80_FR_52993 80 FR 52824 - Order Making Fiscal Year 2016 Annual Adjustments to Registration Fee Rates

80 FR 52824 - Order Making Fiscal Year 2016 Annual Adjustments to Registration Fee Rates

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 169 (September 1, 2015)

Page Range52824-52832
FR Document2015-21562

Federal Register, Volume 80 Issue 169 (Tuesday, September 1, 2015) 
[Federal Register Volume 80, Number 169 (Tuesday, September 1, 2015)]
[Notices]
[Pages 52824-52832]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-21562]


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SECURITIES AND EXCHANGE COMMISSION

[Release Nos. 33-9898; 34-75764/August 26, 2015]


Order Making Fiscal Year 2016 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 proxy solicitations and statements in corporate control 
transactions.\3\ These provisions require the Commission to make annual 
adjustments to the fee rates applicable under these provisions.
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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 2016 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 price 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'' specified in 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 2016. 
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 2016], is reasonably 
likely to produce aggregate fee collections under [Section 6(b)] that 
are equal to the target fee collection amount for [fiscal year 2016].'' 
That is, the adjusted rate is determined by dividing the ``target fee 
collection amount'' for fiscal year 2016 by the ``baseline estimate of 
the aggregate maximum offering prices'' for fiscal year 2016.
    Section 6(b)(6)(A) specifies that the ``target fee collection 
amount'' for fiscal year 2016 is $550,000,000. Section 6(b)(6)(B) 
defines the ``baseline estimate of the aggregate maximum offering 
prices'' for fiscal year 2016 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 2016] 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 
price for fiscal year 2016, the Commission used a methodology similar 
to that developed in consultation with the Congressional Budget Office 
(``CBO'') and Office of Management and Budget (``OMB'') to project the 
aggregate offering price for purposes of the fiscal years 2011 through 
2015 annual adjustments.\6\ Using this methodology, the Commission 
determines the ``baseline estimate of the aggregate maximum offering 
price'' for fiscal year 2016 to be $ 5,463,538,056,703.\7\ Based on 
this estimate, the Commission calculates the fee rate for fiscal 2016 
to be $100.70 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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    \6\ For the fiscal year 2011 estimate, the Commission used a 
ten-year series of monthly observations ending in March 2011. For 
fiscal years 2012-2016, the Commission used a ten-year series ending 
in July of the applicable year.
    \7\ Appendix A explains how we determined the ``baseline 
estimate of the aggregate maximum offering price'' for fiscal year 
2016 using our methodology, and then shows the arithmetical process 
of calculating the fiscal year 2016 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 
price'' for fiscal year 2016.
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III. Effective Dates of the Annual Adjustments

    The fiscal year 2016 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, 2015.\8\
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    \8\ 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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IV. Conclusion

    Accordingly, pursuant to Section 6(b) of the Securities Act and 
Sections 13(e) and 14(g) of the Exchange Act,\9\
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    \9\ 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 $100.70 per million effective on October 1, 2015.

    By the Commission.
Brent J. Fields,
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 2016, the Commission has estimated the aggregate maximum 
offering prices by projecting forward the trend established in the 
previous decade. More specifically, an ARIMA model was used to 
forecast the value of the aggregate maximum offering prices for 
months subsequent to July 2015, 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 2016.

    First, calculate the aggregate maximum offering prices (AMOP) 
for each month in the sample (July 2005-July 2015). 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 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:

[[Page 52825]]

    1. Begin with the monthly data for AMOP. The sample spans ten 
years, from July 2005 to July 2015.
    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]t = log (AAMOPt) - 
log(AAMOPt-1). This approximates the percentage change.
    5. Estimate the first order moving average model 
[Delta]t = [alpha] + [beta]et-1 + 
et, where et denotes the forecast error for 
month t. The forecast error is simply the difference between the 
one-month ahead forecast and the actual realization of 
[Delta]t. The forecast error is expressed as 
et = [Delta]t - [alpha] - 
[beta]et-1. The model can be estimated using standard 
commercially available software. Using least squares, the estimated 
parameter values are [alpha] = 0.0000405 and [beta] = -0.85241.
    6. For the month of August 2015 forecast 
[Delta]t = 8/15 = [alpha] + [beta]et = 7/15. 
For all subsequent months, forecast [Delta]t = [alpha].
    7. Calculate forecasts of log(AAMOP). For example, the forecast 
of log(AAMOP) for October 2015 is given by 
FLAAMOPt = 10/15 = log(AAMOPt = 7/15) + 
[Delta] t = 8/15 +[Delta] t = 9/15 + [Delta] 
t = 10/15.
    8. Under the assumption that et is normally 
distributed, the n-step ahead forecast of AAMOP is given by 
exp(FLAAMOPt + [sigma]n\2\/2), where 
[sigma]n denotes the standard error of the n-step ahead 
forecast.
    9. For October 2015, this gives a forecast AAMOP of $21.425 
billion (Column I), and a forecast AMOP of $471.3 billion (Column 
J).
    10. Iterate this process through September 2016 to obtain a 
baseline estimate of the aggregate maximum offering prices for 
fiscal year 2016 of $ 5,463,538,056,703.

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 10/01/15 and 9/30/16 to be 
$5,463,538,056,703.
    2. The rate necessary to collect the target $550,000,000 in fee 
revenues set by Congress is then calculated as: $550,000,000 / 
$5,463,538,056,703 = 0.00010067.
    3. Round the result to the seventh decimal point, yielding a 
rate of 0.0001007 (or $100.70 per million).
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[FR Doc. 2015-21562 Filed 8-31-15; 8:45 a.m.]
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52824 Federal Register / Vol. 80, No. 169 / Tuesday, September 1, 2015 / Notices be submitted on or before September 22, aggregate maximum offering prices for Exchange Act will be effective on 2015. [fiscal year 2016], is reasonably likely to October 1, 2015.8 For the Commission, by the Division produce aggregate fee collections under of Trading and Markets, pursuant to IV. Conclusion [Section 6(b)] that are equal to the target delegated authority.35 fee collection amount for [fiscal year Accordingly, pursuant to Section 6(b) 2016].’’ That is, the adjusted rate is of the Securities Act and Sections 13(e) Robert W. Errett, and 14(g) of the Exchange Act,9 determined by dividing the ‘‘target fee Deputy Secretary. It is hereby ordered that the fee rates collection amount’’ for fiscal year 2016 [FR Doc. 2015–21552 Filed 8–31–15; 8:45 am] by the ‘‘baseline estimate of the applicable under Section 6(b) of the BILLING CODE 8011–01–P aggregate maximum offering prices’’ for Securities Act and Sections 13(e) and fiscal year 2016. 14(g) of the Exchange Act shall be $100.70 per million effective on October SECURITIES AND EXCHANGE Section 6(b)(6)(A) specifies that the 1, 2015. COMMISSION ‘‘target fee collection amount’’ for fiscal year 2016 is $550,000,000. Section By the Commission. [Release Nos. 33–9898; 34–75764/August 6(b)(6)(B) defines the ‘‘baseline estimate Brent J. Fields, 26, 2015] Secretary. of the aggregate maximum offering Order Making Fiscal Year 2016 Annual prices’’ for fiscal year 2016 as ‘‘the Appendix A Adjustments to Registration Fee Rates baseline estimate of the aggregate maximum offering price at which Congress has established a target amount of I. Background monies to be collected from fees charged to securities are proposed to be offered issuers based on the value of their The Commission collects fees under pursuant to registration statements filed registrations. This appendix provides the various provisions of the securities with the Commission during [fiscal year formula for determining such fees, which the laws. Section 6(b) of the Securities Act 2016] as determined by the Commission adjusts annually. Congress has of 1933 (‘‘Securities Act’’) requires the Commission, after consultation with the mandated that the Commission determine Commission to collect fees from issuers Congressional Budget Office and the these fees based on the ‘‘aggregate maximum Office of Management and offering prices,’’ which measures the on the registration of securities.1 Section aggregate dollar amount of securities 13(e) of the Securities Exchange Act of Budget . . . .’’ registered with the Commission over the 1934 (‘‘Exchange Act’’) requires the To make the baseline estimate of the course of the year. In order to maximize the Commission to collect fees on specified aggregate maximum offering price for likelihood that the amount of monies targeted repurchases of securities.2 Section 14(g) fiscal year 2016, the Commission used by Congress will be collected, the fee rate of the Exchange Act requires the a methodology similar to that developed must be set to reflect projected aggregate Commission to collect fees on proxy in consultation with the Congressional maximum offering prices. As a percentage, the fee rate equals the ratio of the target solicitations and statements in corporate Budget Office (‘‘CBO’’) and Office of amounts of monies to the projected aggregate control transactions.3 These provisions Management and Budget (‘‘OMB’’) to maximum offering prices. require the Commission to make annual project the aggregate offering price for For 2016, the Commission has estimated adjustments to the fee rates applicable purposes of the fiscal years 2011 the aggregate maximum offering prices by under these provisions. through 2015 annual adjustments.6 projecting forward the trend established in Using this methodology, the the previous decade. More specifically, an II. Fiscal Year 2016 Annual Adjustment ARIMA model was used to forecast the value to Fee Rates Commission determines the ‘‘baseline of the aggregate maximum offering prices for estimate of the aggregate maximum Section 6(b)(2) of the Securities Act months subsequent to July 2015, the last offering price’’ for fiscal year 2016 to be month for which the Commission has data on requires the Commission to make an $ 5,463,538,056,703.7 Based on this the aggregate maximum offering prices. annual adjustment to the fee rate estimate, the Commission calculates the The following sections describe this applicable under Section 6(b).4 The fee rate for fiscal 2016 to be $100.70 per process in detail. annual adjustment to the fee rate under million. This adjusted fee rate applies to Section 6(b) of the Securities Act also A. Baseline Estimate of the Aggregate Section 6(b) of the Securities Act, as Maximum Offering Prices for Fiscal Year sets the annual adjustment to the fee well as to Sections 13(e) and 14(g) of the 2016. rates under Sections 13(e) and 14(g) of Exchange Act. First, calculate the aggregate maximum the Exchange Act.5 offering prices (AMOP) for each month in the Section 6(b)(2) sets forth the method III. Effective Dates of the Annual sample (July 2005–July 2015). Next, calculate for determining the annual adjustment Adjustments the percentage change in the AMOP from to the fee rate under Section 6(b) for The fiscal year 2016 annual month to month. fiscal year 2016. Specifically, the adjustments to the fee rates applicable Model the monthly percentage change in Commission must adjust the fee rate under Section 6(b) of the Securities Act AMOP as a first order moving average under Section 6(b) to a ‘‘rate that, when process. The moving average approach and Sections 13(e) and 14(g) of the allows one to model the effect that an applied to the baseline estimate of the exceptionally high (or low) observation of 35 17 6 For the fiscal year 2011 estimate, the AMOP tends to be followed by a more CFR 200.30–3(a)(12). 1 15 Commission used a ten-year series of monthly ‘‘typical’’ value of AMOP. U.S.C. 77f(b). 2 15 U.S.C. 78m(e). observations ending in March 2011. For fiscal years Use the estimated moving average model to 2012–2016, the Commission used a ten-year series forecast the monthly percent change in 3 15 U.S.C. 78n(g). ending in July of the applicable year. mstockstill on DSK4VPTVN1PROD with NOTICES 4 15 U.S.C. 77f(b)(2). The annual adjustments are AMOP. These percent changes can then be 7 Appendix A explains how we determined the applied to obtain forecasts of the total dollar designed to adjust the fee rate in a given fiscal year ‘‘baseline estimate of the aggregate maximum value of registrations. The following is a so that, when applied to the aggregate maximum offering price’’ for fiscal year 2016 using our offering price at which securities are proposed to more formal (mathematical) description of methodology, and then shows the arithmetical be offered for the fiscal year, it is reasonably likely process of calculating the fiscal year 2016 annual the procedure: to produce total fee collections under Section 6(b) adjustment based on that estimate. The appendix equal to the ‘‘target fee collection amount’’ specified includes the data used by the Commission in 8 15 U.S.C. 77f(b)(4), 15 U.S.C. 78m(e)(6) and 15 in Section 6(b)(6)(A) for that fiscal year. making its ‘‘baseline estimate of the aggregate U.S.C. 78n(g)(6). 5 15 U.S.C. 78m(e)(4) and 15 U.S.C. 78n(g)(4). maximum offering price’’ for fiscal year 2016. 9 15 U.S.C. 77f(b), 78m(e) and 78n(g). VerDate Sep<11>2014 20:18 Aug 31, 2015 Jkt 235001 PO 00000 Frm 00092 Fmt 4703 Sfmt 4703 E:\FR\FM\01SEN1.SGM 01SEN1

Federal Register / Vol. 80, No. 169 / Tuesday, September 1, 2015 / Notices 52825 1. Begin with the monthly data for AMOP. commercially available software. Using least 10. Iterate this process through September The sample spans ten years, from July 2005 squares, the estimated parameter values are 2016 to obtain a baseline estimate of the to July 2015. a = 0.0000405 and b = ¥0.85241. aggregate maximum offering prices for fiscal 2. Divide each month’s AMOP (column C) 6. For the month of August 2015 forecast year 2016 of $ 5,463,538,056,703. by the number of trading days in that month Dt = 8/15 = a + bet = 7/15. For all subsequent (column B) to obtain the average daily AMOP months, forecast Dt = a. B. Using the Forecasts From A To Calculate (AAMOP, column D). 7. Calculate forecasts of log(AAMOP). For the New Fee Rate 3. For each month t, the natural logarithm example, the forecast of log(AAMOP) for of AAMOP is reported in column E. 1. Using the data from Table A, estimate October 2015 is given by FLAAMOPt = 10/15 the aggregate maximum offering prices 4. Calculate the change in log(AAMOP) = log(AAMOPt = 7/15) + D t = 8/15 +D t = 9/15 + between 10/01/15 and 9/30/16 to be from the previous month as Dt = log (AAMOPt) ¥ log(AAMOPt¥1). This D t = 10/15. $5,463,538,056,703. approximates the percentage change. 8. Under the assumption that et is normally 2. The rate necessary to collect the target 5. Estimate the first order moving average distributed, the n-step ahead forecast of $550,000,000 in fee revenues set by Congress model Dt = a + bet¥1 + et, where et denotes AAMOP is given by exp(FLAAMOPt + sn2/2), is then calculated as: $550,000,000 ÷ the forecast error for month t. The forecast where sn denotes the standard error of the n- $5,463,538,056,703 = 0.00010067. error is simply the difference between the step ahead forecast. 9. For October 2015, this gives a forecast 3. Round the result to the seventh decimal one-month ahead forecast and the actual AAMOP of $21.425 billion (Column I), and point, yielding a rate of 0.0001007 (or realization of Dt. The forecast error is expressed as et = Dt ¥ a ¥ bet¥1. The model a forecast AMOP of $471.3 billion (Column $100.70 per million). can be estimated using standard J). BILLING CODE 8011–01–P mstockstill on DSK4VPTVN1PROD with NOTICES VerDate Sep<11>2014 20:18 Aug 31, 2015 Jkt 235001 PO 00000 Frm 00093 Fmt 4703 Sfmt 4703 E:\FR\FM\01SEN1.SGM 01SEN1

mstockstill on DSK4VPTVN1PROD with NOTICES VerDate Sep<11>2014 52826 Table A. Estimation of baseline of aggregate maximum offering prices . Fee rate calculation. 20:18 Aug 31, 2015 a. Baseline estimate of the aggregate maximum offering prices, 10/1/15 to 9/30/16 ($Millions) 5,463,538 b. Implied fee rate ($550 Million I a) $100.70 Federal Register / Vol. 80, No. 169 / Tuesday, September 1, 2015 / Notices Data Jkt 235001 (B) (C) (D) (F) (J) #of Aggregate Average Daily (G) (H) (I) (A) (E) Log Forecast Aggregate Trading Maximum Aggregate Max. Forecast Standard Forecast AAMOP, Month log(AAMOP) (Change in Maximum Offering Prices, in Days in Offering Prices, Offering Prices log(AAMOP) Error in $Millions PO 00000 AAMOP) $Millions Month in $Millions (AAMOP) in $Millions Jul-05 20 457,487 22,874 23.853 Frm 00094 Aug-05 23 605,534 26,328 23.994 0.141 Sep-05 21 312,281 14,871 23.423 -0.571 Oct-05 21 258,956 12,331 23.235 -0.187 Fmt 4703 Nov-05 21 192,736 9,178 22.940 -0.295 Dec-05 21 308,134 14,673 23.409 0.469 Sfmt 4725 Jan-06 20 526,550 26,328 23.994 0.585 Feb-06 19 301,446 15,866 23.487 -0.506 Mar-06 23 1,211,344 52,667 24.687 1.200 E:\FR\FM\01SEN1.SGM Apr-06 19 407,345 21,439 23.788 -0.899 May-06 22 260,121 11,824 23.193 -0.595 Jun-06 22 375,296 17,059 23.560 0.367 Jul-06 20 232,654 11,633 23.177 -0.383 Aug-06 23 310,050 13,480 23.325 0.147 Sep-06 20 236,782 11,839 23.195 -0.130 01SEN1 Oct-06 22 213,342 9,697 22.995 -0.200 Nov-06 21 292,456 13,926 23.357 0.362 Dec-06 20 349,512 17,476 23.584 0.227 Jan-07 20 372,740 18,637 23.648 0.064 Feb-07 19 278,753 14,671 23.409 -0.239 Mar-07 22 862,786 39,218 24.392 0.983 Apr-07 20 562,103 28,105 24.059 -0.333 May-07 22 470,843 21,402 23.787 -0.272 EN01SE15.011</GPH>

mstockstill on DSK4VPTVN1PROD with NOTICES VerDate Sep<11>2014 (B) (C) (D) (F) (J) #of Aggregate Average Daily (G) (H) (I) (A) (E) Log Forecast Aggregate Trading Maximum Aggregate Max. Forecast Standard Forecast AAMOP, 20:18 Aug 31, 2015 Month log(AAMOP) (Change in Maximum Offering Prices, in Days in Offering Prices, Offering Prices log(AAMOP) Error in $Millions AAMOP) $Millions Month in $Millions (AAMOP) in $Millions Federal Register / Vol. 80, No. 169 / Tuesday, September 1, 2015 / Notices Jun-07 21 586,822 27,944 24.053 0.267 Jul-07 21 326,612 15,553 23.468 -0.586 Jkt 235001 AuQ-07 23 369,172 16,051 23.499 0.032 Sep-07 19 241,059 12,687 23.264 -0.235 Oct-07 23 239,652 10,420 23.067 -0.197 PO 00000 Nov-07 21 458,654 21,841 23.807 0.740 Dec-07 20 410,200 20,510 23.744 -0.063 Jan-08 21 354,433 16,878 23.549 -0.195 Frm 00095 Feb-08 20 263,410 13,171 23.301 -0.248 Mar-08 20 596,923 29,846 24.119 0.818 Apr-08 22 292,534 13,297 23.311 -0.809 Fmt 4703 May-08 21 456,077 21,718 23.801 0.491 Jun-08 21 461,087 21,957 23.812 0.011 Sfmt 4725 Jul-08 22 232,896 10,586 23.083 -0.730 AuQ-08 21 395,440 18,830 23.659 0.576 Sep-08 21 177,636 8,459 22.858 -0.800 E:\FR\FM\01SEN1.SGM Oct-08 23 360,494 15,674 23.475 0.617 Nov-08 19 288,911 15,206 23.445 -0.030 Dec-08 22 319,584 14,527 23.399 -0.046 Jan-09 20 375,065 18,753 23.655 0.255 Feb-09 19 249,666 13,140 23.299 -0.356 Mar-09 22 739,931 33,633 24.239 0.940 01SEN1 Apr-09 21 235,914 11,234 23.142 -1.097 May-09 20 329,522 16,476 23.525 0.383 Jun-09 22 357,524 16,251 23.511 -0.014 Jul-09 22 185,187 8,418 22.854 -0.658 AuQ-09 21 192,726 9,177 22.940 0.086 Sep-09 21 189,224 9,011 22.922 -0.018 Oct-09 22 215,720 9,805 23.006 0.085 Nov-09 20 248,353 12,418 23.242 0.236 52827 EN01SE15.012</GPH>

mstockstill on DSK4VPTVN1PROD with NOTICES VerDate Sep<11>2014 52828 (B) (C) (D) (F) (J) #of Aggregate Average Daily (G) (H) (I) (A) (E) Log Forecast Aggregate Trading Maximum Aggregate Max. Forecast Standard Forecast AAMOP, 20:18 Aug 31, 2015 Month log(AAMOP) (Change in Maximum Offering Prices, in Days in Offering Prices, Offering Prices log(AAMOP) Error in $Millions AAMOP) $Millions Month in $Millions (AAMOP) in $Millions Federal Register / Vol. 80, No. 169 / Tuesday, September 1, 2015 / Notices Dec-09 22 340,464 15,476 23.463 0.220 Jan-1 0 19 173,235 9,118 22.933 -0.529 Jkt 235001 Feb-10 19 209,963 11,051 23.126 0.192 Mar-10 23 432,934 18,823 23.658 0.533 Apr-10 21 280,188 13,342 23.314 -0.344 PO 00000 May-10 20 278,611 13,931 23.357 0.043 Jun-10 22 364,251 16,557 23.530 0.173 Jul-10 21 171,191 8,152 22.822 -0.709 Frm 00096 Aug-10 22 240,793 10,945 23.116 0.295 Sep-10 21 260,783 12,418 23.242 0.126 Oct-10 21 214,988 10,238 23.049 -0.193 Fmt 4703 Nov-10 21 340,112 16,196 23.508 0.459 Dec-1 0 22 297,992 13,545 23.329 -0.179 Sfmt 4725 Jan-11 20 233,668 11,683 23.181 -0.148 Feb-11 19 252,785 13,304 23.311 0.130 Mar-11 23 595,198 25,878 23.977 0.665 E:\FR\FM\01SEN1.SGM Apr-11 20 236,355 11,818 23.193 -0.784 May-11 21 319,053 15,193 23.444 0.251 Jun-11 22 359,727 16,351 23.518 0.073 Jul-11 20 215,391 10,770 23.100 -0.418 Aug-11 23 179,870 7,820 22.780 -0.320 Sep-11 21 168,005 8,000 22.803 0.023 01SEN1 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 EN01SE15.013</GPH>

mstockstill on DSK4VPTVN1PROD with NOTICES VerDate Sep<11>2014 (B) (C) (D) (F) (J) #of Aggregate Average Daily (G) (H) (I) (A) (E) Log Forecast Aggregate Trading Maximum Aggregate Max. Forecast Standard Forecast AAMOP, 20:18 Aug 31, 2015 Month log(AAMOP) (Change in Maximum Offering Prices, in Days in Offering Prices, Offering Prices log(AAMOP) Error in $Millions AAMOP) $Millions Month in $Millions (AAMOP) in $Millions Federal Register / Vol. 80, No. 169 / Tuesday, September 1, 2015 / Notices Jun-12 21 272,218 12,963 23.285 -0.373 Jul-12 21 170,462 8,117 22.817 -0.468 Jkt 235001 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 PO 00000 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 Frm 00097 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 Fmt 4703 May-13 22 382,950 17,407 23.580 0.485 Jun-13 20 480,624 24,031 23.903 0.322 Sfmt 4725 Jul-13 22 263,869 11,994 23.208 -0.695 AuQ-13 22 253,305 11,514 23.167 -0.041 Sep-13 20 267,923 13,396 23.318 0.151 E:\FR\FM\01SEN1.SGM 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 01SEN1 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 52829 EN01SE15.014</GPH>

mstockstill on DSK4VPTVN1PROD with NOTICES VerDate Sep<11>2014 52830 20:18 Aug 31, 2015 Federal Register / Vol. 80, No. 169 / Tuesday, September 1, 2015 / Notices (B) (C) (D) (F) (J) #of Aggregate Average Daily (G) (H) (I) (A) (E) Log Forecast Aggregate Trading Maximum Aggregate Max. Forecast Standard Forecast AAMOP, Month log(AAMOP) (Change in Maximum Offering Prices, in Days in Offering Prices, Offering Prices log(AAMOP) Error in $Millions Jkt 235001 AAMOP) $Millions Month in $Millions (AAMOP) in $Millions Dec-14 22 370,760 16,853 23.548 -0.189 PO 00000 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 Frm 00098 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 Fmt 4703 Jul-15 22 402,062 18,276 23.629 -0.104 Aug-15 21 23.721270 0.357 21,364 448,636 Sfmt 4725 Sep-15 21 23.721310 0.361 21,394 449,277 Oct-15 22 23.721350 0.365 21,425 471,343 Nov-15 20 23.721390 0.368 21 ,455 429,106 E:\FR\FM\01SEN1.SGM Dec-15 22 23.721430 0.372 21 ,486 472,691 Jan-16 19 23.721470 0.376 21,517 408,816 Feb-16 20 23.721510 0.380 21,547 430,948 Mar-16 22 23.721550 0.383 21,578 474,720 Apr-16 21 23.721590 0.387 21,609 453,789 May-16 21 23.721630 0.390 21,640 454,438 01SEN1 Jun-16 22 23.721670 0.394 21,671 476,758 Jul-16 20 23.721710 0.397 21,702 434,035 Aug-16 23 23.721750 0.401 21,733 499,854 Sep-16 21 23.721790 0.404 21,764 457,040 EN01SE15.015</GPH>

Figure A Aggregate Maximum Offering Prices Subject to Securities Act Section 6(b) Doliar Value, (Dashed Line Indicates Forecast Values) $Billions saonoNnN/SIOZ ‘L sequwordag ‘Aepson|,/691 ‘ON ‘08 ‘TOA /Jopst8ay jedapaq $1,400 $1.200 — $1,000 — October 2015 $800 — $600 — a & 2W 6 ;\_li‘ $ x‘j toa 4 $400 — $200 — $0 I I I t 1 t 1 I I 1 1 Jul—05 Jul—06 Jul—07 Jul—08 Jul—09 Jul—10 Jul—11 Jul—12 Jul—13 Jul—14 Jul—15 Jul—16 I€82S

52832 Federal Register / Vol. 80, No. 169 / Tuesday, September 1, 2015 / Notices [FR Doc. 2015–21562 Filed 8–31–15; 8:45 a.m.] Sincerely, October 2, 2014 (Transmittal No. DDTC 14– BILLING CODE 8011–01–C Julia Frifield, 060) Assistant Secretary, Legislative Affairs. Honorable John Boehner, Speaker of the House of Representatives October 3, 2014 (Transmittal No. DDTC 14– DEPARTMENT OF STATE Dear Mr. Speaker: 082) Pursuant to Section 36(c) of the Arms [Public Notice: 9250] Honorable John Boehner, Speaker of the Export Control Act, I am transmitting the House of Representatives enclosed certification of a proposed Bureau of Political-Military Affairs, Dear Mr. Speaker: amendment to a technical assistance Directorate of Defense Trade Controls: agreement for the export of defense articles, Pursuant to Sections 36(c) and 36(d) of the Notifications to the Congress of including technical data, and defense Arms Export Control Act, I am transmitting Proposed Commercial Export Licenses services in the amount of $50,000,000 or the enclosed certification of a proposed AGENCY: Department of State. license for the manufacture of significant more. military equipment abroad and the export of The transaction contained in the attached ACTION: Notice. certification transfers defense articles, defense articles, including technical data, including technical data, and defense SUMMARY: Notice is hereby given that and defense services in the amount of $50,000,000 or more. services to provide engineering and logistical the Department of State has forwarded support that will extend the useful life for the attached Notifications of Proposed The certification relates to the export of multiple fixed wing and rotary wing aircraft Export Licenses to the Congress on the defense articles including technical data, to include the AU–23, F–16, F–5, RTAF–6, dates indicated on the attachments technical assistance, defense articles, and and C–130 aircraft for end use by the manufacturing know-how involving the co- pursuant to sections 36(c) and 36(d), Government of Thailand. production of 30mm x 113mm and 25mm x and in compliance with section 36(f), of 137mm ammunition with the Government of The United States government is prepared the Arms Export Control Act. to license the export of these items having the Kingdom of Saudi Arabia. taken into account political, military, DATES: Effective Date: As shown on each The United States government is prepared economic, human rights, and arms control of the 38 letters. to license the export of these items having considerations. FOR FURTHER INFORMATION CONTACT: Ms. taken into account political, military, More detailed information is contained in Lisa V. Aguirre, Directorate of Defense economic, human rights, and arms control the formal certification which, though Trade Controls, Department of State, considerations. unclassified, contains business information telephone (202) 663–2830; email More detailed information is contained in submitted to the Department of State by the DDTCResponseTeam@state.gov. ATTN: the formal certification which, though applicant, publication of which could cause unclassified, contains business information competitive harm to the United States firm Congressional Notification of Licenses. submitted to the Department of State by the concerned. SUPPLEMENTARY INFORMATION: Section applicant, publication of which could cause 36(f) of the Arms Export Control Act (22 Sincerely, competitive harm to the United States firm U.S.C. 2778) mandates that notifications Julia Frifield, concerned. to the Congress pursuant to sections Assistant Secretary, Legislative Affairs. Sincerely, 36(c) and 36(d) must be published in the Julia Frifield, October 03, 2014 (Transmittal No. DDTC 14– Federal Register when they are 074) Assistant Secretary, Legislative Affairs. transmitted to Congress or as soon Honorable John Boehner, Speaker of the thereafter as practicable. October 3, 2014 (Transmittal No. DDTC 14– House of Representatives Following are such notifications to 085) Dear Mr. Speaker: the Congress: Honorable John Boehner, Speaker of the Pursuant to Section 36(c) of the Arms October 29, 2014 (Transmittal No. DDTC 14– House of Representatives Export Control Act, I am transmitting the 118) Dear Mr. Speaker: enclosed certification of a proposed license Honorable John A. Boehner, Speaker of the Pursuant to Section 36(c) of the Arms for the export of defense articles, including House of Representatives Export Control Act, I am transmitting technical data, and defense services in the certification of a proposed license for the amount of $100,000,000 or more. Dear Mr. Speaker: export of firearm parts and components The attached certification involves the Pursuant to Section 36(c) of the Arms export of defense articles, including technical Export Control Act, I am transmitting, the controlled under Category I of the United States Munitions List in the amount of data, and defense services to Canada, France, certification of a proposed license for the Israel, the Republic of Korea and the United export of defense articles, to include $1,000,000 or more. The attached certification involves the Kingdom to support the integration, technical data, and defense services in the installation, operation, training, testing, amount of $100,000,000 or more. export of Sig Sauer P229 pistols and 15 maintenance, repair and modernization of The transaction contained in the attached round magazines to the Ministry of Interior the P–3C avionics and mission systems for certification involves the transfer of defense (MOI) in Abu Dhabi, UAE. the Republic of Korea. articles to support the Direct Commercial The United States government is prepared The United States government is prepared Contract (DCC) of the Joint Direct Attack to license the export of these items having to license the export of these items having Munition (JDAM) and Small Diameter Bomb taken into account political, military, taken into account political, military, (SDB) for the Israel Ministry of Defense. economic, human rights, and arms control economic, human rights, and arms control The United States government is prepared considerations. considerations. to license the export of these items having More detailed information is contained in More detailed information is contained in taken into account political, military, the formal certification which, though the formal certification which, though economic, human rights, and arms control mstockstill on DSK4VPTVN1PROD with NOTICES unclassified, contains business information unclassified, contains business information considerations. submitted to the Department of State by the submitted to the Department of State by the More detailed information is contained in applicant, publication of which could cause applicant, publication of which could cause the formal certification which, though competitive harm to the United States firm competitive harm to the United States firm unclassified, contains business information concerned. concerned. submitted to the Department of State by the Sincerely, Sincerely, applicant, publication of which could cause competitive harm to the United States firm Julia Frifield, Julia Frifield, concerned. Assistant Secretary, Legislative Affairs. Assistant Secretary, Legislative Affairs. VerDate Sep<11>2014 20:18 Aug 31, 2015 Jkt 235001 PO 00000 Frm 00100 Fmt 4703 Sfmt 4703 E:\FR\FM\01SEN1.SGM 01SEN1


Document Created: 2018-02-26 10:04:29
Document Modified: 2018-02-26 10:04:29
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation80 FR 52824 
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