[Federal Register Volume 81, Number 195 (Friday, October 7, 2016)]
[Rules and Regulations]
[Pages 69693-69696]
[FR Doc No: 2016-24088]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Parts 52 and 70

[EPA-R07-OAR-2016-0555; FRL-9953-59-Region 7]

Approval of Nebraska's Air Quality Implementation Plans; Nebraska
Air Quality Regulations and State Operating Permit Programs

AGENCY: Environmental Protection Agency (EPA).

ACTION: Direct final rule.

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SUMMARY: The Environmental Protection Agency (EPA) is taking direct
final action to approve revisions to the State Implementation Plan
(SIP) for the State of Nebraska. This action will amend the SIP to
include revisions to title 129 of the Nebraska Air Quality Regulations,
chapter 5, ``Operating Permits--When Required''; chapter 9, ``General
Operating Permits for Class I and Class II Sources''; chapter 22,
``Incinerators; Emission Standards''; chapter 30, ``Open Fires''; and
chapter 34 ``Emission Sources; Testing; Monitoring. These revisions
were requested by the Nebraska Department of Environmental Quality
(NDEQ) in three submittals, submitted on May 1, 2003, November 8, 2011,
and July 14, 2014. The May 1, 2003, submittal revised chapters 5 and 9,
to address changes in regard to the permits-by-rule provisions of Title
129. The November 8, 2011, submittal allows for the issuance of
multiple operating permits to major sources through revisions to
chapter 5. In addition, revisions to chapters 22 and 30 encourage the
use of air curtain incinerators over open burning; and changes to
chapter 34 clarify the authority of NDEQ to order emission sources to
do testing when NDEQ deems it necessary. The July 14, 2014, submittal
further revises chapter 34, by updating the reference to allowable test
methods for evaluating solid waste, changing the amount of time allowed
to submit test results, and allowing the Department to approve a
request for testing with less than 30 days notification.

DATES: This direct final rule will be effective December 6, 2016,
without further notice, unless EPA receives adverse comment by November
7, 2016. If EPA receives adverse comment, we will publish a timely
withdrawal of the direct final rule in the Federal Register informing
the public that the rule will not take effect.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-R07-
OAR-2016-0555, to http://www.regulations.gov. Follow the online
instructions for submitting comments. Once submitted, comments cannot
be edited or removed from Regulations.gov. EPA may publish any comment
received to its public docket. Do not submit electronically any
information you consider to be Confidential Business Information (CBI)
or other information whose disclosure is restricted by statute.
Multimedia submissions (audio, video, etc.) must be accompanied by a
written comment. The written comment is considered the official comment
and should include discussion of all points you wish to make. EPA will
generally not consider comments or comment contents located outside of
the primary submission (i.e. on the web, cloud, or other file sharing
system). For additional submission methods, the full EPA public comment
policy, information about CBI or multimedia submissions, and general
guidance on making effective comments, please visit

http://www2.epa.gov/dockets/commenting-epa-dockets.

FOR FURTHER INFORMATION CONTACT: Greg Crable, Environmental Protection
Agency, Air Planning and Development Branch, 11201 Renner Boulevard,
Lenexa, Kansas 66219 at<PHONE_NUMBER>, or by email at
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Throughout this document ``we,'' ``us,'' and
``our'' refer to EPA. This section provides additional information by
addressing the following:

I. What is being addressed in this document?
II. Have the requirements for approval of a SIP revision been met?
III. What action is EPA taking?

I. What is being addressed in this document?

    EPA is approving revisions into the SIP to include amendments to
title 129 of the Nebraska Air Quality Regulations, chapters 5, 22, 30
and 34, as submitted on November 8, 2011. The EPA is also approving
additional revisions to chapter 34, as submitted on July 14, 2014, and
to chapters 5 and 9, as submitted on May 1, 2003. Revisions to chapter
5 allows for the issuance of multiple operating permits to major
sources. The revisions to chapters 22 and 30 encourage the use of air
curtain incinerators over open burning and the revisions to chapter 34
as submitted on November 8, 2011, clarify NDEQ's authority to require
emission sources to test for contaminant emissions. The revisions to
chapter 34 requested in the July 14, 2014, submittal updates the
reference to allowable test methods for evaluating solid waste; makes
changes to the amount of time allowed to submit test results; and
allows NDEQ to approve a request to test with less than 30 days
notification.
    The revisions to chapter 5 submitted on May 1, 2003, allows a
source otherwise subject to the Class II operating permit program to be
covered instead by the permits-by-rule provisions, provided the source
qualifies. The May 1, 2003 submittal, also revised chapter 9 to allow a
source covered for some activities under a general permit be covered
for other facilities or activities by a permits-by-rule. Revisions to
chapter 5 ``Operating Permits--When Required'', submitted on November
8, 2011, clarifies the process for issuing operating permits to major
sources comprised of different regulated entities or ``persons''. The
changes allow each regulated entity more options in applying for
operating permits and NDEQ more flexibility in issuing the permits. The
revisions to chapter 5 are worded such that sources permitted under the
changed language will not avoid other major source obligations. The
revisions to chapter 22, ``Incinerators; Emission Standards'',
establish requirements regarding opacity for air curtain incinerators
while revisions to chapter 30, ``Open Fires'', allow burning in an air
curtain incinerator with a general or community open fire permit issued
by NDEQ. Title 129, chapter 34, ``Emission Sources; Testing;
Monitoring'', as submitted on November 8, 2011, is being revised to
clarify NDEQ's authority to order emission sources to make or have
tests made to determine the rate of contaminant emissions from the
source. The July 14, 2014, submittal further revises chapter 34, by
updating the reference to allowable test methods for evaluating solid
waste, changes the amount of time allowed to submit test results, and
allows NDEQ to approve a request for testing with less than 30 days
notification. For additional information on the revisions to chapter 5,
9, 22, 30 and 34 see the detail discussion table in the docket.

II. Have the requirements for approval of a SIP revision been met?

    The state submittals have met the public notice requirements for
SIP submissions in accordance with 40 CFR 51.102. The submittals also
satisfied the completeness criteria of 40 CFR part 51, appendix V. In
addition, the revision meets the substantive SIP requirements of the
CAA, including section 110 and implementing regulations.

III. What action is EPA taking?

    EPA is approving the state's request to revise the SIP to include
amendments to title 129, of the Nebraska Air Quality Regulations,
chapter 5, ``Operating Permits--When Required''; chapter 22,
``Incinerators; Emission Standards''; chapter 30, ``Open Fires''; and
chapter 34, ``Emission Sources; Testing; Monitoring'', as submitted by
NDEQ on November 8, 2011. Also, EPA is approving NDEQ's July 14, 2014,
submittal involving additional revisions to chapter 34 and revisions to
chapters 5 and 9, ``General Operating Permits for Class I and II
Sources'', as submitted on May 1, 2003.
    We are publishing this direct final rule without a prior proposed
rule because we view this as a noncontroversial action and anticipate
no adverse comment. EPA does not anticipate adverse comment because the
revisions to the existing rules are routine and consistent with the
Federal regulations, thereby, strengthening the SIP. However, in the
``Proposed Rules'' section of this Federal Register, we are publishing
a separate document that will serve as the proposed rule to revise
title 129 of the Nebraska Air Quality Regulations, chapter 5,
``Operating Permits--When Required''; chapter 9, ``General Operating
Permits for Class I and II Sources''; chapter 22, ``Incinerators;
Emission Standards''; chapter 30, ``Open Fires''; and chapter 34,
``Emission Sources; Testing; Monitoring'' if adverse comments are
received on this direct final rule. We will not institute a second
comment period on this action. Any parties interested in commenting
must do so at this time. For further information about commenting on
this rule, see the ADDRESSES section of this document. If EPA receives
adverse comment, we will publish a timely withdrawal in the Federal
Register informing the public that this direct final rule will not take
effect. We will address all public comments in any subsequent final
rule based on the proposed rule.

Incorporation by Reference

    In this rule, EPA is finalizing regulatory text that includes
incorporation by reference. In accordance with requirements of 1 CFR
51.5, EPA is finalizing the incorporation by reference of the Nebraska
regulations described in the direct final amendments to 40 CFR part 52
set forth below. Therefore, these materials have been approved by EPA
for inclusion in the State implementation plan, have been incorporated
by reference by EPA into that plan, are fully Federally enforceable
under sections 110 and 113 of the CAA as of the effective date of the
final rulemaking of EPA's approval, and will be incorporated by
reference by the Director of the Federal Register in the next update to
the SIP compilation.\1\ EPA has made, and will continue to make, these
documents generally available electronically through
www.regulations.gov and at the appropriate EPA office (see the
ADDRESSES section of this preamble for more information).
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    \1\ 62 FR 27968 (May 22, 1997).
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Statutory and Executive Order Reviews

    Under the Clean Air Act (CAA), the Administrator is required to
approve a SIP submission that complies with the provisions of the Act
and applicable Federal regulations. 42 U.S.C. 7410(k); 40 CFR 52.02(a).
Thus, in reviewing SIP submissions, EPA's role is to approve state
choices, provided that they meet the criteria of the CAA. Accordingly,
this action merely approves state law as meeting Federal requirements
and does not impose additional requirements

beyond those imposed by state law. For that reason, this action:
     Is not a significant regulatory action subject to review
by the Office of Management and Budget under Executive Orders 12866 (58
FR 51735, October 4, 1993) and 13563 (76 FR 3821, January 21, 2011);
     Does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     Is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     Does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     Does not have Federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     Is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);
     Is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001);
     Is not subject to requirements of Section 12(d) of the
National Technology Transfer and Advancement Act of 1995 (15 U.S.C. 272
note) because application of those requirements would be inconsistent
with the CAA; and
     Does not provide EPA with the discretionary authority to
address, as appropriate, disproportionate human health or environmental
effects, using practicable and legally permissible methods, under
Executive Order 12898 (59 FR 7629, February 16, 1994).
    The SIP is not approved to apply on any Indian reservation land or
in any other area where EPA or an Indian tribe has demonstrated that a
tribe has jurisdiction. In those areas of Indian country, the rule does
not have tribal implications and will not impose substantial direct
costs on tribal governments or preempt tribal law as specified by
Executive Order 13175 (65 FR 67249, November 9, 2000).
    The Congressional Review Act, 5 U.S.C. 801 et seq., as added by the
Small Business Regulatory Enforcement Fairness Act of 1996, generally
provides that before a rule may take effect, the agency promulgating
the rule must submit a rule report, which includes a copy of the rule,
to each House of the Congress and to the Comptroller General of the
United States. EPA will submit a report containing this action and
other required information to the U.S. Senate, the U.S. House of
Representatives, and the Comptroller General of the United States prior
to publication of the rule in the Federal Register. A major rule cannot
take effect until 60 days after it is published in the Federal
Register. This action is not a ``major rule'' as defined by 5 U.S.C.
804(2).
    Under section 307(b)(1) of the CAA, petitions for judicial review
of this action must be filed in the United States Court of Appeals for
the appropriate circuit by December 6, 2016. Filing a petition for
reconsideration by the Administrator of this final rule does not affect
the finality of this action for the purposes of judicial review nor
does it extend the time within which a petition for judicial review may
be filed, and shall not postpone the effectiveness of such rule or
action. This action may not be challenged later in proceedings to
enforce its requirements. (See section 307(b)(2).)

List of Subjects

40 CFR Part 52

    Environmental protection, Air pollution control, Carbon monoxide,
Incorporation by reference, Intergovernmental relations, Lead, Nitrogen
dioxide, Ozone, Particulate matter, Reporting and recordkeeping
requirements, Sulfur dioxide, Volatile organic compounds.

40 CFR Part 70

    Environmental protection, Administrative practice and procedure,
Air pollution control, Intergovernmental relations, Operating permits,
Reporting and recordkeeping requirements.

    Dated: September 27, 2016.
Mike Brincks,
Acting Regional Administrator, Region 7.
    For the reasons stated in the preamble, EPA amends 40 CFR parts 52
and 70 as set forth below:

PART 52--APPROVAL AND PROMULGATION OF IMPLEMENTATION PLANS

0
1. The authority citation for part 52 continues to read as follows:

    Authority: 42 U.S.C. 7401 et seq.

Subpart CC--Nebraska

0
2. Section 52.1420(c) is amended by revising the entries for 129-5,
129-9, 129-22, 129-30, and 129-34 to read as follows:

Sec.  52.1420  Identification of Plan.

* * * * *
    (c) * * *

                                        EPA-Approved Nebraska Regulations
----------------------------------------------------------------------------------------------------------------
                                                       State
       Nebraska citation               Title         effective   EPA approval date           Explanation
                                                        date
----------------------------------------------------------------------------------------------------------------
                                                State of Nebraska
----------------------------------------------------------------------------------------------------------------
                                       Department of Environmental Quality
----------------------------------------------------------------------------------------------------------------
                                   Title 129--Nebraska Air Quality Regulations
----------------------------------------------------------------------------------------------------------------

                                                  * * * * * * *
129-5..........................  Operating              2/16/08  10/7/16 [Insert    ............................
                                  Permits--When                   Federal Register
                                  Required.                       citation].

                                                  * * * * * * *
129-9..........................  General Operating     11/20/02  10/7/16 [Insert    ............................
                                  Permits for                     Federal Register
                                  Class I and II                  citation].
                                  Sources.

                                                  * * * * * * *
129-22.........................  Incinerators;           7/3/10  10/7/16 [Insert    ............................
                                  Emission                        Federal Register
                                  Standards.                      citation].

                                                  * * * * * * *
129-30.........................  Open Fires.......       7/3/10  10/7/16 [Insert    ............................
                                                                  Federal Register
                                                                  citation].

                                                  * * * * * * *
129-34.........................  Emission Sources;      5/13/14  10/7/16 [Insert    ............................
                                  Testing;                        Federal Register
                                  Monitoring.                     citation].

                                                  * * * * * * *
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* * * * *

PART 70--STATE OPERATING PERMIT PROGRAMS

0
3. The authority citation for part 70 continues to read as follows:

    Authority: 42 U.S.C. 7401, et seq.

0
4. Amend appendix A to part 70 by adding paragraphs (m) and (n) under
``Nebraska; City of Omaha; Lincoln-Lancaster County Health Department''
to read as follows:

Appendix A to Part 70--Approval Status of State and Local Operating
Permits Programs

* * * * *

Nebraska; City of Omaha; Lincoln-Lancaster County Health Department

* * * * *
    (m) The Nebraska Department of Environmental Quality approved
revisions to Nebraska Air Quality Regulations, Title 129, Chapter 5,
``Operating Permits--When Required'', and Chapter 9, ``General
Operating Permits for Class I and II Sources'', on September 5,
2002. The State's effective date is November 20, 2002. The revisions
were submitted to EPA on May 1, 2003. This revision is effective on
December 6, 2016.
    (n) The Nebraska Department of Environmental Quality approved
revisions to Nebraska Air Quality Regulations, Title 129, Chapter 5,
``Operating Permits--When Required'', on December 7, 2007. The
State's effective date is February 16, 2008. The revisions were
submitted to EPA on November 8, 2011. This revision is effective on
December 6, 2016.
* * * * *
[FR Doc. 2016-24088 Filed 10-6-16; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register Volume 83, Number 61 (Thursday, March 29, 2018)]
[Notices]
[Page 13583]
[FR Doc No: 2018-06332]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

[Summary Notice No. PE-2018-09]

Petition for Exemption; Summary of Petition Received; DroneSeed
Co.

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice.

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SUMMARY: This notice contains a summary of a petition seeking relief
from specified requirements of Title 14 of the Code of Federal
Regulations. The purpose of this notice is to improve the public's
awareness of, and participation in, the FAA's exemption process.
Neither publication of this notice nor the inclusion or omission of
information in the summary is intended to affect the legal status of
the petition or its final disposition.

DATES: Comments on this petition must identify the petition docket
number and must be received on or before April 18, 2018.

ADDRESSES: Send comments identified by docket number FAA-2017-1157
using any of the following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov and follow the online instructions for sending your
comments electronically.
     Mail: Send comments to Docket Operations, M-30; U.S.
Department of Transportation (DOT), 1200 New Jersey Avenue SE, Room
W12-140, West Building Ground Floor, Washington, DC 20590-0001.
     Hand Delivery or Courier: Take comments to Docket
Operations in Room Wl2-140 of the West Building Ground Floor at 1200
New Jersey Avenue SE, Washington, DC, between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.
     Fax: Fax comments to Docket Operations at<PHONE_NUMBER>.
    Privacy: In accordance with 5 U.S.C. 553(c), DOT solicits comments
from the public to better inform its rulemaking process. DOT posts
these comments, without edit, including any personal information the
commenter provides, to http://www.regulations.gov, as described in the
system of records notice (DOT/ALL-14 FDMS), which can be reviewed at
http://www.dot.gov/privacy.
    Docket: Background documents or comments received may be read at
http://www.regulations.gov at any time. Follow the online instructions
for accessing the docket or go to the Docket Operations in Room Wl2-140
of the West Building Ground Floor at 1200 New Jersey Avenue SE,
Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays.

FOR FURTHER INFORMATION CONTACT: Jake Troutman,<PHONE_NUMBER>, 800
Independence Avenue SW, Washington, DC 20591. This notice is published
pursuant to 14 CFR 11.85.

    Issued in Washington, DC.
Lirio Liu,
Director, Office of Rulemaking.

Petition for Exemption

    Docket No.: FAA-2017-1157.
    Petitioner: DroneSeed Company.
    Section(s) of 14 CFR Affected: Sec. Sec.  91.7(a); 91.119(c);
91.121; 91.151(b); 91.405(a); 91.407(a)(l); 91.409(a)(l) & (2);
91.417(a) & (b); 137.l 9(c), (d) & (e)(2)(ii)(iii) & (v); 137.31;
137.33; 137.41(c); 137.42.
    Description of Relief Sought: The petitioner is requesting relief
in order to operate three unmanned aircraft systems (UAS) weighing 55
pounds or more, not exceeding 185 pounds, for aerial agricultural
operations in remote operating environments. The three UAS are the HSE
AG V8A+ v2, the DS-10, and the DS-11, weighing 55 pounds (lbs.), 124.09
lbs., and 102.5 lbs., respectively, at maximum (fully loaded) take-off
weight. The petitioner also requests relief to allow a single person to
act as remote pilot in command for up to fifteen simultaneous
operations of UAS weighing 55 lbs. or more. Additionally, the
petitioner is requesting relief for the pilot in command to operate the
UAS weighing 55 lbs. or more with a remote pilot certificate.

[FR Doc. 2018-06332 Filed 3-28-18; 8:45 am]
 BILLING CODE 4910-13-P


[Federal Register: July 13, 2009 (Volume 74, Number 132)]
[Notices]
[Page 33489]
[DOCID:fr13jy09-135]

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SECURITIES AND EXCHANGE COMMISSION

Sunshine Act Meeting

    Notice is hereby given, pursuant to the provisions of the
Government in the Sunshine Act, Public Law 94-409, that the Securities
and Exchange Commission will hold an Open Meeting on Wednesday, July
15, 2009 at 10 a.m., in the Auditorium, Room L-002.
    The subject matter of the Open Meeting will be:
    The Commission will consider a recommendation regarding amendments
to Rule 15c2-12 (``Rule'') under the Securities Exchange Act of 1934
(``Act''), concerning the responsibilities of a broker, dealer, or
municipal securities dealer acting as an underwriter in a primary
offering of municipal securities and interpretive guidance intended to
assist municipal securities issuers, brokers, dealers and municipal
securities dealers in meeting their obligations under the antifraud
provisions of the Act.
    At times, changes in Commission priorities require alterations in
the scheduling of meeting items.
    For further information and to ascertain what, if any, matters have
been added, deleted or postponed, please contact:
    The Office of the Secretary at<PHONE_NUMBER>.

    Dated: July 8, 2009.
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9-16587 Filed 7-9-09; 11:15 am]

BILLING CODE 8010-01-P


[Federal Register Volume 85, Number 169 (Monday, August 31, 2020)]
[Notices]
[Pages 53890-53896]
[FR Doc No: 2020-19079]

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SECURITIES AND EXCHANGE COMMISSION

[Release Nos. 33-10826; 34-89671/August 26, 2020]

Order Making Fiscal Year 2021 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 2021 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 2021.
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 2021], is reasonably
likely to produce aggregate fee collections under [Section 6(b)] that
are equal to the target fee collection amount for [fiscal year 2021].''
That is, the adjusted rate is determined by dividing the ``target fee
collection amount'' for fiscal year 2021 by the ``baseline estimate of
the aggregate maximum offering prices'' for fiscal year 2021.

III. Target Fee Collection Amount for FY 2021

    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.'' The target fee collection amount for fiscal year
2020 was $705,000,000. To adjust the fiscal year 2020 target fee
collection amount by the rate of inflation to determine the fiscal year
2021 target fee collect 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.\6\ Under this
approach, the Commission will use the Consumer Price Index for All
Urban Consumers (``CPI-U''), not seasonally adjusted, rounded to five
decimal places, in calculating the target fee collection amount, which
is then rounded to the nearest whole dollar. The calculation for the
fiscal year 2021 target fee collection amount is described in more
detail below.
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    \6\ The Commission annually adjusts for inflation the civil
money 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 is for June 2020. This value is
257.797.\7\ The CPI-U index value, not seasonally adjusted, for June
2019 is 256.143.\8\ Dividing the June 2020 value by the June 2019 value
and rounding to five decimal places yields a multiplier value of
1.00646. Multiplying the fiscal year 2020 target fee collection amount
of $705,000,000 by the multiplier value of 1.00646 and rounding to the
nearest whole dollar yields a fiscal year 2021 target fee collection
amount of $709,554,300.
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    \7\ This was announced on July 14, 2020. See https://www.bls.gov/news.release/archives/cpi_07142020.htm.
    \8\ See Supplemental Tables, ``CPI-U News Release Companion
File'' from the July 14, 2020 press release.
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    Section 6(b)(6)(B) defines the ``baseline estimate of the aggregate
maximum offering prices'' for fiscal year 2021 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 2021] 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 2021, 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 the Office of Management and
Budget (``OMB''). \9\ Using this methodology, the Commission determines
the ``baseline estimate of the aggregate maximum offering price'' for
fiscal year 2021 to be $6,506,143,522,561. Based on this estimate and
the fiscal year 2021 target fee collection amount, the Commission
calculates the fee rate for fiscal 2021 to be $109.10 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. IV. Effective
Dates of the Annual Adjustments
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    \9\ Appendix A explains how we determined the ``baseline
estimate of the aggregate maximum offering price'' for fiscal year
2021 using our methodology, and then shows the arithmetical process
of calculating the fiscal year 2021 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 2021.
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    The fiscal year 2021 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, 2020.\10\
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    \10\ 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,\11\
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    \11\ 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 $109.10 per million effective on October 1, 2020.

    By the Commission.
Vanessa A. 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 2021, 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
2020,

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 2021

    First, calculate the aggregate maximum offering prices (AMOP)
for each month in the sample (July 2010-July 2020). 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 2010 to July 2020.
    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]e t-1 +
e t, where e t 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 e t =
[Delta] t-[alpha]-[beta]e t-1. The
model can be estimated using standard commercially available
software. Using least squares, the estimated parameter values are
[alpha] = 0.0070920641 and [beta] = 0.8803315102.
    6. For the month of August 2020 forecast [Delta] t =
8/2020 = [alpha] + [beta]e t =
7/2020. For all subsequent months, forecast [Delta]
t = [alpha].
    7. Calculate forecasts of log(AAMOP). For example, the forecast
of log(AAMOP) for October 2020 is given by FLAAMOP t =
10/2020 = log(AAMOP t = 7/2020) +
[Delta] t = 8/2020 + [Delta] t =
9/2020 + [Delta] t = 10/2020.
    8. Under the assumption that e t is normally
distributed, the n-step ahead forecast of AAMOP is given by
exp(FLAAMOP t + [sigma] n \2\/2), where
[sigma] n denotes the standard error of the n-step ahead
forecast.
    9. For October 2020, this gives a forecast AAMOP of $24.705
billion (Column I), and a forecast AMOP of $543.503 billion (Column
J).
    10. Iterate this process through September 2021 to obtain a
baseline estimate of the aggregate maximum offering prices for
fiscal year 2021 of $6,506,143,522,561.

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 10/01/20 and 9/30/21 to be
$6,506,143,522,561.
    2. The rate necessary to collect the target $709,554,300 in fee
revenues set by Congress is then calculated as: $709,554,300 /
$6,506,143,522,561 = 0.00010906.
    3. Round the result to the seventh decimal point, yielding a
rate of 0.0001091 (or $109.10 per million).

  Table A--Estimation of Baseline of Aggregate Maximum Offering Prices
------------------------------------------------------------------------
                  Fee rate calculation
------------------------------------------------------------------------
a. Baseline estimate of the aggregate maximum offering         6,506,144
 prices, 10/01/20 to 09/30/21 ($Millions)...............
b. Implied fee rate ($709,554,300 / a)..................         $109.10
------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                 Average
                                                                  daily                                                                        Forecast
                                       Number 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)
--------------------------------------------------------------------------------------------------------------------------------------------------------
Jul-10...............................         21      171,191        8,152       22.822  ...........  ...........  ...........  ...........  ...........
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  ...........  ...........  ...........  ...........
Nov-10...............................         21      340,112       16,196       23.508        0.459  ...........  ...........  ...........  ...........
Dec-10...............................         22      297,992       13,545       23.329       -0.179  ...........  ...........  ...........  ...........
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  ...........  ...........  ...........  ...........
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  ...........  ...........  ...........  ...........
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  ...........  ...........  ...........  ...........
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  ...........  ...........  ...........  ...........       23.858        0.336       24,317      510,665
Sep-20...............................         21  ...........  ...........  ...........  ...........       23.865        0.338       24,510      514,715
Oct-20...............................         22  ...........  ...........  ...........  ...........       23.872        0.341       24,705      543,503
Nov-20...............................         20  ...........  ...........  ...........  ...........       23.879        0.343       24,901      498,013
Dec-20...............................         22  ...........  ...........  ...........  ...........       23.886        0.346       25,098      552,159
Jan-21...............................         19  ...........  ...........  ...........  ...........       23.893        0.348       25,297      480,647
Feb-21...............................         19  ...........  ...........  ...........  ...........       23.901        0.350       25,498      484,460
Mar-21...............................         23  ...........  ...........  ...........  ...........       23.908        0.353       25,700      591,103
Apr-21...............................         21  ...........  ...........  ...........  ...........       23.915        0.355       25,904      543,984
May-21...............................         20  ...........  ...........  ...........  ...........       23.922        0.357       26,109      522,189
Jun-21...............................         22  ...........  ...........  ...........  ...........       23.929        0.359       26,317      578,965
Jul-21...............................         21  ...........  ...........  ...........  ...........       23.936        0.362       26,525      557,032
Aug-21...............................         22  ...........  ...........  ...........  ...........       23.943        0.364       26,736      588,186
Sep-21...............................         21  ...........  ...........  ...........  ...........       23.950        0.366       26,948      565,904
--------------------------------------------------------------------------------------------------------------------------------------------------------

BILLING CODE 8011-01-P

[GRAPHIC] [TIFF OMITTED] TN31AU20.001

[FR Doc. 2020-19079 Filed 8-28-20; 8:45 am]
BILLING CODE 8011-01-C