2024-08512. Order Making Fiscal Year 2024 Annual Adjustments to Transaction Fee Rates

I. Background

Section 31 of the Securities Exchange Act of 1934 (“Exchange Act”) requires each national securities exchange and national securities association to pay transaction fees to the Commission.^[1] Specifically, Section 31(b) requires each national securities exchange to pay to the Commission fees based on the aggregate dollar amount of sales of certain securities (“covered sales”) transacted on the exchange.^[2] Section 31(c) requires each national securities association to pay to the Commission fees based on the aggregate dollar amount of covered sales transacted by or through any member of the association other than on an exchange.^[3]

Section 31 of the Exchange Act requires the Commission to annually adjust the fee rates applicable under Sections 31(b) and (c) to a uniform adjusted rate.^[4] Specifically, the Commission must adjust the fee rates to a uniform adjusted rate that is reasonably likely to produce aggregate fee collections (including assessments on security futures transactions) equal to the regular appropriation to the Commission for the applicable fiscal year.^[5]

The Commission is required to publish notice of the new fee rates under Section 31 not later than 30 days after the date on which an Act making a regular appropriation for the applicable fiscal year is enacted.^[6] On March 23, 2024, the President signed into law the Further Consolidated Appropriations Act, 2024, which includes total appropriations of $2,188,658,000 to the SEC for fiscal year 2024.

II. Fiscal Year 2024 Annual Adjustment to the Fee Rate

The new fee rate is determined by (1) subtracting the sum of fees estimated to be collected prior to the effective date of the new fee rate ^[7] and estimated assessments on security futures transactions to be collected under Section 31(d) of the Exchange Act for all of fiscal year 2024 ^[8] from an amount equal to the regular appropriation to the Commission for fiscal year 2024, and (2) dividing by the estimated aggregate dollar amount of covered sales for the remainder of the fiscal year following the effective date of the new fee rate.^[9]

As noted above, the Further Consolidated Appropriations Act, 2024, includes total appropriations of $2,188,658,000 to the Commission for fiscal year 2024.^[10] The Commission estimates that it will collect $913,739,887 in fees for the period prior to the effective date of the new fee rate and $0 in assessments on round turn transactions in security futures products during all of fiscal year 2024. Using the methodology described in Appendix A, the Commission estimates that the aggregate dollar amount of covered sales for the remainder of fiscal year 2024 to be $45,844,550,874,710.

The uniform adjusted rate is computed by dividing the residual fees to be collected of $1,274,918,113 by the estimated aggregate dollar amount of covered sales for the remainder of fiscal year 2024 of $45,844,550,874,710; this results in a uniform adjusted rate for fiscal year 2024 of $27.80 per million.^[11]

III. Effective Date of the Uniform Adjusted Rate

Under Section 31(j)(4)(A) of the Exchange Act, the fiscal year 2024 annual adjustments to the fee rates applicable under Sections 31(b) and (c) of the Exchange Act shall take effect on the later of October 1, 2023, or 60 days after the date on which a regular appropriation to the Commission for fiscal year 2024 is enacted.^[12] The regular appropriation to the Commission for fiscal year 2024 was enacted on March 23, 2024, and accordingly, the new fee rates applicable under Sections 31(b) and (c) of the Exchange Act will take effect on May 22, 2024.

IV. Conclusion

Accordingly, pursuant to Section 31 of the Exchange Act,

It is hereby ordered that the fee rates applicable under Sections 31(b) and (c) of the Exchange Act shall be $27.80 per $1,000,000 effective on May 22, 2024.

By the Commission.

Sherry R. Haywood,

Assistant Secretary.

APPENDIX A

This appendix provides the methodology for determining the annual adjustment to the fee rates applicable under Sections 31(b) and (c) of the Exchange Act for fiscal year 2024. Section 31 of the Exchange Act requires the fee rates to be adjusted so that it is reasonably likely that the Commission will collect aggregate fees equal to its regular appropriation for fiscal year 2024.

To make the adjustment, the Commission must project the aggregate dollar amount of covered sales of securities on the securities exchanges and certain over-the-counter (“OTC”) markets over the course of the year. The fee rate equals the ratio of the Commission's regular appropriation for fiscal year 2024 (less the sum of fees to be collected during fiscal year 2024 prior to the effective date of the new fee rate and aggregate assessments on security futures transactions during all of fiscal year 2024) to the estimated aggregate dollar amount of covered sales for the remainder of the fiscal year following the effective date of the new fee rate.

For 2024, the Commission has estimated the aggregate dollar amount of covered sales by projecting forward the trend established in the previous decade. More specifically, the dollar amount of covered sales was forecasted for months subsequent to February 2024, the last month for which the Commission has data on the dollar volume of covered sales.^[1]

The following sections describe this process in detail.

A. Baseline Estimate of the Aggregate Dollar Amount of Covered Sales for Fiscal Year 2024

First, calculate the average daily dollar amount of covered sales (“ADS”) for each month in the sample (August 2013 through February 2024). The monthly total dollar amount of covered sales (exchange plus certain OTC markets) is presented in column C of Table A.

The model forecasts the monthly moving average of the average daily dollar amount of covered sales. Each month's average daily dollar amount of covered sales is calculated by dividing the total covered sales for that month (column C of Table A) by the number of trading days for that month (column B of Table A). These amounts are shown in column D of Table A. The moving average will span the same number of months required to be forecast for the remainder of the fiscal year. The trailing moving average used in the forecast model is presented in column E of Table A.

To capture the recent trends in the monthly changes in the moving averages, calculate the one- and two-month lags of the trailing moving average shown in column E in Table A. These amounts are shown in columns F and G, respectively, of Table A.

Next, model the monthly trailing moving average of ADS as function of a constant term and the two lagged trailing moving averages using the ordinary least squares technique.

Use the estimated model to forecast the trailing moving average of ADS of the first month after the last available monthly data. Estimate the trailing moving average of the second month using the forecasted value of the first month and the actual value of the month before that. Similarly, estimate the trailing moving average of the third month using the forecasted values of the two previous months. Continue in this fashion until the end of the fiscal year.

The estimate of the trailing moving average ADS for the last applicable month in the fiscal year is a prediction of the moving average for those months that need to be predicted. This estimate is used as the predicted value of ADS for each month in the forecast period; to obtain the forecast total covered sales for each month, multiply the predicted ADS by the number of days in each month.

The following is a more formal (mathematical) description of the procedure:

1. Begin with the monthly data for total dollar volume of covered sales (column C). The sample spans ten years, from August 2013 through February 2024.^[2] Divide each month's total dollar volume by the number of trading days in that month (column B) to obtain the average daily dollar volume (ADS, column D).

2. For each month t, calculate the six-month trailing moving average of ADS (shown in column E). For example, the value for March 2014 is the average of the six months ending in March 2014, or October 2013 through March 2014 inclusive.

3. Calculate the one- and two-month lags of the trailing moving average. For example, the one-month lag of the six-month trailing moving average for March 2014 is equal to the six-month trailing moving average for February 2014. The two-month lag of the six-month trailing moving average for March 2024 is equal to the six-month trailing moving average for January 2014. These are shown in columns F and G.

4. Estimate the model using ordinary least squares:

γ_t = α + β₁ γ_t−1 + β₂ γ_t−2 + u_t

Where γ_t is the six-month trailing moving average of the average daily sales for month t, and γ_t−1 and γ_t−2 are the one- and two-month lags of γ_t, and u_t representing the error term for month t. The model can be estimated using standard commercially available software. The estimated parameter values are α = +4,213,794,716, β₁ = +1.672194, β₂ = -0.679948. The root-mean squared error (RMSE) of the regression is 11,776,068,990.

5. The predicted value of the six-month trailing moving average of the last month to be forecast represents the final forecast of covered sales for the entire prediction period. This value is shown in column H. This represents the prediction for August 2024. To calculate this value from the model above, one needs the one-month and two-month lag of the six-month trailing moving average ADS, i.e., the six-month trailing moving average for June and July. The six-month trailing moving average for July is obtained by using the one- and two-month lags for July, that is, the six-month trailing moving averages for June and May. To arrive at all the necessary inputs, one begins with the first month to be forecast, in this case, March 2024, and iterates predictions forward until the last month is predicted. One then multiplies the final predicted six-month trailing moving average ADS by the number of days in each month to arrive at the forecast total dollar amount of covered sales. This is shown in column I.

6. For example, for March 2024, using the a, b₁, and b₂ parameter estimates shown above, along with the one- and two-month lags in the six-month trailing moving average ADS (representing the six-month trailing moving average ADS for January and February 2024, respectively), one can estimate the forecast six-month trailing moving average ADS for March: +4,213,794,716 + (1.672194 × 620,578,082,121) + (−0.679948 × 597,620,038,362) = 635,590,443,613.

7. With the estimated six-month trailing moving average ADS for March 2024 calculated above, one can estimate the six-month trailing moving average ADS for April 2024. The estimate obtained from March 2024 becomes the one-month lag for April, and the one-month lag used in the March forecast becomes the two-month lag for the April forecast. Thus, the predicted six-month trailing moving average ADS for April 2024 is calculated as: +4,213,794,716 + (1.672194 × 635,590,443,613) + (−0.679948 × 620,578,082,121) = 645,083,757,473.

8. Using the forecasts for March and April, one can estimate the value for May. Repeat this procedure for subsequent months, until the estimate for August 2024 is obtained. This value is 654,922,155,353.^[3] This value is then used to calculate the final forecast total monthly covered sales for all six months from March 2024 through August 2024.

9. To obtain the estimate of total monthly covered sales for each month, multiply the number of trading days in the month, shown in column B in Table A, by the final forecast six-month trailing moving average ADS, shown in column H of Table A. This product is shown in column I of Table A, and these figures are used to calculate the new fee rate.

B. Using the Forecasts From A To Calculate the New Fee Rate

1. Use Table A to estimate fees collected for the period September 1, 2023, through May 21, 2024. The projected aggregate dollar amount of covered sales for this period is $114,217,485,918,804. Actual and projected fee collections at the current fee rate of $8.00 per million are $913,739,887.

2. Estimate the amount of assessments on security futures products collected from September 1, 2023, through August 31, 2024. The only entity reporting assessable security futures products ceased operations in September 2020.^[4] Consequently, the estimated amount of assessments on security futures products collected from September 2023 through August 2024 is zero.

3. Subtract the amount $913,739,887 from the target off-setting collection amount set by Congress of $2,188,658,000, leaving $1,274,918,113 to be collected on dollar volume for the period May 22, 2024, through August 31, 2024.

4. Use Table A to estimate dollar volume for the period May 22, 2024, through August 31, 2024. The estimate is $45,844,550,874,710. Finally, compute the fee rate required to produce the additional $1,274,918,113 in revenue. This rate is $1,274,918,113 divided by $45,844,550,874,710 or 0.00002780959.

5. Round the result to the seventh decimal point, yielding a rate of 0.00002780 (or $27.80 per million).

This table summarizes the estimates of the aggregate dollar amount of covered sales, by time period. The figures in this table can be used to determine the new fee rate.

Table A—Baseline Estimate of the Aggregate Dollar Amount of Sales

Fee rate calculation
a. Baseline estimate of the aggregate dollar amount of sales, 09/01/2023 to 04/30/2024 ($Millions)	104,393,654
b. Baseline estimate of the aggregate dollar amount of sales, 05/01/2024 to 05/21/2024 ($Millions)	9,823,832
c. Baseline estimate of the aggregate dollar amount of sales, 05/22/2024 to 05/31/2024 ($Millions)	4,584,455
d. Baseline estimate of the aggregate dollar amount of sales, 06/01/2024 to 08/31/2024 ($Millions)	41,260,096
e. Estimated collections in assessments on security futures products in fiscal year 2023 ($Millions)	0.000
f. Implied fee rate (($2,188,658,000 − $8.00 * (a + b) − e)/(c + d)	$27.80

Month	# of trading days in month	Total dollar amount of sales	Average daily dollar amount of sales (ADS)	6-Month trailing moving average ADS	1 Month lag of 6-month trailing moving average ADS	2 Month lag of 6-month trailing moving average ADS	Forecast 6-month trailing moving average ADS	Forecast total dollar amount of sales
(A)	(B)	(C)	(D)	(E)	(F)	(G)	(H)	(I)
Aug-13	22	$4,925,611,193,095	$223,891,417,868
Sep-13	20	4,959,197,626,713	247,959,881,336
Oct-13	23	5,928,804,028,970	257,774,088,216
Nov-13	20	5,182,024,612,049	259,101,230,602
Dec-13	21	5,265,282,994,173	250,727,761,627
Jan-14	21	5,808,700,114,288	276,604,767,347	252,676,524,499
Feb-14	19	6,018,926,931,054	316,785,627,950	268,158,892,846	252,676,524,499
Mar-14	21	6,068,617,342,988	288,981,778,238	274,995,875,663	268,158,892,846	252,676,524,499
Apr-14	21	6,013,948,953,528	286,378,521,597	279,763,281,227	274,995,875,663	268,158,892,846
May-14	21	5,265,594,447,318	250,742,592,729	278,370,174,915	279,763,281,227	274,995,875,663
Jun-14	21	5,159,506,989,669	245,690,809,032	277,530,682,815	278,370,174,915	279,763,281,227
Jul-14	22	5,364,099,567,460	243,822,707,612	272,067,006,193	277,530,682,815	278,370,174,915
Aug-14	21	5,075,332,147,677	241,682,483,223	259,549,815,405	272,067,006,193	277,530,682,815
Sep-14	21	5,507,943,363,243	262,283,017,297	255,100,021,915	259,549,815,405	272,067,006,193
Oct-14	23	7,796,638,035,879	338,984,262,430	263,867,645,387	255,100,021,915	259,549,815,405
Nov-14	19	5,340,847,027,697	281,097,211,984	268,926,748,596	263,867,645,387	255,100,021,915
Dec-14	22	6,559,110,068,128	298,141,366,733	277,668,508,213	268,926,748,596	263,867,645,387
Jan-15	20	6,185,619,541,044	309,280,977,052	288,578,219,786	277,668,508,213	268,926,748,596
Feb-15	19	5,723,523,235,641	301,238,065,034	298,504,150,088	288,578,219,786	277,668,508,213
Mar-15	22	6,395,046,297,249	290,683,922,602	303,237,634,306	298,504,150,088	288,578,219,786
Apr-15	21	5,625,548,298,004	267,883,252,286	291,387,465,949	303,237,634,306	298,504,150,088
May-15	20	5,521,351,972,386	276,067,598,619	290,549,197,054	291,387,465,949	303,237,634,306
Jun-15	22	6,005,521,460,806	272,978,248,218	286,355,343,969	290,549,197,054	291,387,465,949
Jul-15	22	6,493,670,315,390	295,166,832,518	284,002,986,546	286,355,343,969	290,549,197,054
Aug-15	21	6,963,901,249,270	331,614,345,203	289,065,699,908	284,002,986,546	286,355,343,969
Sep-15	21	6,434,496,770,897	306,404,608,138	291,685,814,164	289,065,699,908	284,002,986,546
Oct-15	22	6,592,594,708,082	299,663,395,822	296,982,504,753	291,685,814,164	289,065,699,908
Nov-15	20	5,822,824,015,945	291,141,200,797	299,494,771,783	296,982,504,753	291,685,814,164
Dec-15	22	6,384,337,478,801	290,197,158,127	302,364,590,101	299,494,771,783	296,982,504,753
Jan-16	19	6,696,059,796,055	352,424,199,792	311,907,484,647	302,364,590,101	299,494,771,783
Feb-16	20	6,659,878,908,747	332,993,945,437	312,137,418,019	311,907,484,647	302,364,590,101
Mar-16	22	6,161,943,754,542	280,088,352,479	307,751,375,409	312,137,418,019	311,907,484,647
Apr-16	21	5,541,076,988,322	263,860,808,968	301,784,277,600	307,751,375,409	312,137,418,019
May-16	21	5,693,520,415,112	271,120,019,767	298,447,414,095	301,784,277,600	307,751,375,409
Jun-16	22	6,317,212,852,759	287,146,038,762	297,938,894,201	298,447,414,095	301,784,277,600
Jul-16	20	5,331,797,261,269	266,589,863,063	283,633,171,413	297,938,894,201	298,447,414,095
Aug-16	23	5,635,976,607,786	245,042,461,208	268,974,590,708	283,633,171,413	297,938,894,201
Sep-16	21	5,942,072,286,976	282,955,823,189	269,452,502,493	268,974,590,708	283,633,171,413
Oct-16	21	5,460,906,573,682	260,043,170,175	268,816,229,361	269,452,502,493	268,974,590,708
Nov-16	21	6,845,287,809,886	325,966,086,185	277,957,240,431	268,816,229,361	269,452,502,493
Dec-16	21	6,208,579,880,985	295,646,660,999	279,374,010,803	277,957,240,431	268,816,229,361
Jan-17	20	5,598,200,907,603	279,910,045,380	281,594,041,190	279,374,010,803	277,957,240,431
Feb-17	19	5,443,426,609,533	286,496,137,344	288,502,987,212	281,594,041,190	279,374,010,803
Mar-17	23	6,661,861,914,530	289,646,170,197	289,618,045,047	288,502,987,212	281,594,041,190
Apr-17	19	5,116,714,033,499	269,300,738,605	291,160,973,118	289,618,045,047	288,502,987,212
May-17	22	6,305,822,460,672	286,628,293,667	284,604,674,365	291,160,973,118	289,618,045,047
Jun-17	22	6,854,993,097,601	311,590,595,346	287,261,996,756	284,604,674,365	291,160,973,118
Jul-17	20	5,394,333,070,522	269,716,653,526	285,563,098,114	287,261,996,756	284,604,674,365
Aug-17	23	6,206,204,906,864	269,834,995,951	282,786,241,215	285,563,098,114	287,261,996,756
Sep-17	20	5,939,886,169,525	296,994,308,476	284,010,930,928	282,786,241,215	285,563,098,114
Oct-17	22	6,134,529,538,894	278,842,251,768	285,601,183,122	284,010,930,928	282,786,241,215
Nov-17	21	6,289,748,560,897	299,511,836,233	287,748,440,217	285,601,183,122	284,010,930,928
Dec-17	20	6,672,181,323,001	333,609,066,150	291,418,185,351	287,748,440,217	285,601,183,122
Jan-18	21	7,672,288,677,308	365,347,079,872	307,356,589,742	291,418,185,351	287,748,440,217
Feb-18	19	8,725,420,462,639	459,232,655,928	338,922,866,405	307,356,589,742	291,418,185,351
Mar-18	21	8,264,755,011,030	393,559,762,430	355,017,108,730	338,922,866,405	307,356,589,742
Apr-18	21	7,490,308,402,446	356,681,352,497	367,990,292,185	355,017,108,730	338,922,866,405
May-18	22	7,242,077,467,361	329,185,339,426	372,935,876,051	367,990,292,185	355,017,108,730
Jun-18	21	7,936,783,802,579	377,942,085,837	380,324,712,665	372,935,876,051	367,990,292,185
Jul-18	21	6,807,593,326,456	324,171,110,784	373,462,051,150	380,324,712,665	372,935,876,051
Aug-18	23	7,363,115,477,823	320,135,455,558	350,279,184,422	373,462,051,150	380,324,712,665
Sep-18	19	6,781,988,459,996	356,946,761,052	344,177,017,526	350,279,184,422	373,462,051,150
Oct-18	23	10,133,514,482,168	440,587,586,181	358,161,389,806	344,177,017,526	350,279,184,422
Nov-18	21	8,414,847,862,204	400,707,041,057	370,081,673,412	358,161,389,806	344,177,017,526
Dec-18	19	9,075,221,733,736	477,643,249,144	386,698,533,963	370,081,673,412	358,161,389,806
Jan-19	21	7,960,664,643,749	379,079,268,750	395,849,893,624	386,698,533,963	370,081,673,412
Feb-19	19	6,676,391,653,247	351,389,034,381	401,058,823,428	395,849,893,624	386,698,533,963
Mar-19	21	7,828,979,311,928	372,808,538,663	403,702,453,030	401,058,823,428	395,849,893,624
Apr-19	21	6,907,923,076,080	328,948,717,909	385,095,974,984	403,702,453,030	401,058,823,428
May-19	22	7,895,053,976,747	358,866,089,852	378,122,483,117	385,095,974,984	403,702,453,030
Jun-19	20	7,070,583,442,058	353,529,172,103	357,436,803,610	378,122,483,117	385,095,974,984
Jul-19	22	6,792,811,319,721	308,764,150,896	345,717,617,301	357,436,803,610	378,122,483,117
Aug-19	22	8,059,527,400,976	366,342,154,590	348,209,804,002	345,717,617,301	357,436,803,610
Sep-19	20	6,958,132,871,506	347,906,643,575	344,059,488,154	348,209,804,002	345,717,617,301
Oct-19	23	7,235,982,824,882	314,607,948,908	341,669,359,987	344,059,488,154	348,209,804,002
Nov-19	20	6,784,888,230,209	339,244,411,510	338,399,080,264	341,669,359,987	344,059,488,154
Dec-19	21	7,252,856,724,647	345,374,129,745	337,039,906,538	338,399,080,264	341,669,359,987
Jan-20	21	8,178,172,797,805	389,436,799,895	350,485,348,037	337,039,906,538	338,399,080,264
Feb-20	19	8,951,554,790,521	471,134,462,659	367,950,732,716	350,485,348,037	337,039,906,538
Mar-20	22	16,218,726,536,159	737,214,842,553	432,835,432,545	367,950,732,716	350,485,348,037
Apr-20	21	10,289,596,902,933	489,980,804,902	462,064,241,877	432,835,432,545	367,950,732,716
May-20	20	9,435,524,799,540	471,776,239,977	484,152,879,955	462,064,241,877	432,835,432,545
Jun-20	22	12,093,857,552,130	549,720,797,824	518,210,657,968	484,152,879,955	462,064,241,877
Jul-20	22	10,355,334,352,448	470,697,016,020	531,754,027,322	518,210,657,968	484,152,879,955
Aug-20	21	9,763,364,099,611	464,922,099,981	530,718,633,543	531,754,027,322	518,210,657,968
Sep-20	21	11,545,564,207,158	549,788,771,769	499,480,955,079	530,718,633,543	531,754,027,322
Oct-20	22	10,052,383,314,951	456,926,514,316	493,971,906,648	499,480,955,079	530,718,633,543
Nov-20	20	11,039,477,432,965	551,973,871,648	507,338,178,593	493,971,906,648	499,480,955,079
Dec-20	22	12,172,302,216,779	553,286,464,399	507,932,456,356	507,338,178,593	493,971,906,648
Jan-21	19	12,396,479,814,996	652,446,306,052	538,224,004,694	507,932,456,356	507,338,178,593
Feb-21	19	12,103,659,666,497	637,034,719,289	566,909,441,246	538,224,004,694	507,932,456,356
Mar-21	23	16,485,012,205,966	716,739,661,129	594,734,589,472	566,909,441,246	538,224,004,694
Apr-21	21	11,602,282,119,601	552,489,624,743	610,661,774,543	594,734,589,472	566,909,441,246
May-21	20	11,729,455,630,914	586,472,781,546	616,411,592,860	610,661,774,543	594,734,589,472
Jun-21	22	13,038,812,281,463	592,673,285,521	622,976,063,047	616,411,592,860	610,661,774,543
Jul-21	21	11,623,478,100,180	553,498,957,151	606,484,838,230	622,976,063,047	616,411,592,860
Aug-21	22	11,493,350,851,643	522,425,038,711	587,383,224,800	606,484,838,230	622,976,063,047
Sep-21	21	12,312,072,157,576	586,289,150,361	565,641,473,005	587,383,224,800	606,484,838,230
Oct-21	21	12,011,570,888,110	571,979,566,100	568,889,796,565	565,641,473,005	587,383,224,800
Nov-21	21	13,996,377,941,116	666,494,187,672	582,226,697,586	568,889,796,565	565,641,473,005
Dec-21	22	15,494,373,840,971	704,289,720,044	600,829,436,673	582,226,697,586	568,889,796,565
Jan-22	20	16,002,717,162,409	800,135,858,120	641,935,586,835	600,829,436,673	582,226,697,586
Feb-22	19	14,483,452,476,259	762,286,972,435	681,912,575,789	641,935,586,835	600,829,436,673
Mar-22	23	17,089,275,084,128	743,011,960,179	708,033,044,092	681,912,575,789	641,935,586,835
Apr-22	20	13,123,148,685,917	656,157,434,296	722,062,688,791	708,033,044,092	681,912,575,789
May-22	21	15,039,352,606,836	716,159,647,945	730,340,265,503	722,062,688,791	708,033,044,092
Jun-22	21	13,021,062,095,851	620,050,575,993	716,300,408,161	730,340,265,503	722,062,688,791
Jul-22	20	10,112,087,348,637	505,604,367,432	667,211,826,380	716,300,408,161	730,340,265,503
Aug-22	23	11,593,039,396,644	504,045,191,158	624,171,529,501	667,211,826,380	716,300,408,161
Sep-22	21	12,052,452,021,792	573,926,286,752	595,990,583,929	624,171,529,501	667,211,826,380
Oct-22	21	11,962,224,366,908	569,629,731,758	581,569,300,173	595,990,583,929	624,171,529,501
Nov-22	21	11,900,801,868,077	566,704,850,861	556,660,167,326	581,569,300,173	595,990,583,929
Dec-22	21	11,980,859,826,961	570,517,134,617	548,404,593,763	556,660,167,326	581,569,300,173
Jan-23	20	11,045,225,185,619	552,261,259,281	556,180,742,404	548,404,593,763	556,660,167,326
Feb-23	19	10,787,317,510,620	567,753,553,191	566,798,802,743	556,180,742,404	548,404,593,763
Mar-23	23	13,985,409,202,169	608,061,269,660	572,487,966,561	566,798,802,743	556,180,742,404
Apr-23	19	9,399,552,596,651	494,713,294,561	560,001,893,695	572,487,966,561	566,798,802,743
May-23	22	11,791,806,548,751	535,991,206,761	554,882,953,012	560,001,893,695	572,487,966,561
Jun-23	21	13,061,036,476,029	621,954,117,906	563,455,783,560	554,882,953,012	560,001,893,695
Jul-23	20	11,366,116,854,082	568,305,842,704	566,129,880,797	563,455,783,560	554,882,953,012
Aug-23	23	12,671,358,964,418	550,928,650,627	563,325,730,370	566,129,880,797	563,455,783,560
Sep-23	20	11,205,898,765,006	560,294,938,250	555,364,675,135	563,325,730,370	566,129,880,797
Oct-23	22	13,188,976,620,062	599,498,937,276	572,828,948,921	555,364,675,135	563,325,730,370
Nov-23	21	11,988,333,174,115	570,873,008,291	578,642,582,509	572,828,948,921	555,364,675,135
Dec-23	20	13,128,847,387,720	656,442,369,386	584,390,624,422	578,642,582,509	572,828,948,921
Jan-24	21	13,601,328,853,198	647,682,326,343	597,620,038,362	584,390,624,422	578,642,582,509
Feb-24	20	13,773,538,263,581	688,676,913,179	620,578,082,121	597,620,038,362	584,390,624,422
Mar-24	20				620,578,082,121	597,620,038,362	654,922,155,353	13,098,443,107,060
Apr-24	22					620,578,082,121	654,922,155,353	14,408,287,417,766
May-24	22						654,922,155,353	14,408,287,417,766
Jun-24	19						654,922,155,353	12,443,520,951,707
Jul-24	22						654,922,155,353	14,408,287,417,766
Aug-24	22						654,922,155,353	14,408,287,417,766

Footnotes

1.  15 U.S.C. 78ee.

2.  15 U.S.C. 78ee(b).

3.  15 U.S.C. 78ee(c).

4.  In some circumstances, the SEC also must make a mid-year adjustment to the fee rates applicable under Sections 31(b) and (c).

5.  15 U.S.C. 78ee(j)(1) (the Commission must adjust the rates under Sections 31(b) and (c) to a “uniform adjusted rate that, when applied to the baseline estimate of the aggregate dollar amount of sales for such fiscal year, is reasonably likely to produce aggregate fee collections under [Section 31] (including assessments collected under [Section 31(d)]) that are equal to the regular appropriation to the Commission by Congress for such fiscal year.”).

6.  15 U.S.C. 78ee(g).

7.  The sum of fees to be collected prior to the effective date of the new fee rate is determined by applying the current fee rate to the dollar amount of covered sales prior to the effective date of the new fee rate. The exchanges and FINRA have provided data on the dollar amount of covered sales through Feb. 2024. To calculate the dollar amount of covered sales from Mar. 2024 to the effective date of the new fee rate, the Commission is using the same methodology it used in fiscal year 2020. This methodology is described in Appendix A of this order.

8.  Currently, security futures do not trade on any market, therefore the Commission has not collected any assessments for transactions in security futures. Accordingly, the forecast for the assessments for all of fiscal year 2024 for single stock futures is zero.

9.  To estimate the aggregate dollar amount of covered sales for the remainder of fiscal year 2024 following the effective date of the new fee rate, the Commission is using the same methodology it used previously. This methodology is described in Appendix A of this order.

10.  The President signed into law the “Further Consolidated Appropriations Act, 2024” on Mar. 23, 2024. This legislation included an appropriation of $2,149,000,000 to the SEC for fiscal year 2024 operations. The Act further directed that “[i]n addition to the foregoing appropriation, for move, replication, and related costs associated with a replacement leases [sic] for the Commission's office facilities, not to exceed $39,658,000, to remain available until expended . . .”. The sum of these amounts is $2,188,658,000. Finally, the Act further directed that “for purposes of calculating the fee rate under section 31(j) . . . all amounts appropriated under this heading shall be deemed to be the regular appropriation to the Commission for fiscal year 2024”. Pub. L. 118-xx.

11.  Appendix A shows the process of calculating the fiscal year 2024 annual adjustment and includes the data used by the Commission in making this adjustment.

12.  15 U.S.C. 78ee(j)(4)(A).

1.  To determine the availability of data, the Commission compares the date of the appropriation with the date the transaction data are due from the exchanges (10 business days after the end of the month). If the business day following the date of the appropriation is equal to or subsequent to the date the data are due from the exchanges, the Commission uses these data. The appropriation was signed on Mar. 23, 2024. The first business day after this date was Mar. 25, 2024. Data for Feb. were due from the exchanges on Mar. 14, 2024. As a result, the Commission used Feb. 2024 and earlier data to forecast volume for Mar. 2024 and later months.

2.  Because the model uses a two period lag in the 6-month trailing moving average of average daily covered sales, seven additional months of data are added to the table so that the model is estimated with 120 observations.

3.  One obtains insignificantly different values using the rounded parameter estimates shown above. The predicted ADS values displayed above represents the full precision estimate.

4.  Currently, security futures do not trade on any market, therefore the Commission has not collected any assessments for transactions in security futures. Accordingly, the forecast for the assessments for all of fiscal year 2024 for single stock futures is zero.