Notice2021-18402
Order Making Fiscal Year 2022 Annual Adjustments to Registration Fee Rates
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
August 26, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 86 Issue 163 (Thursday, August 26, 2021)</title>
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[Federal Register Volume 86, Number 163 (Thursday, August 26, 2021)]
[Notices]
[Pages 47696-47701]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-18402]
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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.
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\1\ 15 U.S.C. 77f(b).
\2\ 15 U.S.C. 78m(e).
\3\ 15 U.S.C. 78n(g).
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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\
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\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).
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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-over-year 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.
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\6\ 15 U.S.C. 77f(b)(6)(A).
\7\ The 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.''
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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\
[[Page 47697]]
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.
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\8\ This value was announced on July 13, 2021. See <a href="https://www.bls.gov/news.release/archives/cpi_07132021.htm">https://www.bls.gov/news.release/archives/cpi_07132021.htm</a>.
\9\ See Supplemental Tables, ``CPI-U News Release Companion
File'' from the July 13, 2021, press release.
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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.
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\10\ Appendix 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.
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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\
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\11\ 15 U.S.C. 77f(b)(4), 15 U.S.C. 78m(e)(6), and 15 U.S.C.
78n(g)(6).
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V. Conclusion
Accordingly, pursuant to Section 6(b) of the Securities Act and
Sections 13(e) and 14(g) of the Exchange Act,\12\
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\12\ 15 U.S.C. 77f(b), 78m(e), and 78n(g).
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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 auto-regressive 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
[Delta]<INF>t</INF> = log (AAMOP<INF>t</INF>)-log(AAMOP<INF>t-1</INF>).
This approximates the percentage change.
5. Estimate the first order moving average model
[Delta]<INF>t</INF> = [alpha] + [beta]e<INF>t-1</INF> + e<INF>t</INF>,
where e<INF>t</INF> 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 [Delta]<INF>t</INF>. The
forecast error is expressed as e<INF>t</INF> = [Delta]<INF>t</INF>-
[alpha]-[beta]e<INF>t-1</INF>. The model can be estimated using
standard commercially available software. Using least squares, the
estimated parameter values are [alpha] = 0.0079933991 and [beta] =
0.9007307577.
6. For the month of August 2021 forecast
[Delta]<INF>t = 8/2021</INF> = [alpha] + [beta]e<INF>t = 7/2021</INF>.
For all subsequent months, forecast [Delta]<INF>t</INF> = [alpha].
7. Calculate forecasts of log(AAMOP). For example, the forecast of
log(AAMOP) for October 2021 is given by FLAAMOP <INF>t = 10/2021</INF>
= log(AAMOP <INF>t = 7/2021</INF>) + [Delta] <INF>t = 8/2021</INF>
+[Delta] <INF>t = 9/2021</INF> + [Delta] <INF>t = 10/2021</INF>.
8. Under the assumption that e<INF>t</INF> is normally distributed,
the n-step ahead forecast of AAMOP is given by exp(FLAAMOP<INF>t</INF>
+ [sigma]<INF>n</INF>\2\/2), where [sigma]<INF>n</INF> 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.
[[Page 47698]]
3. Round the result to the seventh decimal point, yielding a rate
of 0.0000927 (or $92.70 per million).
Table A--Estimation of Baseline of Aggregate Maximum Offering Prices
[Fee rate calculation]
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a. Baseline estimate of the aggregate maximum offering 8,066,358
prices, 10/01/21 to 09/30/22 ($Millions)...............
b. Implied fee rate ($747,806,372 / a).................. $92.70
------------------------------------------------------------------------
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Average
daily Forecast
No. of Aggregate aggregate aggregate
trading maximum max. Log (Change Forecast Standard Forecast maximum
Month days in offering offering log (AAMOP) in AAMOP) log(AAMOP) error AAMOP, in offering
month prices, in prices $Millions prices, in
$Millions (AAMOP) in $Millions
$Millions
(A) (B) (C) (D) (E) (F) (G) (H) (I) (J)
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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 ........... ........... ........... ...........
[[Page 47699]]
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
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[GRAPHIC] [TIFF OMITTED] TN26AU21.024
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[FR Doc. 2021-18402 Filed 8-25-21; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on August 26, 2021.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.