Sunshine Act Meetings, 37281 [E7-13272]

Download as PDF Federal Register / Vol. 72, No. 130 / Monday, July 9, 2007 / Notices For the Commission, by the Division of Investment Management, under delegated authority. Florence E. Harmon, Deputy Secretary. [FR Doc. E7–13191 Filed 7–6–07; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION Dated: July 3, 2007. Nancy M. Morris, Secretary. [FR Doc. E7–13272 Filed 7–6–07; 8:45 am] Sunshine Act Meetings 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 the following meetings during the week of July 9, 2007: An Open Meeting will be held on Wednesday, July 11, 2007 at 10 a.m., in the Auditorium, Room L–002. A Closed Meeting will be held on Thursday, July 12, 2007 at 2 p.m. Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the Closed Meeting. Certain staff members who have an interest in the matters may also be present. The General Counsel of the Commission, or his designee, has certified that, in his opinion, one or more of the exemptions set forth in 5 U.S.C. 552b(c)(3), (5), (7), (9)(B), and (10) and 17 CFR 200.402(a)(3), (5), (7), 9(ii) and (10), permit consideration of the scheduled matters at the Closed Meeting. Commissioner Nazareth, as duty officer, voted to consider the items listed for the closed meeting in closed session. The subject matter of the Open Meeting scheduled for Wednesday, July 11, 2007 at 10 a.m. will be: The Commission will consider whether to adopt a new antifraud rule under Section 206 of the Investment Advisers Act of 1940. The new rule would prohibit advisers to certain pooled investment vehicles from making false or misleading statements to, or otherwise defrauding, investors or prospective investors in those pooled vehicles. rwilkins on PROD1PC63 with NOTICES The subject matter of the Closed Meeting scheduled for Thursday, July 12, 2007 will be: Formal orders of investigations; Institution and settlement of injunctive actions; Institution and settlement of administrative proceedings of an enforcement nature; Resolution of litigation claims; and Other matters related to enforcement proceedings. VerDate Aug<31>2005 16:59 Jul 06, 2007 Jkt 211001 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 (202) 551–5400. BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–55997; File No. PCAOB– 2007–01] Public Company Accounting Oversight Board; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Adjusting Implementation Schedule of Rule 3523, Tax Services for Persons in Financial Reporting Oversight Roles July 2, 2007. Pursuant to section 107(b) of the Sarbanes-Oxley Act of 2002 (the ‘‘Act’’), notice is hereby given that on April 3, 2007, the Public Company Accounting Oversight Board (the ‘‘Board’’ or the ‘‘PCAOB’’) filed with the Securities and Exchange Commission (the ‘‘SEC’’ or ‘‘Commission’’) the proposed rule change described in Items I and II below, which items have been prepared by the Board. The PCAOB has designated the proposed rule change as ‘‘constituting a stated policy, practice, or interpretation with respect to the meaning, administration, or enforcement of an existing rule’’ under Section 19(b)(3)(A)(i) of the Securities Exchange Act of 1934 (as incorporated, by reference, into Section 107(b)(4) of the Act), which renders the proposal effective upon receipt of this filing by the Commission. The Commission is publishing this notice to solicit comments on the proposed rule from interested persons. I. Board’s Statement of the Terms of Substance of the Proposed Rule The PCAOB is filing with the SEC an adjustment of the implementation schedule for Rule 3523, Tax Services for Persons in Financial Reporting Oversight Roles. Specifically the Board will not apply Rule 3523 to tax services provided on or before July 31, 2007, when those services are provided during the audit period and are completed before the professional engagement PO 00000 Frm 00100 Fmt 4703 Sfmt 4703 37281 period begins. The PCAOB is not proposing any textual changes to the Rules of the PCAOB. II. Board’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule In its filing with the Commission, the Board included statements concerning the purpose of, and basis for, the proposed rule and discussed any comments it received on the proposed rule. The text of these statements may be examined at the places specified in Item IV below. The Board has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Board’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule (a) Purpose On July 26, 2005, the Board adopted certain rules related to registered public accounting firms’ provision of tax services to public company audit clients. The rules were designed to address certain concerns related to auditor independence when auditors sell personal tax services to individuals who play a direct role in preparing the financial statements of public company audit clients or market or otherwise opine in favor of aggressive tax shelter schemes. As part of this rulemaking, the Board adopted Rule 3523, which provides that a registered firm, subject to certain exceptions, is not independent of an audit client if the firm, or an affiliate of the firm, provides tax services during the audit and professional engagement period1 to a person in, or an immediate family member of a person in, a financial reporting oversight role at an audit client. Rule 3523 was approved by the Securities and Exchange Commission (‘‘SEC’’) on April 19, 2006. On October 31, 2006, the Board adjusted the implementation schedule for Rule 3523, as it applies to tax services provided during the period subject to audit but before the professional engagement period, so that the Board could revisit this aspect of the 1 Consistent with the SEC’s independence rules, 17 CFR 210.2–01(f)(5), the phrase ‘‘audit and professional engagement period’’ is defined to include two discrete periods of time. The ‘‘audit period’’ is the period covered by any financial statements being audited or reviewed. Rule 3501(a)(iii)(1). The ‘‘professional engagement period’’ is the period beginning when the accounting firm either signs the initial engagement letter or begins audit procedures and ends when the audit client or the accounting firm notifies the SEC that the client is no longer that firm’s audit client. Rule 3501(a)(iii)(2). E:\FR\FM\09JYN1.SGM 09JYN1

Agencies

[Federal Register Volume 72, Number 130 (Monday, July 9, 2007)]
[Notices]
[Page 37281]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-13272]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meetings

    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 the following meetings during the 
week of July 9, 2007:
    An Open Meeting will be held on Wednesday, July 11, 2007 at 10 
a.m., in the Auditorium, Room L-002. A Closed Meeting will be held on 
Thursday, July 12, 2007 at 2 p.m.
    Commissioners, Counsel to the Commissioners, the Secretary to the 
Commission, and recording secretaries will attend the Closed Meeting. 
Certain staff members who have an interest in the matters may also be 
present.
    The General Counsel of the Commission, or his designee, has 
certified that, in his opinion, one or more of the exemptions set forth 
in 5 U.S.C. 552b(c)(3), (5), (7), (9)(B), and (10) and 17 CFR 
200.402(a)(3), (5), (7), 9(ii) and (10), permit consideration of the 
scheduled matters at the Closed Meeting.
    Commissioner Nazareth, as duty officer, voted to consider the items 
listed for the closed meeting in closed session.
    The subject matter of the Open Meeting scheduled for Wednesday, 
July 11, 2007 at 10 a.m. will be:

    The Commission will consider whether to adopt a new antifraud 
rule under Section 206 of the Investment Advisers Act of 1940. The 
new rule would prohibit advisers to certain pooled investment 
vehicles from making false or misleading statements to, or otherwise 
defrauding, investors or prospective investors in those pooled 
vehicles.

    The subject matter of the Closed Meeting scheduled for Thursday, 
July 12, 2007 will be:

Formal orders of investigations;
Institution and settlement of injunctive actions;
Institution and settlement of administrative proceedings of an 
enforcement nature; Resolution of litigation claims; and
Other matters related to enforcement proceedings.

    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 (202) 551-5400.

    Dated: July 3, 2007.
Nancy M. Morris,
Secretary.
 [FR Doc. E7-13272 Filed 7-6-07; 8:45 am]
BILLING CODE 8010-01-P
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