Order Approving Public Company Accounting Oversight Board Budget and Annual Accounting Support Fee for Calendar Year 2010, 68876-68877 [E9-30726]

Download as PDF 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 Jkt 220001 PO 00000 Frm 00101 Fmt 4703 Sfmt 4703 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 PO 00000 Frm 00102 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
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