Order Approving Public Company Accounting Oversight Board Budget and Annual Accounting Support Fee for Calendar Year 2009, 78861-78862 [E8-30431]

Download as PDF Federal Register / Vol. 73, No. 247 / Tuesday, December 23, 2008 / Notices Dated at Rockville, Maryland, this 16th day of December 2008. For the Nuclear Regulatory Commission. Mohan C. Thadani, Senior Project Manager, Plant Licensing Branch IV, Division of Operating Reactor Licensing, Office of Nuclear Reactor Regulation. [FR Doc. E8–30474 Filed 12–22–08; 8:45 am] BILLING CODE 7590–01–P NUCLEAR REGULATORY COMMISSION Sunshine Federal Register Notice AGENCY HOLDING THE MEETINGS: Nuclear Regulatory Commission. DATES: Weeks of December 22, 29, 2008; January 5, 12, 19, 26, 2009. PLACE: Commissioners’ Conference Room, 11555 Rockville Pike, Rockville, Maryland. STATUS: Public and Closed. Week of December 22, 2008—Tentative There are no meetings scheduled for the week of December 22, 2008. Week of December 29, 2008—Tentative There are no meetings scheduled for the week of December 29, 2008. Week of January 5, 2009—Tentative There are no meetings scheduled for the week of January 5, 2009. Week of January 12, 2009—Tentative There are no meetings scheduled for the week of January 12, 2009. The NRC Commission Meeting Schedule can be found on the Internet at: http://www.nrc.gov/about-nrc/policymaking/schedule.html. * * * * * The NRC provides reasonable accommodation to individuals with disabilities where appropriate. If you need a reasonable accommodation to participate in these public meetings, or need this meeting notice or the transcript or other information from the public meetings in another format (e.g. braille, large print), please notify the NRC’s Disability Program Coordinator, Rohn Brown, at (301) 492–2279, TDD: (301) 415–2100, or by e-mail at rohn.brown@nrc.gov. Determinations on requests for reasonable accommodation will be made on a case-by-case basis. * * * * * This notice is distributed by mail to several hundred subscribers; if you no longer wish to receive it, or would like to be added to the distribution, please contact the Office of the Secretary, Washington, DC 20555 (301–415–1969). In addition, distribution of this meeting notice over the Internet system is available. If you are interested in receiving this Commission meeting schedule electronically, please send an electronic message to darlene.wright@nrc.gov. of the United States Trade Representative published a notice entitled ‘‘Determination of Trade Surplus in Certain Sugar and Syrup Goods and Sugar Containing Products of Chile, Morocco, the Dominican Republic, El Salvador, Guatemala, Honduras, and Nicaragua.’’ A correction is being made to the information with regard to the Dominican Republic at the top of the first column on page 74212. The calendar year to which the trade surplus determination applies is incorrect for the Dominican Republic. The correct figure is CY2009, rather than CY2008. All other information remains unchanged and will not be repeated in this correction. FOR FURTHER INFORMATION CONTACT: Leslie O’Connor, Office of Agricultural Affairs, telephone: 202–395–6127 or facsimile: 202–395–4579. Dated: December 18, 2008. R. Michelle Schroll, Office of the Secretary. [FR Doc. E8–30641 Filed 12–19–08; 11:15 am] Order Approving Public Company Accounting Oversight Board Budget and Annual Accounting Support Fee for Calendar Year 2009 BILLING CODE 7590–01–P December 17, 2008. Week of January 19, 2009—Tentative There are no meetings scheduled for the week of January 19, 2009. OFFICE OF THE UNITED STATES TRADE REPRESENTATIVE Week of January 26, 2009—Tentative Determination of Trade Surplus in Certain Sugar and Syrup Goods and Sugar Containing Products of Chile, Morocco, the Dominican Republic, El Salvador, Guatemala, Honduras, and Nicaragua; Correction There are no meetings scheduled for the week of January 26, 2009. * * * * * * The schedule for Commission meetings is subject to change on short notice. To verify the status of meetings, call (recording)—(301) 415–1292. Contact person for more information: Rochelle Bavol, (301) 415–1651. * * * * * Additional Information By a vote of 4–0 on December 16, 2008, the Commission determined pursuant to U.S.C. 552b(e) and 9.107(a) of the Commission’s rules that ‘‘Discussion of Management Issues— Closed—Ex.2)’’ be held December 17, 2008, and on less than one week’s notice to the public. * * * * * VerDate Aug<31>2005 16:29 Dec 22, 2008 Jkt 217001 78861 USTR. Notice; correction. AGENCY: ACTION: SUMMARY: The Office of the United States Trade Representative published a document in the Federal Register of December 5, 2008 concerning the determination of the trade surplus in certain sugar and syrup goods and sugar containing products of Chile, Morocco, the Dominican Republic, El Salvador, Guatemala, Honduras and Nicaragua. The document contained incorrect data. Correction to Previous Notice In the Federal Register of December 5, 2008, Volume 73, Page 74210, the Office PO 00000 Frm 00141 Fmt 4703 Sfmt 4703 Leslie C. O’Connor, Director, Agricultural Affairs. [FR Doc. E8–30507 Filed 12–22–08; 8:45 am] BILLING CODE 3190–W9–P SECURITIES AND EXCHANGE COMMISSION [Securities Act of 1933 Release No. 8989/ Securities Exchange Act of 1934 Release No. 59113] The Sarbanes-Oxley Act of 2002 (the ‘‘Act’’) established the Public Company Accounting Oversight Board (‘‘PCAOB’’) to oversee the audits of public companies and related matters, to protect investors, and to further the public interest in the preparation of informative, accurate and independent audit reports. The PCAOB is to accomplish these goals through registration of public accounting firms and standard setting, inspection, and disciplinary programs. Section 109 of the Act provides that the PCAOB shall establish a reasonable annual accounting support fee, as may be necessary or appropriate to establish and maintain the PCAOB. Section 109(h) amends Section 13(b)(2) of the Securities Exchange Act of 1934 to require issuers to pay the allocable share of a reasonable annual accounting support fee or fees, determined in accordance with Section 109 of the Act. Under Section 109(f), the aggregate annual accounting support fee shall not exceed the PCAOB’s aggregate ‘‘recoverable budget expenses,’’ which E:\FR\FM\23DEN1.SGM 23DEN1 78862 Federal Register / Vol. 73, No. 247 / Tuesday, December 23, 2008 / Notices may include operating, capital and accrued items. Section 109(b) of the Act directs the PCAOB to establish a budget for each fiscal year in accordance with the PCAOB’s internal procedures, subject to approval by the Securities and Exchange Commission (the ‘‘Commission’’). On July 18, 2006, the Commission amended its Rules of Practice related to its Informal and Other Procedures to add a rule to facilitate the Commission’s review and approval of PCAOB budgets and accounting support fees.1 This budget rule provides, among other things, a timetable for the preparation and submission of the PCAOB budget and for Commission actions related to each budget, a description of the information that should be included in each budget submission, limits on the PCAOB’s ability to incur expenses and obligations except as provided in the approved budget, procedures relating to supplemental budget requests, requirements for the PCAOB to furnish on a quarterly basis certain budgetrelated information, and a list of definitions that apply to the rule and to general discussions of PCAOB budget matters. In accordance with the budget rule, in March 2008 the PCAOB provided the Commission with a narrative description of its program issues and outlook for the 2009 budget year. In response, the Commission staff provided to the PCAOB staff economic assumptions and budgetary guidance for the 2009 budget year. The PCAOB subsequently delivered a preliminary budget and budget justification to the Commission. Staff from the Commission’s Offices of the Chief Accountant and Executive Director dedicated a substantial amount of time to the review and analysis of the PCAOB’s programs, projects and budget estimates; reviewed the PCAOB’s estimates of 2008 actual spending; and attended several meetings with management and staff of the PCAOB to develop an understanding of the PCAOB’s budget and operations. During the course of the Commission’s review, the Commission staff relied upon representations and supporting documentation from the PCAOB. Based on this comprehensive review, the Commission issued a ‘‘pass back’’ letter to the PCAOB. The PCAOB approved its 2009 budget on November 25, 2008 and submitted that budget for Commission approval. After considering the above, the Commission did not identify any 1 17 CFR 202.11 See Release No. 33–8724 (July 18, 2006) [71 FR 41998 (July 24, 2006)]. VerDate Aug<31>2005 16:29 Dec 22, 2008 Jkt 217001 proposed disbursements in the 2009 budget adopted by the PCAOB that are not properly recoverable through the annual accounting support fee, and the Commission believes that the aggregate proposed 2009 annual accounting support fee does not exceed the PCAOB’s aggregate recoverable budget expenses for 2009. The Commission looks forward to the PCAOB’s annual updating of its strategic plan and the opportunity for the Commission to review and provide views to the PCAOB on a draft of the updated plan. As part of its review of the 2009 PCAOB budget, the Commission notes that there are certain budget-related matters that should be addressed or more closely monitored during 2009. These matters relate to the PCAOB’s inspections program, its information technology programs, and recommendations of the Department of the Treasury’s Advisory Committee on the Auditing Profession that relate to the PCAOB. Because of the importance of each of these matters, the Commission deems it necessary to set forth the following specific measures. Accordingly, with respect to the PCAOB’s 2010 budget cycle, the PCAOB will: (1) Include in its quarterly reports to the Commission information on the PCAOB’s fulfillment of its 2009 budgeted inspection plan. Such information will include updated statistics relative to the numbers and types of firms budgeted and expected to be inspected in 2009, including by location and by year the inspections are required to be conducted in accordance with the Act and PCAOB rules. This information also will include updates on the PCAOB’s efforts to establish cooperative arrangements with respective non-U.S. authorities for inspections required in those countries; (2) Continue to include detailed information about the state of the PCAOB’s information technology in its quarterly reports to the Commission, including planned, estimated, and actual costs for information technology projects such as the proposed annual and special reporting system and the proposed inspections information system; and (3) Consult with the Commission about the PCAOB’s plans for implementing the recommendations of the Department of Treasury’s Advisory Committee on the Auditing Profession, including estimated and actual costs for each item proposed to be implemented. The consultation will include the PCAOB submitting a project plan and justification to the Commission and the opportunity for the Commission to PO 00000 Frm 00142 Fmt 4703 Sfmt 4703 provide views to the PCAOB regarding such plan. The Commission has determined that the PCAOB’s 2009 budget and annual accounting support fee are consistent with Section 109 of the Act. Accordingly, It is ordered, pursuant to Section 109 of the Act, that the PCAOB budget and annual accounting support fee for calendar year 2009 are approved. By the Commission. Florence E. Harmon, Acting Secretary. [FR Doc. E8–30431 Filed 12–22–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59104; File No. SR–CBOE– 2008–117] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of Proposed Rule Change to Amend Exchange Rule 4.21 Relating to Third Party Deposits December 15, 2008. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on December 2, 2008, Chicago Board Options Exchange, Incorporated (‘‘Exchange’’ or ‘‘CBOE’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested parties. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Chicago Board Options Exchange, Incorporated (‘‘CBOE’’ or ‘‘Exchange’’) proposes to amend CBOE Rule 4.21— Third Party Deposits Prohibited, to add an interpretation that includes certain permissive deposits. The text of the proposed rule change is available on the Exchange’s Web site (http:// www.cboe.com/Legal), at the Exchange’s Office of the Secretary, and at the Commission. 1 15 2 17 E:\FR\FM\23DEN1.SGM U.S.C. 78s(b)(1). CFR 240.19b–4. 23DEN1

Agencies

[Federal Register Volume 73, Number 247 (Tuesday, December 23, 2008)]
[Notices]
[Pages 78861-78862]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-30431]


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SECURITIES AND EXCHANGE COMMISSION

[Securities Act of 1933 Release No. 8989/Securities Exchange Act of 
1934 Release No. 59113]


Order Approving Public Company Accounting Oversight Board Budget 
and Annual Accounting Support Fee for Calendar Year 2009

December 17, 2008.
    The Sarbanes-Oxley Act of 2002 (the ``Act'') established the Public 
Company Accounting Oversight Board (``PCAOB'') to oversee the audits of 
public companies and related matters, to protect investors, and to 
further the public interest in the preparation of informative, accurate 
and independent audit reports. The PCAOB is to accomplish these goals 
through registration of public accounting firms and standard setting, 
inspection, and disciplinary programs. Section 109 of the Act provides 
that the PCAOB shall establish a reasonable annual accounting support 
fee, as may be necessary or appropriate to establish and maintain the 
PCAOB. Section 109(h) amends Section 13(b)(2) of the Securities 
Exchange Act of 1934 to require issuers to pay the allocable share of a 
reasonable annual accounting support fee or fees, determined in 
accordance with Section 109 of the Act. Under Section 109(f), the 
aggregate annual accounting support fee shall not exceed the PCAOB's 
aggregate ``recoverable budget expenses,'' which

[[Page 78862]]

may include operating, capital and accrued items. Section 109(b) of the 
Act directs the PCAOB to establish a budget for each fiscal year in 
accordance with the PCAOB's internal procedures, subject to approval by 
the Securities and Exchange Commission (the ``Commission'').
    On July 18, 2006, the Commission amended its Rules of Practice 
related to its Informal and Other Procedures to add a rule to 
facilitate the Commission's review and approval of PCAOB budgets and 
accounting support fees.\1\ This budget rule provides, among other 
things, a timetable for the preparation and submission of the PCAOB 
budget and for Commission actions related to each budget, a description 
of the information that should be included in each budget submission, 
limits on the PCAOB's ability to incur expenses and obligations except 
as provided in the approved budget, procedures relating to supplemental 
budget requests, requirements for the PCAOB to furnish on a quarterly 
basis certain budget-related information, and a list of definitions 
that apply to the rule and to general discussions of PCAOB budget 
matters.
---------------------------------------------------------------------------

    \1\ 17 CFR 202.11 See Release No. 33-8724 (July 18, 2006) [71 FR 
41998 (July 24, 2006)].
---------------------------------------------------------------------------

    In accordance with the budget rule, in March 2008 the PCAOB 
provided the Commission with a narrative description of its program 
issues and outlook for the 2009 budget year. In response, the 
Commission staff provided to the PCAOB staff economic assumptions and 
budgetary guidance for the 2009 budget year. The PCAOB subsequently 
delivered a preliminary budget and budget justification to the 
Commission. Staff from the Commission's Offices of the Chief Accountant 
and Executive Director dedicated a substantial amount of time to the 
review and analysis of the PCAOB's programs, projects and budget 
estimates; reviewed the PCAOB's estimates of 2008 actual spending; and 
attended several meetings with management and staff of the PCAOB to 
develop an understanding of the PCAOB's budget and operations. During 
the course of the Commission's review, the Commission staff relied upon 
representations and supporting documentation from the PCAOB. Based on 
this comprehensive review, the Commission issued a ``pass back'' letter 
to the PCAOB. The PCAOB approved its 2009 budget on November 25, 2008 
and submitted that budget for Commission approval.
    After considering the above, the Commission did not identify any 
proposed disbursements in the 2009 budget adopted by the PCAOB that are 
not properly recoverable through the annual accounting support fee, and 
the Commission believes that the aggregate proposed 2009 annual 
accounting support fee does not exceed the PCAOB's aggregate 
recoverable budget expenses for 2009. The Commission looks forward to 
the PCAOB's annual updating of its strategic plan and the opportunity 
for the Commission to review and provide views to the PCAOB on a draft 
of the updated plan.
    As part of its review of the 2009 PCAOB budget, the Commission 
notes that there are certain budget-related matters that should be 
addressed or more closely monitored during 2009. These matters relate 
to the PCAOB's inspections program, its information technology 
programs, and recommendations of the Department of the Treasury's 
Advisory Committee on the Auditing Profession that relate to the PCAOB. 
Because of the importance of each of these matters, the Commission 
deems it necessary to set forth the following specific measures.
    Accordingly, with respect to the PCAOB's 2010 budget cycle, the 
PCAOB will:
    (1) Include in its quarterly reports to the Commission information 
on the PCAOB's fulfillment of its 2009 budgeted inspection plan. Such 
information will include updated statistics relative to the numbers and 
types of firms budgeted and expected to be inspected in 2009, including 
by location and by year the inspections are required to be conducted in 
accordance with the Act and PCAOB rules. This information also will 
include updates on the PCAOB's efforts to establish cooperative 
arrangements with respective non-U.S. authorities for inspections 
required in those countries;
    (2) Continue to include detailed information about the state of the 
PCAOB's information technology in its quarterly reports to the 
Commission, including planned, estimated, and actual costs for 
information technology projects such as the proposed annual and special 
reporting system and the proposed inspections information system; and
    (3) Consult with the Commission about the PCAOB's plans for 
implementing the recommendations of the Department of Treasury's 
Advisory Committee on the Auditing Profession, including estimated and 
actual costs for each item proposed to be implemented. The consultation 
will include the PCAOB submitting a project plan and justification to 
the Commission and the opportunity for the Commission to provide views 
to the PCAOB regarding such plan.
    The Commission has determined that the PCAOB's 2009 budget and 
annual accounting support fee are consistent with Section 109 of the 
Act. Accordingly,
    It is ordered, pursuant to Section 109 of the Act, that the PCAOB 
budget and annual accounting support fee for calendar year 2009 are 
approved.

    By the Commission.
Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-30431 Filed 12-22-08; 8:45 am]
BILLING CODE 8011-01-P