Securities Act of 1933; Securities Exchange Act of 1934; Order Regarding Review of FASB Accounting Support Fee for 2010 Under Section 109 of the Sarbanes-Oxley Act of 2002, 6231-6232 [2010-2591]

Download as PDF Federal Register / Vol. 75, No. 25 / Monday, February 8, 2010 / Notices d. Dispute Resolution Not applicable. II. Rule 601(a) A. Equity Securities for Which Transaction Reports Shall Be Required by the Plan Not applicable. B. Reporting Requirements Not applicable. C. Manner of Collecting, Processing, Sequencing, Making Available and Disseminating Last Sale Information Not applicable. D. Manner of Consolidation Not applicable. E. Standards and Methods Ensuring Promptness, Accuracy and Completeness of Transaction Reports Not applicable. F. Rules and Procedures Addressed to Fraudulent or Manipulative Dissemination Not applicable. G. Terms of Access to Transaction Reports Not applicable. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 Florence E. Harmon, Deputy Secretary. H. Identification of Marketplace Execution Not applicable. [FR Doc. 2010–2586 Filed 2–5–10; 8:45 am] III. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed Amendments are consistent with the Act. Comments may be submitted by any of the following methods: BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 9105; Release No. 61468] Electronic Comments • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–CTA/CQ–2009–03 on the subject line. WReier-Aviles on DSKGBLS3C1PROD with NOTICES post all comments on the Commission’s Internet Web site (https://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the Amendments that are filed with the Commission, and all written communications relating to the Amendments between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission’s Public Reference Room, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of the Amendments also will be available for inspection and copying at the principal office of the CTA. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–CTA/CQ–2009–03 and should be submitted on or before March 1, 2010. Securities Act of 1933; Securities Exchange Act of 1934; Order Regarding Review of FASB Accounting Support Fee for 2010 Under Section 109 of the Sarbanes-Oxley Act of 2002 February 2, 2010. The Sarbanes-Oxley Act of 2002 (the ‘‘Act’’) provides that the Securities and Exchange Commission (the ‘‘Commission’’) may recognize, as Paper Comments generally accepted for purposes of the • Send paper comments in triplicate securities laws, any accounting to Elizabeth M. Murphy, Secretary, principles established by a standard Securities and Exchange Commission, setting body that meets certain criteria. 100 F Street, NE., Washington, DC Consequently, Section 109 of the Act 20549–1090. provides that all of the budget of such All submissions should refer to File a standard setting body shall be payable Number SR–CTA/CQ–2009–03. This file from an annual accounting support fee number should be included on the assessed and collected against each subject line if e-mail is used. To help the issuer, as may be necessary or Commission process and review your appropriate to pay for the budget and comments more efficiently, please use 7 17 CFR 200.30–3(a)(27). only one method. The Commission will VerDate Nov<24>2008 11:51 Feb 05, 2010 Jkt 220001 PO 00000 Frm 00065 Fmt 4703 Sfmt 4703 6231 provide for the expenses of the standard setting body, and to provide for an independent, stable source of funding, subject to review by the Commission. Under Section 109(f) of the Act, the amount of fees collected for a fiscal year shall not exceed the ‘‘recoverable budget expenses’’ of the standard setting body. 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. On April 25, 2003, the Commission issued a policy statement concluding that the Financial Accounting Standards Board (‘‘FASB’’) and its parent organization, the Financial Accounting Foundation (‘‘FAF’’), satisfied the criteria for an accounting standard setting body under the Act, and recognizing the FASB’s financial accounting and reporting standards as ‘‘generally accepted’’ under Section 108 of the Act.1 As a consequence of that recognition, the Commission undertook a review of the FASB’s accounting support fee for calendar year 2010. In connection with its review, the Commission also reviewed the budget for the FAF and the FASB for calendar year 2010. Section 109 of the Act also provides that the standard setting body can have additional sources of revenue for its activities, such as earnings from sales of publications, provided that each additional source of revenue shall not jeopardize, in the judgment of the Commission, the actual or perceived independence of the standard setter. In this regard, the Commission also considered the interrelation of the operating budgets of the FAF, the FASB and the Governmental Accounting Standards Board (‘‘GASB’’), the FASB’s sister organization, which sets accounting standards used by state and local governmental entities. The Commission has been advised by the FAF that neither the FAF, the FASB nor the GASB accept contributions from the accounting profession. After its review, the Commission determined that the 2010 annual accounting support fee for the FASB is consistent with Section 109 of the Act. Accordingly, It is ordered, pursuant to Section 109 of the Act, that the FASB may act in accordance with this determination of the Commission. 1 Financial E:\FR\FM\08FEN1.SGM Reporting Release No. 70. 08FEN1 6232 Federal Register / Vol. 75, No. 25 / Monday, February 8, 2010 / Notices By the Commission. Elizabeth M. Murphy, Secretary. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change [FR Doc. 2010–2591 Filed 2–5–10; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–61452; File No. SR–BX– 2010–010] Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Describing the BX Ouch BBO Feed February 1, 2010. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on January 22, 2010, NASDAQ OMX BX, Inc. (‘‘BX’’ or the ‘‘Exchange’’) 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 by BX. BX has designated the proposed rule change as constituting a rule change under Rule 19b–4(f)(6) under the Act,3 which renders the proposal effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. WReier-Aviles on DSKGBLS3C1PROD with NOTICES I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change BX submits this proposal regarding the availability of the BX Ouch BBO Feed, a data feed that represents BX’s internal view of the best bid and offer among all market centers other than BX (the ‘‘BBO’’), which is provided at no cost. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, BX 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. BX has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. U.S.C. 78s(b)(1). CFR 240.19b–4. 3 17 CFR 240.19b–4(f)(6). 1. Purpose BX submits this proposal regarding the availability of the BX Ouch BBO Feed, a data feed that represents BX’s internal view of the best bid and offer among all market centers other than BX. The BX Ouch BBO Feed is available to all BX members equally at no charge, and offers all firms transparent, realtime data concerning BX’s internal view of the BBO. This data feed reflects BX’s view of the BBO, at any given time, based on orders executed on BX and updated quote information from the SIPs. BX makes the BX Ouch BBO Feed available to all market participants via subscription through an established connection to BX through extranets, direct connection, and Internet-based virtual private networks. The BX Ouch BBO Feed contains the following data elements: symbol, bid price, and ask price.4 Unlike the BX TotalView feed, the Ouch BBO feed does not contain information about individual orders, either those residing within the BX system or those executed or routed by BX. Unlike the SIP feeds containing the National Best Bid and Offer (‘‘NBBO’’), the Ouch BBO Feed does not identify either the market center quoting the BBO or the size of the BBO quotes. It merely contains the symbol and bid and offer prices. By making the BX Ouch BBO Feed data available, BX enhances market transparency and fosters competition among orders and markets. Member firms may use the BX Ouch BBO Feed to more accurately price their orders based on BX’s view of what the BBO is at any point in time, which may not be reflected in the official NBBO due to latencies inherent in the NBBO’s dissemination. As a consequence, member firms may more accurately price their orders on BX, thus avoiding price adjustments by BX based on a quote that is no longer available. Additionally, members can price orders more aggressively to narrow the NBBO and provide better reference prices for investors. At this time, BX does not have plans to charge an additional fee associated with the receipt of the BX Ouch BBO Feed. Should BX determine to charge fees associated with the BX Ouch BBO Feed, BX will submit a proposed rule change to the Commission in order to implement those fees. 1 15 2 17 VerDate Nov<24>2008 11:51 Feb 05, 2010 4 BX also provides a time stamp and message type field for reference. Jkt 220001 PO 00000 Frm 00066 Fmt 4703 Sfmt 4703 2. Statutory Basis BX believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,5 in general and with Sections 6(b)(5) of the Act,6 in particular in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. BX believes that this proposal is in keeping with those principles by promoting increased transparency through the dissemination of BX Ouch BBO Feed data and by clarifying its availability. B. Self-Regulatory Organization’s Statement on Burden on Competition BX does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act 7 and Rule 19b– 4(f)(6) thereunder.8 A proposed rule change filed pursuant to Rule 19b–4(f)(6) under the Act 9 normally does not become operative for 30 days after the date of its filing. However, Rule 19b–4(f)(6) 10 5 15 U.S.C. 78f. U.S.C. 78f(b)(5). U.S.C. 78s(b)(3)(A). 8 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. BX has satisfied this requirement. 9 17 CFR 240.19b–4(f)(6). 10 17 CFR 240.19b–4(f)(6). 6 15 7 15 E:\FR\FM\08FEN1.SGM 08FEN1

Agencies

[Federal Register Volume 75, Number 25 (Monday, February 8, 2010)]
[Notices]
[Pages 6231-6232]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-2591]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 9105; Release No. 61468]


Securities Act of 1933; Securities Exchange Act of 1934; Order 
Regarding Review of FASB Accounting Support Fee for 2010 Under Section 
109 of the Sarbanes-Oxley Act of 2002

February 2, 2010.
    The Sarbanes-Oxley Act of 2002 (the ``Act'') provides that the 
Securities and Exchange Commission (the ``Commission'') may recognize, 
as generally accepted for purposes of the securities laws, any 
accounting principles established by a standard setting body that meets 
certain criteria. Consequently, Section 109 of the Act provides that 
all of the budget of such a standard setting body shall be payable from 
an annual accounting support fee assessed and collected against each 
issuer, as may be necessary or appropriate to pay for the budget and 
provide for the expenses of the standard setting body, and to provide 
for an independent, stable source of funding, subject to review by the 
Commission. Under Section 109(f) of the Act, the amount of fees 
collected for a fiscal year shall not exceed the ``recoverable budget 
expenses'' of the standard setting body. 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.
    On April 25, 2003, the Commission issued a policy statement 
concluding that the Financial Accounting Standards Board (``FASB'') and 
its parent organization, the Financial Accounting Foundation (``FAF''), 
satisfied the criteria for an accounting standard setting body under 
the Act, and recognizing the FASB's financial accounting and reporting 
standards as ``generally accepted'' under Section 108 of the Act.\1\ As 
a consequence of that recognition, the Commission undertook a review of 
the FASB's accounting support fee for calendar year 2010. In connection 
with its review, the Commission also reviewed the budget for the FAF 
and the FASB for calendar year 2010.
---------------------------------------------------------------------------

    \1\ Financial Reporting Release No. 70.
---------------------------------------------------------------------------

    Section 109 of the Act also provides that the standard setting body 
can have additional sources of revenue for its activities, such as 
earnings from sales of publications, provided that each additional 
source of revenue shall not jeopardize, in the judgment of the 
Commission, the actual or perceived independence of the standard 
setter. In this regard, the Commission also considered the 
interrelation of the operating budgets of the FAF, the FASB and the 
Governmental Accounting Standards Board (``GASB''), the FASB's sister 
organization, which sets accounting standards used by state and local 
governmental entities. The Commission has been advised by the FAF that 
neither the FAF, the FASB nor the GASB accept contributions from the 
accounting profession.
    After its review, the Commission determined that the 2010 annual 
accounting support fee for the FASB is consistent with Section 109 of 
the Act. Accordingly,
    It is ordered, pursuant to Section 109 of the Act, that the FASB 
may act in accordance with this determination of the Commission.


[[Page 6232]]


    By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010-2591 Filed 2-5-10; 8:45 am]
BILLING CODE 8011-01-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.