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Federal Register / Vol. 86, No. 20 / Tuesday, February 2, 2021 / Notices Electronic Comments Use the Commissions internet comment form https www.sec.gov/
rules/submitcomments.htm; or Send an email to rule-comments@
sec.gov. Please include File Number SIPC202101 on the subject line.
Paper Comments Send paper comments to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC
205491090.
All comments should refer to File Number SIPC202101. This file numbers should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commissions internet website http www.sec.gov/
rules/other.shtml.
Copies of the submission, all subsequent amendments, all written statements with respect to this Notice that are filed with the Commission, and all written communications relating to the Notice between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for website viewing and printing in the Commissions Public Reference Room, 100 F Street NE, Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. All comments received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly.

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FOR FURTHER INFORMATION CONTACT:

Michael A. Macchiaroli, Associate Director, at 202 5515525; Thomas K.
McGowan, Associate Director, at 202
5515521; Randall W. Roy, Deputy Associate Director, at 202 5515522;
Raymond A. Lombardo, at 202 551
5755; Timothy C. Fox, Branch Chief, at 202 5515687; or A.J. Jacob, Special Counsel, at 202 5515583; Office of Financial Responsibility, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 205497010.
SUPPLEMENTARY INFORMATION:

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I. SIPCS Statement of the Purpose of and Statutory Basis of the Determination of the Board of Directors of SIPC Not To Adjust the Standard Maximum Cash Advance Amount for Inflation In its filing with the Commission, SIPC included statements concerning the purpose of and statutory basis of the SIPC Boards determination. The text of these statements may be examined at the places specified above, and appear in the text, below.

Pursuant to section 9e1 of the Securities Investor Protection Act SIPA, 15 U.S.C. 78fff3e1,1 the Board of Directors Board of the Securities Investor Protection Corporation SIPC must determine, not later than January 1, 2011, and every five years thereafter, and subject to the approval of the Commission, whether to adjust for inflation the standard maximum cash advance amount that SIPC can advance to satisfy customer claims for cash under SIPA
78fff3a1. The Board considered the issue at its Meeting on September 9, 2020, and again at its Meeting on November 12, 2020. Among other things, and as more fully set forth below, the Board considered the criteria set forth in SIPA 78fff3e5, and the views of the staffs of the Commission, the FDIC, and FINRA.
The Board has determined that the maximum cash advance amount should remain at the current level of $250,000
per customer. Pursuant to SIPA 78fff 3e4, and subject to the approval of the Commission as provided under SIPA 78ccce2 and 78fff3e1,2
the Boards determination will become effective January 1, 2022. Further, pursuant to SIPA 78fff3e3A, the Commission shall publish in the Federal Register the standard maximum cash advance amount not later than April 5, 2021.
Consideration of the Statutory Criteria A. Amount of Potential Adjustment Were the Board to have determined that the maximum cash advance amount should be adjusted, the formula for calculation of such adjustment would entail multiplying $250,000 by:
the ratio of the annual value of the Personal Consumption Expenditures 1 For convenience, references herein to provisions of SIPA shall be to the United States Code, and shall omit 15 U.S.C.
2 SIPA 78fff3e1 provides that approval by the Commission be obtained as provided under section 78ccce2 of SIPA. SIPA 78ccce2
establishes procedures governing proposed changes to SIPCs rules.

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Chain-Type Price Index or any successor index thereto, published by the Department of Commerce, for the calendar year preceding the year in which such determination is made, to the published annual value of such index for the calendar year preceding the year 2010.
SIPA 78fff3e1B.
A present-day application of the formula would increase the limit by $40,000, to a total of $290,000.3
B. Inflation Adjustment Considerations SIPA 78fff3e5 provides that in deciding whether to adjust the maximum cash advance amount, the Board shall consider the following criteria:
A The overall state of the fund and the economic conditions affecting members of SIPC;
B the potential problems affecting members of SIPC; and C such other factors as the Board of Directors of SIPC may determine appropriate.
1. The Overall State of the SIPC Fund and Economic Conditions Affecting Members, and Potential Problems Affecting Members of SIPC
The Board reviewed the projected growth of the SIPC Fund, including the target amount for the Fund of $5 billion, the assessment rate imposed on SIPC
members pursuant to SIPCs Assessments bylaw, as amended, and the potential impact of an inflation adjustment on the Fund, and determined that keeping the standard maximum cash advance at $250,000 did not adversely affect SIPC members. In its review, the Board also considered SIPCs historical experience and examined: 1 SIPC advances in past and present liquidation proceedings; 2
amounts generated from assessments on member broker-dealers; and 3
projected returns on SIPC investments.
3 Pursuant to SIPA 78fff3e, the $40,000
amount was determined as follows: $250,000
multiplied by 1.1675 the ratio of 108.763 the annual value of the Price Index published by the Department of Commerce for calendar year 2019, to 94.094 the published annual value of the index for 2009, which equals $291,875. Pursuant to SIPA
78fff3e2, this amount is to be rounded down to the nearest multiple of $10,000, i.e., $290,000.
However, because the determination is to be made for the calendar year 2021, the annual value of the Price Index to be used is for the calendar year preceding the year in which such determination is made, namely, the year 2020. The 2020 annual value will not be available until sometime in 2021.
Nevertheless, through the month of November 2020, the index increased by approximately 0.9%.
Consequently, the index value would have to either increase in December 2020 by approximately 1.9%
or decrease by approximately 1.5% for the result to be different from $290,000, which is extremely unlikely.

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