Office of the Assistant Secretary for International Affairs; Survey of Foreign Ownership of U.S. Securities, 33490-33491 [E8-13155]
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Federal Register / Vol. 73, No. 114 / Thursday, June 12, 2008 / Notices
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Furthermore, for several years auditing
firms in the United Kingdom have published
annual reports containing audited financial
statements pursuant to limited liability
partnership disclosure requirements as well
as a discussion of those statements, a
statement on corporate governance,
performance metrics, and other useful
information. In the United States, auditing
firms typically do not prepare audited
financial statements. Some witnesses have
called for disclosure of audited financial
statements,32 whereas one auditing firm
representative questioned the usefulness of
disclosing financial statements of the smaller
auditing firms.33
The Committee recommends that the
PCAOB require that, beginning in 2010,
larger auditing firms (those with 100 or more
public company audit clients that the PCAOB
inspects annually) produce a public annual
report incorporating (a) information required
by the Article 40 Transparency Report
deemed appropriate by the PCAOB in
consultation with investors, other financial
statement users, auditing firms, public
companies, academics, and other market
participants, and (b) such key indicators of
audit quality and effectiveness as determined
by the PCAOB in accordance with
Recommendation 3 in Chapter VII of this
Report. These disclosure requirements
should supplement any rules adopted as a
result of the PCAOB’s 2006 reporting
proposal.
The Committee also recommends that the
PCAOB determine which of the requirements
included above should be imposed on
smaller auditing firms (those with less than
100 public company audit clients), taking
into account these firms’ size and resources.
The Committee is also considering
recommending one of the following two
approaches to audited financial statements:
The PCAOB should require that, beginning in
2011, the larger auditing firms file with the
PCAOB on a confidential basis audited
financial statements prepared in accordance
with generally accepted accounting
principles or international financial reporting
standards and the PCAOB will then either:
‘‘Alternative 1: Determine, based on broad
consultation, whether these audited financial
32 See, e.g., Record of Proceedings (Feb. 4, 2008)
(Written Submission of Paul G. Haaga, Jr., Vice
Chairman, Capital Research and Management
Company, 2), available at https://www.treas.gov/
offices/domestic-finance/acap/submissions/
02042008/Haaga020408.pdf (calling for auditing
firm disclosure of audited financial statements).
33 Record of Proceedings (Feb. 4, 2008) (Questions
for the Record of Neal Spencer, Managing Partner,
BKD LLP, 38–39), available at https://
www.treas.gov/offices/domestic-finance/acap/
agendas/QFRs-2-4-08.pdf (analogizing the auditing
firm to a vendor and noting that the profitability or
financial strength of vendors ‘‘has little, if any,
relevance other than perhaps related to concerns
about their ability to financially support their
continued existence’’ and noting that the
profitability or financial condition of an auditing
firm is not directly related to audit quality; and
noting that the ‘‘most relevant financial information
for users’’ of smaller auditing firms is insurancerelated information and noting that larger auditing
firms with limited commercial insurance coverage
may need to disclose different financial
information).
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statements should be made public in
consideration of their utility to audit
committee members and investors in
assessing audit quality, impact on firm
sustainability, firm comparability, and other
considerations relevant to the public interest,
or
Alternative 2: Make these audited financial
statements publicly available.’’
The Committee is seeking commentary on
these potential alternatives.
standard fairly and adequately representing
investors’ interests.
The Committee is seeking commentary on
(1) Whether it is appropriate to have
exclusive federal jurisdiction for some
categories of claims and a uniform standard
of care; and, if so, (2) what types of claims
should be subject to federal jurisdiction; and
(3) what should be the uniform standard of
care.
Litigation
The Committee also has considered
liability issues impacting the profession. The
Committee received and considered
testimony and commentary suggesting
certain measures aimed at liability reform.34
The Committee also has received testimony
and commentary opposing liability reform.35
The Committee takes note that the
Sarbanes-Oxley Act established a new level
of federal regulation over the public company
auditing profession. In that context, some
believe it would be appropriate to transfer to
federal court jurisdiction some categories of
claims against auditors, which presently may
be brought in state courts. Others are
unconvinced by this argument, expressing
concerns that this approach might weaken
plaintiffs’ rights and remedies.
The Committee is considering whether it
should recommend that Congress provide
federal courts with exclusive jurisdiction
over some categories of claims, which
presently may be brought in state courts
against auditors, when such claims are
related to audits of public company financial
statements. Should Congress take up this
recommendation, it should develop a
uniform standard of care with the
appropriate and necessary levels of investor
protection. While there are various
differences among state and federal standards
of care, the Committee contemplates a
BILLING CODE 4810–25–P
34 See, e.g., Record of Proceedings (Feb. 4, 2008)
(Written Submission of Edward E. Nusbaum, Chief
Executive Officer, Grant Thornton LLP, 7–8),
available at https://www.treas.gov/offices/domesticfinance/acap/submissions/02042008/
Nusbaum020408.pdf (suggesting general securities
litigation reform); Record of Proceedings (Dec. 3,
2007) (Written Submission of James S. Turley,
Chairman and Chief Executive Officer, Ernst &
Young LLP, 16), available at https://www.treas.gov/
offices/domestic-finance/acap/submissions/
12032007/Turley120307.pdf (suggesting the ability
to appeal motions to dismiss in securities class
actions).
35 See, e.g., Record of Proceedings (Feb. 4, 2008)
(Questions for the Record of John P. Coffey, Partner,
Bernstein Litowitz Berger & Grossmann LLP, 1–7
(Mar. 31, 2008)), available at https://www.treas.gov/
offices/domestic-finance/acap/agendas/QFRs-2-408.pdf (weighing against reforming the calculation
of damages in securities fraud class actions and
auditor liability protections, including a
professional judgment framework and safe harbor,
but supporting scheme liability); Record of
Proceedings (Feb. 4, 2008) (Questions for the
Record of Paul G. Haaga, Jr., Vice Chairman, Capital
Research and Management Company, 1–3),
available at https://www.treas.gov/offices/domesticfinance/acap/agendas/QFRs-2-4-08.pdf (opposing
liability limits and safe harbors for auditing firms
and viewing liability exposure as a ‘‘very effective
incentive for the firms to conduct high quality
audits’’).
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[FR Doc. E8–13274 Filed 6–11–08; 8:45 am]
DEPARTMENT OF THE TREASURY
Office of the Assistant Secretary for
International Affairs; Survey of Foreign
Ownership of U.S. Securities
Departmental Offices,
Department of the Treasury.
ACTION: Notice of reporting
requirements.
AGENCY:
SUMMARY: By this Notice, the
Department of the Treasury is informing
the public that it is conducting a
mandatory survey of foreign ownership
of U.S. securities as of June 30, 2008.
This Notice constitutes legal notification
to all United States persons (defined
below) who meet the reporting
requirements set forth in this Notice that
they must respond to, and comply with,
this survey. Additional copies of the
reporting forms SHLA (2008) and
instructions may be printed from the
Internet at: https://www.treas.gov/tic/
forms-sh.html.
Definition: A U.S. person is any
individual, branch, partnership,
associated group, association, estate,
trust, corporation, or other organization
(whether or not organized under the
laws of any State), and any government
(including a foreign government, the
United States Government, a state,
provincial, or local government, and any
agency, corporation, financial
institution, or other entity or
instrumentality thereof, including a
government-sponsored agency), who
resides in the United States or is subject
to the jurisdiction of the United States.
Who Must Report: The panel for this
survey is based upon the level of foreign
holdings of U.S. securities reported on
the June 2004 benchmark survey of
foreign holdings of U.S. securities, and
will consist mostly of the largest
reporters on that survey. Entities
required to report will be contacted
individually by the Federal Reserve
Bank of New York. Entities not
contacted by the Federal Reserve Bank
of New York have no reporting
responsibilities.
What to Report: This report will
collect information on foreign resident
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Federal Register / Vol. 73, No. 114 / Thursday, June 12, 2008 / Notices
mstockstill on PROD1PC66 with NOTICES
holdings of U.S. securities, including
equities, short-term debt securities
(including selected money market
instruments), and long-term debt
securities.
How to Report: Copies of the survey
forms and instructions, which contain
complete information on reporting
procedures and definitions, can be
obtained by contacting the survey staff
of the Federal Reserve Bank of New
York at (212) 720–6300, e-mail:
SHLA.help@ny.frb.org. The mailing
address is: Federal Reserve Bank of New
York, Statistics Function, 4th Floor, 33
Liberty Street, New York, NY 10045–
0001. Inquiries can also be made to
Carol Bertaut, Federal Reserve Board of
Governors, at (202) 452–3476, e-mail:
carol.bertaut@frb.gov; or to Dwight
Wolkow at (202) 622–1276, e-mail:
dwight.wolkow@do.treas.gov.
When to Report: Data should be
submitted to the Federal Reserve Bank
of New York, acting as fiscal agent for
the Department of the Treasury, by
August 31, 2008.
Paperwork Reduction Act Notice: This
data collection has been approved by
the Office of Management and Budget
(OMB) in accordance with the
Paperwork Reduction Act and assigned
control number 1505–0123. An agency
may not conduct or sponsor, and a
person is not required to respond to, a
collection of information unless it
displays a valid control number
assigned by OMB. The estimated
average annual burden associated with
this collection of information is 486
hours per report for the largest
custodians of securities, and 110 hours
per report for the largest issuers of
securities that have data to report and
are not custodians. Comments
concerning the accuracy of this burden
estimate and suggestions for reducing
this burden should be directed to the
Department of the Treasury, Office of
International Affairs, Attention
Administrator, International Portfolio
Investment Data Reporting Systems,
Room 5422, Washington, DC 20220, and
to OMB, Attention Desk Officer for the
Department of the Treasury, Office of
Information and Regulatory Affairs,
Washington, DC 20503.
Dwight Wolkow,
Administrator, International Portfolio
Investment Data Reporting Systems.
[FR Doc. E8–13155 Filed 6–11–08; 8:45 am]
DEPARTMENT OF THE TREASURY
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Internal Revenue Service
Open Meeting of the Ad Hoc IRS Forms
and Publications/Language Services
Issue Committee of the Taxpayer
Advocacy Panel
Open Meeting of the Area 1 Taxpayer
Advocacy Panel (Including the States
of New York, Connecticut,
Massachusetts, Rhode Island, New
Hampshire, Vermont and Maine)
Internal Revenue Service (IRS),
Treasury.
AGENCY:
AGENCY:
ACTION:
Notice of Meeting.
An open meeting of the Ad
Hoc IRS Forms and Publications/
Language Services Issue Committee of
the Taxpayer Advocacy Panel will be
conducted (via teleconference). The
Taxpayer Advocacy Panel is soliciting
public comments, ideas and suggestions
on improving customer service at the
Internal Revenue Service.
SUMMARY:
The meeting will be held
Tuesday, August 5, 2008.
DATES:
FOR FURTHER INFORMATION CONTACT:
Sallie Chavez at 1–888–912–1227 or
954–423–7979.
Notice is
hereby given pursuant to section
10(a)(2) of the Federal Advisory
Committee Act, 5 U.S.C. App. (1988)
that an open meeting of the Ad Hoc IRS
Forms and Publications/Language
Services Issue Committee of the
Taxpayer Advocacy Panel will be held
Tuesday, August 5, 2008, at 2 p.m.
Eastern Time via a telephone conference
call. If you would like to have the TAP
consider a written statement, please call
1–888–912–1227 or 954–423–7979, or
write Sallie Chavez, TAP Office, 1000
South Pine Island Road, Suite 340,
Plantation, FL 33324. Due to limited
conference lines, notification of intent
to participate in the telephone
conference call meeting must be made
with Sallie Chavez. Ms. Chavez can be
reached at 1–888–912–1227 or 954–
423–7977, or you can post comments to
the Web site: https://www.improveirs.org.
The agenda will include: Various IRS
issues.
SUPPLEMENTARY INFORMATION:
Dated: June 4, 2008.
Richard Morris,
Acting Director , Taxpayer Advocacy Panel.
[FR Doc. E8–13133 Filed 6–11–08; 8:45 am]
BILLING CODE 4830–01–P
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PO 00000
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice of meeting.
SUMMARY: An open meeting of the Area
1 Taxpayer Advocacy Panel will be
conducted via telephone conference
call. The Taxpayer Advocacy Panel is
soliciting public comments, ideas and
suggestions on improving customer
service at the Internal Revenue Service.
DATES: The meeting will be held
Tuesday, August 19, 2008.
FOR FURTHER INFORMATION CONTACT:
Audrey Y. Jenkins at 1–888–912–1227
or 718–488–2085.
SUPPLEMENTARY INFORMATION: Notice is
hereby given pursuant to section
10(a)(2) of the Federal Advisory
Committee Act, 5 U.S.C. App. (1988)
that an open meeting of the Area 1
Taxpayer Advocacy Panel will be held
Tuesday, August 19, 2008, at 9 a.m.
Eastern Time via a telephone conference
call. For more information or to confirm
attendance, notification if intent to
attend the meeting must be made with
Audrey Y. Jenkins at 1–888–912–1227
or 718–488–2085. If you would like to
have the TAP consider a written
statement, please write Audrey Y.
Jenkins, TAP Office, 10 MetroTech
Center, 625 Fulton Street, Brooklyn, NY
11201, or you can post comments to the
Web site: https://www.improveirs.org.
The agenda will include various IRS
issues.
Dated: June 4, 2008.
Richard Morris,
Acting Director, Taxpayer Advocacy Panel.
[FR Doc. E8–13128 Filed 6–11–08; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Open Meeting of the Area 2 Taxpayer
Advocacy Panel (Including the States
of Delaware, North Carolina, South
Carolina, New Jersey, Maryland,
Pennsylvania, Virginia, West Virginia
and the District of Columbia)
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice of meeting.
AGENCY:
BILLING CODE 4810–25–P
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]]>Agencies
[Federal Register Volume 73, Number 114 (Thursday, June 12, 2008)]
[Notices]
[Pages 33490-33491]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-13155]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of the Assistant Secretary for International Affairs;
Survey of Foreign Ownership of U.S. Securities
AGENCY: Departmental Offices, Department of the Treasury.
ACTION: Notice of reporting requirements.
-----------------------------------------------------------------------
SUMMARY: By this Notice, the Department of the Treasury is informing
the public that it is conducting a mandatory survey of foreign
ownership of U.S. securities as of June 30, 2008. This Notice
constitutes legal notification to all United States persons (defined
below) who meet the reporting requirements set forth in this Notice
that they must respond to, and comply with, this survey. Additional
copies of the reporting forms SHLA (2008) and instructions may be
printed from the Internet at: https://www.treas.gov/tic/forms-sh.html.
Definition: A U.S. person is any individual, branch, partnership,
associated group, association, estate, trust, corporation, or other
organization (whether or not organized under the laws of any State),
and any government (including a foreign government, the United States
Government, a state, provincial, or local government, and any agency,
corporation, financial institution, or other entity or instrumentality
thereof, including a government-sponsored agency), who resides in the
United States or is subject to the jurisdiction of the United States.
Who Must Report: The panel for this survey is based upon the level
of foreign holdings of U.S. securities reported on the June 2004
benchmark survey of foreign holdings of U.S. securities, and will
consist mostly of the largest reporters on that survey. Entities
required to report will be contacted individually by the Federal
Reserve Bank of New York. Entities not contacted by the Federal Reserve
Bank of New York have no reporting responsibilities.
What to Report: This report will collect information on foreign
resident
[[Page 33491]]
holdings of U.S. securities, including equities, short-term debt
securities (including selected money market instruments), and long-term
debt securities.
How to Report: Copies of the survey forms and instructions, which
contain complete information on reporting procedures and definitions,
can be obtained by contacting the survey staff of the Federal Reserve
Bank of New York at (212) 720-6300, e-mail: SHLA.help@ny.frb.org. The
mailing address is: Federal Reserve Bank of New York, Statistics
Function, 4th Floor, 33 Liberty Street, New York, NY 10045-0001.
Inquiries can also be made to Carol Bertaut, Federal Reserve Board of
Governors, at (202) 452-3476, e-mail: carol.bertaut@frb.gov; or to
Dwight Wolkow at (202) 622-1276, e-mail: dwight.wolkow@do.treas.gov.
When to Report: Data should be submitted to the Federal Reserve
Bank of New York, acting as fiscal agent for the Department of the
Treasury, by August 31, 2008.
Paperwork Reduction Act Notice: This data collection has been
approved by the Office of Management and Budget (OMB) in accordance
with the Paperwork Reduction Act and assigned control number 1505-0123.
An agency may not conduct or sponsor, and a person is not required to
respond to, a collection of information unless it displays a valid
control number assigned by OMB. The estimated average annual burden
associated with this collection of information is 486 hours per report
for the largest custodians of securities, and 110 hours per report for
the largest issuers of securities that have data to report and are not
custodians. Comments concerning the accuracy of this burden estimate
and suggestions for reducing this burden should be directed to the
Department of the Treasury, Office of International Affairs, Attention
Administrator, International Portfolio Investment Data Reporting
Systems, Room 5422, Washington, DC 20220, and to OMB, Attention Desk
Officer for the Department of the Treasury, Office of Information and
Regulatory Affairs, Washington, DC 20503.
Dwight Wolkow,
Administrator, International Portfolio Investment Data Reporting
Systems.
[FR Doc. E8-13155 Filed 6-11-08; 8:45 am]
BILLING CODE 4810-25-P
