Thus, we 
multiply $1,000,000 by the multiplier for 1988, 1.97869, to determine a 
new inflation-adjusted maximum CMP of $1,978,690.
    Step 3: The Commission identifies the maximum CMP for the penalty 
provision as of November 2, 2015, including adjustments made pursuant 
to the Inflation Adjustment Act. For Section 21A(a)(3), the maximum CMP 
was previously adjusted in 2013 pursuant to the Inflation Adjustment 
Act to $1,525,000.\19\
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    \19\ 17 CFR 201.1005, Table V.
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    Step 4: The Commission multiplies the November 2, 2015 maximum CMP 
by 2.5 to determine what a 150 percent increase from the current 
penalty would be. This is the maximum increase in the CMP that can be 
made pursuant to the catch-up adjustment. For Section 21A(a)(3), a 150 
percent increase from the current penalty would be $3,812,500.
    Step 5: The Commission compares the amount in Step 2 to the amount 
in Step 4. The lesser of these two amounts will be the new inflation-
adjusted penalty amount. Because the adjusted penalty amount in Step 2, 
$1,978,690, is less than the maximum penalty allowed in Step 4, 
$3,812,500, the new inflation adjusted penalty amount for Section 
21A(a)(3) is $1,978,690.\20\
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    \20\ Almost all of the new inflation-adjusted penalty amounts 
listed below were obtained by multiplying the penalty amount in the 
year the penalty was established or last adjusted by the CPI-U 
multiplier. The only exception is the civil penalty for violations 
of Exchange Act Section 32(b), 15 U.S.C. 78ff(b), in which the 
inflation-adjusted penalty amount would have been greater than the 
maximum 150 percent increase allowed by the 2015 Act.
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III. The Commission Declines To Seek a Reduced Catch-Up Adjustment 
Determination

    The 2015 Act allows agencies, after obtaining concurrence from OMB, 
to adjust penalties pursuant to a reduced catch-up adjustment 
determination.\21\ In making such an adjustment, the agency must 
publish a notice of proposed rulemaking, provide an opportunity for 
comment, and determine in a final rule that a reduced catch-up 
adjustment determination is warranted because the otherwise required 
increase of a maximum penalty amount would have a negative economic 
impact, or because the social costs of the otherwise required 
adjustment would outweigh the benefits.\22\
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    \21\ OMB has stated its expectation that it will only rarely 
concur with a proposal to reduce penalty amounts below that required 
by the 2015 Act. See OMB Guidance at 3.
    \22\ 28 U.S.C. 2461 note Sec. 4(c); OMB Guidance at 3.
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    We have concluded that such a reduced catch-up adjustment 
determination is not necessary and instead have adopted the adjustments 
prescribed by the 2015 Act. The increases envisioned by the 2015 Act 
ensure that the Commission's CMPs maintain their deterrent and remedial 
effect and prevent these desired effects from being diminished by 
inflation. We do not believe they will have a negative economic 
impact.\23\ Further, while the adjustments required by the 2015 Act do 
raise the maximum amounts of the Commission's CMPs, the percentage 
increases in the maximum amounts are generally consistent with previous 
inflation adjustments and the Commission and the courts always maintain 
the discretion to impose a lower penalty amount if the new maximum 
amount would be unjust or inappropriate in a particular case.
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    \23\ See infra Section VI for the Commission's Economic 
Analysis.
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IV. Request for Comment

    We request and encourage interested persons to submit comments on 
any aspect of this interim final rule, other matters that might have an 
impact on the rule, and any suggestions for additional changes. In 
particular, we invite comments on whether, contrary to the conclusion 
set forth above, the Commission should seek a reduced catch-up 
adjustment determination. Comments on this topic should address the 
statutory bases for requesting a reduced catch-up adjustment 
determination: (1) Whether the otherwise required increase of the 
maximum amount of the CMPs administered by the Commission would have a 
negative economic impact, or (2) whether the social costs of adopting 
the otherwise required increase of the maximum amount of these CMPs 
would outweigh the benefits. With respect to any such comments, they 
are of greatest assistance if accompanied by supporting data and 
analysis of the issues listed above.

V. Procedural and Other Matters

    Given that the Commission is not seeking a reduced catch-up 
adjustment determination, the Commission is required by the 2015 Act to 
adjust the CMPs within its jurisdiction for inflation using a 
statutorily prescribed formula and the 2015 Act mandates that the 
initial catch-up adjustment be made through an interim final rule 
effective not later than August 1, 2016.\24\ In light of this 
Congressional mandate, the Commission finds that good cause exists to 
dispense with public notice and comment pursuant to the notice and 
comment provisions of the

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Administrative Procedure Act (``APA'').\25\ Under the Regulatory 
Flexibility Act (``RFA''), a regulatory flexibility analysis is 
required only when an agency must publish a general notice of proposed 
rulemaking.\26\ As noted above, public notice and comment is not 
required for this interim final rule; therefore, a regulatory 
flexibility analysis is not required. Further, this rule does not 
contain any collection of information requirements as defined by the 
Paperwork Reduction Act of 1995 as amended.\27\
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    \24\ 28 U.S.C. 2461 note Sec. 4(b)(1).
    \25\ 5 U.S.C. 553(b)(3)(B). This finding also satisfies the 
requirements of 5 U.S.C. 808(2), allowing the amendment to become 
effective notwithstanding the requirement of 5 U.S.C. 801 (if a 
federal agency finds that notice and public comment are impractical, 
unnecessary or contrary to the public interest, a rule shall take 
effect at such time as the federal agency promulgating the rule 
determines).
    \26\ 5 U.S.C. 603.
    \27\ 44 U.S.C. 3501 et. seq.
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VI. Economic Analysis

    The Commission is sensitive to the costs and benefits that result 
from its rules. The baseline for this analysis is the statutory 
framework described above in Section I. In enacting the 2015 Act, 
Congress directed the Commission to adjust CMPs in accordance with 
inflation. The Commission notes that this regulation has no impact on 
disclosure or compliance costs. The Commission further notes that the 
CMPs ordered in SEC proceedings and PCAOB disciplinary proceedings in 
fiscal year 2015 totaled approximately $1,176 million. The inflationary 
adjustment required by the 2015 Act results in the increase of the 
maximum amount of the CMPs administered by the Commission of 
approximately 7.67% to 11.3%. Assuming that the Commission is 
successful in obtaining civil monetary penalties in fiscal years 
subsequent to the enactment of this regulation in similar proportion to 
that obtained in fiscal year 2015, the inflationary adjustment pursuant 
to the new regulation would result in an increase in the civil monetary 
penalties ordered of approximately $90.1 million to $132.9 million.
    This potential increase, however, overstates the effect of the 
rule. First, these figures represent the amount of penalties that could 
be potentially ordered, whereas the amount of penalties collected in 
any given year--the amount of penalties that would affect the economy--
can be lower than the ordered amount. Second, penalties imposed in 
insider trading cases brought in district court are based on the profit 
gained or loss avoided as a result of the violation rather than by 
reference to a statutory dollar amount that is affected by this 
regulation.\28\ The average annual amount of penalties obtained in 
insider trading cases from FY 2010 through FY 2015 is $108.2 million. 
Third, in many cases where the Commission has obtained large civil 
monetary penalties, such penalties were calculated on the basis of the 
defendant's gross pecuniary gain rather than the maximum penalty dollar 
amount set by statute that will be adjusted by the proposed rule.\29\ 
In addition, the intent of the new regulation is merely to keep pace 
with changes in the economy, not to impose new costs. Therefore, for 
the instances in which CMPs affected by this rulemaking are imposed, 
the Commission does not believe that adjusting civil monetary penalties 
pursuant to the 2015 Act will significantly affect the amount of 
penalties it obtains beyond that necessary to keep pace with inflation.
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    \28\ 15 U.S.C. 78u-1(a)(2).
    \29\ For example, 15 U.S.C. 77t(d)(2)(A), after adjusting for 
inflation as required by the 2015 Act, provides that the amount of 
the penalty shall not exceed the greater of $8,908 for a natural 
person or $89,708 for any other person, or the gross amount of 
pecuniary gain to such defendant as a result of the violation.
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    The benefit provided by the inflationary adjustment to the maximum 
civil monetary penalties is that of maintaining the level of deterrence 
effectuated by the civil monetary penalties, and not allowing such 
deterrent effect to be diminished by inflation. The costs of 
implementing this rule should be negligible because the only change 
from the current, baseline situation is determining potential penalties 
using a new maximum dollar amount.

VII. Statutory Basis

    The Commission is adopting these revisions to 17 CFR part 201, 
subpart E pursuant to the directives and authority of the Federal Civil 
Penalties Inflation Adjustment Act Improvements Act of 2015, Public Law 
114-74, 129 Stat. 599-601 (Nov. 2, 2015).

List of Subjects in 17 CFR Part 201

    Administrative practice and procedure, Claims, Confidential 
business information, Lawyers, Penalties, Securities.

Text of Amendment

    For the reasons set forth in the preamble, part 201, title 17, 
chapter II of the Code of Federal Regulations is amended by revising 
Subpart E as set forth below:

PART 201--RULES OF PRACTICE

Subpart E--Adjustment of Civil Monetary Penalties
Sec.
201.1001 Adjustment of civil monetary penalties--2016.
Table I to Subpart E of Part 201-- Civil monetary penalty inflation 
adjustments.

    Authority:  28 U.S.C. 2461 note.

Subpart E--Adjustment of Civil Monetary Penalties

Sec.  201.1001  Adjustment of civil monetary penalties--2016.

    As required by the Federal Civil Penalties Inflation Adjustment Act 
Improvements Act of 2015, the maximum amounts of all civil monetary 
penalties under the Securities Act of 1933, the Securities Exchange Act 
of 1934, the Investment Company Act of 1940, and the Investment 
Advisers Act of 1940, and certain penalties under the Sarbanes-Oxley 
Act of 2002 are adjusted for inflation in accordance with Table I to 
this subpart E. The adjustments set forth in Table I to this subpart E 
apply to all penalties imposed after August 1, 2016, including to 
penalties imposed for violations that occur before August 1, 2016.

[[Page 43046]]

                                     Table I to Subpart E of Part 201--Civil Monetary Penalty Inflation Adjustments
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                                                                                                                              Maximum      New adjusted
                                                                                           Year penalty       Maximum         penalty         maximum
                                                                                            amount was        penalty        amount in        penalty
            U.S. Code citation                   Civil monetary penalty description       established or    amount when      effect on        amount
                                                                                           last adjusted  established or    November 2,      effective
                                                                                                 *         last adjusted       2015       August 1, 2016
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Securities and Exchange Commission:
15 U.S.C. 77h-1(g)........................  For natural person..........................            2010          $7,500          $7,500          $8,156
                                            For any other person........................            2010          75,000          80,000          81,559
                                            For natural person/fraud....................            2010          75,000          80,000          81,559
                                            For any other person/fraud..................            2010         375,000         400,000         407,794
                                            For natural person/substantial losses or                2010         150,000         160,000         163,118
                                             risk of losses to others or gains to self.
                                            For any other person/substantial losses or              2010         725,000         775,000         788,401
                                             risk of losses to others or gain to self.
15 U.S.C. 77t(d)..........................  For natural person..........................            1990           5,000           7,500           8,908
                                            For any other person........................            1990          50,000          80,000          89,078
                                            For natural person/fraud....................            1990          50,000          80,000          89,078
                                            For any other person/fraud..................            1990         250,000         400,000         445,390
                                            For natural person/substantial losses or                1990         100,000         160,000         178,156
                                             risk of losses to others.
                                            For any other person/substantial losses or              1990         500,000         775,000         890,780
                                             risk of losses to others.
15 U.S.C. 78ff(b).........................  Exchange Act/failure to file information                1936             100             210             525
                                             documents, reports.
15 U.S.C. 78ff(c)(1)(B)...................  Foreign Corrupt Practices--any issuer.......            1988          10,000          16,000          19,787
15 U.S.C. 78ff(c)(2)(B)...................  Foreign Corrupt Practices--any agent or                 1988          10,000          16,000          19,787
                                             stockholder acting on behalf of issuer.
15 U.S.C. 78u-1(a)(3).....................  Insider Trading--controlling person.........            1988       1,000,000       1,525,000       1,978,690
15 U.S.C. 78u-2...........................  For natural person..........................            1990           5,000           7,500           8,908
                                            For any other person........................            1990          50,000          80,000          89,078
                                            For natural person/fraud....................            1990          50,000          80,000          89,078
                                            For any other person/fraud..................            1990         250,000         400,000         445,390
                                            For natural person/substantial losses or                1990         100,000         160,000         178,156
                                             risk of losses to others or gains to self.
                                            For any other person/substantial losses or              1990         500,000         775,000         890,780
                                             risk of losses to others or gain to self.
15 U.S.C. 78u(d)(3).......................  For natural person..........................            1990           5,000           7,500           8,908
                                            For any other person........................            1990          50,000          80,000          89,078
                                            For natural person/fraud....................            1990          50,000          80,000          89,078
                                            For any other person/fraud..................            1990         250,000         400,000         445,390
                                            For natural person/substantial losses or                1990         100,000         160,000         178,156
                                             risk of losses to others.
                                            For any other person/substantial losses or              1990         500,000         775,000         890,780
                                             risk of losses to others.
15 U.S.C. 80a-9(d)........................  For natural person..........................            1990           5,000           7,500           8,908
                                            For any other person........................            1990          50,000          80,000          89,078
                                            For natural person/fraud....................            1990          50,000          80,000          89,078
                                            For any other person/fraud..................            1990         250,000         400,000         445,390
                                            For natural person/substantial losses or                1990         100,000         160,000         178,156
                                             risk of losses to others or gains to self.
                                            For any other person/substantial losses or              1990         500,000         775,000         890,780
                                             risk of losses to others or gain to self.
15 U.S.C. 80a-41(e).......................  For natural person..........................            1990           5,000           7,500           8,908
                                            For any other person........................            1990          50,000          80,000          89,078
                                            For natural person/fraud....................            1990          50,000          80,000          89,078
                                            For any other person/fraud..................            1990         250,000         400,000         445,390
                                            For natural person/substantial losses or                1990         100,000         160,000         178,156
                                             risk of losses to others.
                                            For any other person/substantial losses or              1990         500,000         775,000         890,780
                                             risk of losses to others.
15 U.S.C. 80b-3(i)........................  For natural person..........................            1990           5,000           7,500           8,908
                                            For any other person........................            1990          50,000          80,000          89,078
                                            For natural person/fraud....................            1990          50,000          80,000          89,078
                                            For any other person/fraud..................            1990         250,000         400,000         445,390
                                            For natural person/substantial losses or                1990         100,000         160,000         178,156
                                             risk of losses to others or gains to self.
                                            For any other person/substantial losses or              1990         500,000         775,000         890,780
                                             risk of losses to others or gain to self.
15 U.S.C. 80b-9(e)........................  For natural person..........................            1990           5,000           7,500           8,908
                                            For any other person........................            1990          50,000          80,000          89,078
                                            For natural person/fraud....................            1990          50,000          80,000          89,078

[[Page 43047]]

 
                                            For any other person/fraud..................            1990         250,000         400,000         445,390
                                            For natural person/substantial losses or                1990         100,000         160,000         178,156
                                             risk of losses to others.
                                            For any other person/substantial losses or              1990         500,000         775,000         890,780
                                             risk of losses to others.
15 U.S.C. 7215(c)(4)(D)(i)................  For natural person..........................            2002         100,000         130,000         131,185
                                            For any other person........................            2002       2,000,000       2,525,000       2,623,700
15 U.S.C. 7215(c)(4)(D)(ii)...............  For natural person..........................            2002         750,000         950,000         983,888
                                            For any other person........................            2002      15,000,000      18,925,000      19,677,750
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* Adjustments include any revisions by Congress in statute, or by the agency through regulation, other than pursuant to the Inflation Adjustment Act.

    Dated: June 27, 2016.

    By the Commission.
Brent J. Fields,
Secretary.
[FR Doc. 2016-15541 Filed 6-30-16; 8:45 am]
 BILLING CODE 8011-01-P