Order Approving Public Company Accounting Oversight Board Budget and Annual Accounting Support Fee for Calendar Year 2010, 68876-68877 [E9-30726]
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68876
Federal Register / Vol. 74, No. 248 / Tuesday, December 29, 2009 / Notices
Percent
Businesses without Credit Available Elsewhere: ........................
Non-Profit Organizations with
Credit Available Elsewhere: ......
Non-Profit Organizations without
Credit Available Elsewhere: ......
For Economic Injury:
Businesses & Small Agricultural
Cooperatives without Credit
Available Elsewhere: .................
Non-Profit Organizations without
Credit Available Elsewhere: ......
4.000
[Release No. 9099; Release No. 61212]
3.625
Order Approving Public Company
Accounting Oversight Board Budget
and Annual Accounting Support Fee
for Calendar Year 2010
3.000
4.000
3.000
The number assigned to this disaster
for physical damage is 11980 5 and for
economic injury is 11981 0.
The States which received an EIDL
Declaration # are Pennsylvania; New
Jersey.
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
Dated: December 17, 2009.
Karen G. Mills,
Administrator.
[FR Doc. E9–30703 Filed 12–28–09; 8:45 am]
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
Interest Rates
The Small Business Administration
publishes an interest rate called the
optional ‘‘peg’’ rate (13 CFR 120.214) on
a quarterly basis. This rate is a weighted
average cost of money to the
government for maturities similar to the
average SBA direct loan. This rate may
be used as a base rate for guaranteed
fluctuating interest rate SBA loans. This
rate will be 3.750 (33⁄4) percent for the
January–March quarter of FY 2010.
Pursuant to 13 CFR 120.921(b), the
maximum legal interest rate for any
third party lender’s commercial loan
which funds any portion of the cost of
a 504 project (see 13 CFR 120.801) shall
be 6% over the New York Prime rate or,
if that exceeds the maximum interest
rate permitted by the constitution or
laws of a given State, the maximum
interest rate will be the rate permitted
by the constitution or laws of the given
State.
pwalker on DSK8KYBLC1PROD with NOTICES
SECURITIES AND EXCHANGE
COMMISSION
Grady B Hedgespeth,
Director, Office of Financial Assistance.
[FR Doc. E9–30858 Filed 12–28–09; 8:45 am]
BILLING CODE P
Securities Act of 1933, Release No. 9099/
December 22, 2009.
Securities Exchange Act of 1934, Release
No. 61212/December 22, 2009.
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
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,
1 17 CFR 202.11. See Release No. 33–8724 (July
18, 2006) [71 FR 41998 (July 24, 2006)].
VerDate Nov<24>2008
19:02 Dec 28, 2009
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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 2009 the PCAOB provided the
Commission with a narrative
description of its program issues and
outlook for the 2010 budget year. In
response, the Commission staff
provided to the PCAOB staff economic
assumptions and budgetary guidance for
the 2010 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 2009 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
2010 budget on November 30, 2009 and
submitted that budget for Commission
approval.
After considering the above, the
Commission did not identify any
proposed disbursements in the 2010
budget adopted by the PCAOB that are
not properly recoverable through the
annual accounting support fee, and the
Commission believes that the aggregate
proposed 2010 annual accounting
support fee does not exceed the
PCAOB’s aggregate recoverable budget
expenses for 2010. 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 2010
PCAOB budget, the Commission notes
that there are certain budget-related
matters that should be addressed or
more closely monitored during 2010.
These matters relate to: (1) The
PCAOB’s inspections program; (2) its
information technology programs; and
(3) potential legislative actions that
could impact the PCAOB. Because of
the importance of each of these matters,
the Commission deems it necessary to
set forth the following specific
measures.
E:\FR\FM\29DEN1.SGM
29DEN1
Federal Register / Vol. 74, No. 248 / Tuesday, December 29, 2009 / Notices
Accordingly, with respect to the
PCAOB’s 2011 budget cycle, the PCAOB
will:
(1) Continue to include in its
quarterly reports to the Commission
information about the PCAOB’s
inspections program. Such information
will include (a) statistics relative to the
numbers and types of firms budgeted
and expected to be inspected in 2010,
including by location and by year the
inspections are required to be
conducted in accordance with the Act
and PCAOB rules, (b) information about
the timing of the issuance of inspections
reports for domestic and non-U.S.
inspections, and (c) 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, including the annual and
special reporting system and the
inspections information system.
(3) Consult with the Commission
about the PCAOB’s plans for
implementing any changes in response
to legislative actions.
The Commission has determined that
the PCAOB’s 2010 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 2010 are approved.
By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9–30726 Filed 12–28–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[500–1]
In the Matter of: GH3 International,
Inc.; Order of Suspension of Trading
pwalker on DSK8KYBLC1PROD with NOTICES
December 24, 2009.
It appears to the Securities and
Exchange Commission that the public
interest and the protection of investors
require a suspension of trading in the
securities of GH3 International, Inc.
Questions have arisen concerning the
adequacy of publicly available
information concerning the entity’s
corporate and operational status and its
financial condition. GH3 International,
VerDate Nov<24>2008
19:02 Dec 28, 2009
Jkt 220001
Inc. is quoted on the Pink Sheets under
the ticker symbol GHTI.
The Commission is of the opinion that
the public interest and the protection of
the investors require a suspension of
trading in securities of the above-listed
entity.
Therefore, it is ordered, pursuant to
Section 12(k) of the Securities Exchange
Act of 1934, that trading in the
securities of the above-listed entity is
suspended for the period from 9:30 a.m.
EST, December 24, 2009, through 11:59
p.m. EST, on January 8, 2010.
By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9–30943 Filed 12–24–09; 11:15
am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Release No. 34–61216; File No. SR–DTC–
2009–16]
Self-Regulatory Organizations; The
Depository Trust Company; Notice of
Filing and Order Granting Accelerated
Approval of a Proposed Rule Change
Regarding the Depository Trust
Company’s Board of Directors Election
Process
December 22, 2009.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
December 16, 2009, The Depository
Trust Company (‘‘DTC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which items have been prepared
primarily by DTC. The Commission is
publishing this notice and order to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
DTC’s parent company, The
Depository Trust & Clearing Corporation
(‘‘DTCC’’) intends in the future to
consider nominating for election, to its
Board of Directors candidates that are
not participants of its clearing agency
subsidiaries (‘‘non-participant
candidates’’).2 Because certain of
DTCC’s organizational documents
mandate that the directors of DTCC
1 15
U.S.C. 78s(b)(1).
clearing corporation subsidiary
participants include The Depository Trust
Company, National Securities Clearing Corporation,
and Fixed Income Clearing Corporation.
2 DTCC’s
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Fmt 4703
Sfmt 4703
68877
shall be the same as the directors of
DTC, in the future DTC’s Board of
Directors (‘‘DTC Board’’) may include
directors who are not employees of its
participants (‘‘non-participant
directors’’).
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
DTC included statements concerning
the purpose of and basis for the
proposed rule change and discussed any
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. DTC has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of such statements.3
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
DTCC has in the past nominated for
election to its Board of Directors
employees of its clearing corporation
subsidiaries’ participants. In the future,
DTCC intends to consider nominating
for election to its Board of Directors
people who are not employees of its
clearing corporation subsidiaries’ (‘‘nonparticipant candidates’’). Because
certain of DTCC’s organizational
documents mandate that the directors of
DTCC shall be the same as the directors
of DTC, in the future DTC’s Board may
include directors who are not
employees of its clearing corporation
subsidiaries’ (‘‘non-participant
directors’’). DTC believes that nonparticipant directors may bring
additional skills and expertise and
introduce different perspectives to the
Board. This change will conform DTC’s
Board of Directors election process to
those of DTCC’s other clearing
corporation subsidiaries—National
Securities Clearing Corporation and
Fixed Income Clearing Corporation.
DTC believes that the proposed rule
change is consistent with the
requirements of Section 17A of the Act
and the rules and regulations
thereunder applicable to DTC because
DTC’s rules will continue to provide for
a fair representation of its participants
in the selection of its directors and in
the administration of its affairs.
3 The Commission has modified parts of these
statements.
E:\FR\FM\29DEN1.SGM
29DEN1
Agencies
[Federal Register Volume 74, Number 248 (Tuesday, December 29, 2009)]
[Notices]
[Pages 68876-68877]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-30726]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 9099; Release No. 61212]
Order Approving Public Company Accounting Oversight Board Budget
and Annual Accounting Support Fee for Calendar Year 2010
Securities Act of 1933, Release No. 9099/December 22, 2009.
Securities Exchange Act of 1934, Release No. 61212/December 22,
2009.
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 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 2009 the PCAOB
provided the Commission with a narrative description of its program
issues and outlook for the 2010 budget year. In response, the
Commission staff provided to the PCAOB staff economic assumptions and
budgetary guidance for the 2010 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 2009 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 2010 budget on November 30, 2009
and submitted that budget for Commission approval.
After considering the above, the Commission did not identify any
proposed disbursements in the 2010 budget adopted by the PCAOB that are
not properly recoverable through the annual accounting support fee, and
the Commission believes that the aggregate proposed 2010 annual
accounting support fee does not exceed the PCAOB's aggregate
recoverable budget expenses for 2010. 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 2010 PCAOB budget, the Commission
notes that there are certain budget-related matters that should be
addressed or more closely monitored during 2010. These matters relate
to: (1) The PCAOB's inspections program; (2) its information technology
programs; and (3) potential legislative actions that could impact the
PCAOB. Because of the importance of each of these matters, the
Commission deems it necessary to set forth the following specific
measures.
[[Page 68877]]
Accordingly, with respect to the PCAOB's 2011 budget cycle, the
PCAOB will:
(1) Continue to include in its quarterly reports to the Commission
information about the PCAOB's inspections program. Such information
will include (a) statistics relative to the numbers and types of firms
budgeted and expected to be inspected in 2010, including by location
and by year the inspections are required to be conducted in accordance
with the Act and PCAOB rules, (b) information about the timing of the
issuance of inspections reports for domestic and non-U.S. inspections,
and (c) 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, including the annual and special
reporting system and the inspections information system.
(3) Consult with the Commission about the PCAOB's plans for
implementing any changes in response to legislative actions.
The Commission has determined that the PCAOB's 2010 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 2010 are
approved.
By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9-30726 Filed 12-28-09; 8:45 am]
BILLING CODE 8011-01-P