In the Matter of Heli Electronics Corp., Order of Suspension of Trading, 16462 [2011-6943]

Download as PDF jlentini on DSKJ8SOYB1PROD with NOTICES 16462 Federal Register / Vol. 76, No. 56 / Wednesday, March 23, 2011 / Notices ‘‘Registration of securities information processors: form of application and amendments’’. On September 23, 1975, the Commission adopted Rule 11Ab2–1 and Form SIP under the Securities Exchange Act of 1934 (‘‘Act’’) (15 U.S.C. 78a et seq.) to establish the procedures by which Securities Information Processor (‘‘SIP’’) files and amends their SIP registration statements.1 Under Regulation NMS Rule 11Ab2–1was redesignated as Rule 609.2 The information filed with the Commission pursuant to Rule 609 and Form SIP is designed to provide the Commission with the information necessary to make the required findings under the Act before granting the SIP’s application for registration. In addition, the requirement that a SIP file an amendment to correct any inaccurate information is designed to assure that the Commission has current, accurate information with respect to the SIP. This information is also made available to members of the public. Only exclusive SIPs are required to register with the Commission. An exclusive SIP is a SIP that engages on an exclusive basis on behalf of any national securities exchange or registered securities association, or any national securities exchange or registered securities association which engages on an exclusive basis on its own behalf, in collecting, processing, or preparing for distribution or publication, any information with respect to (i) transactions or quotations on or effective or made by means of any facility of such exchange or (ii) quotations distributed or published by means of any electronic quotation system operated by such association. The Federal securities laws require that before the commission may approve the registration of an exclusive SIP, it must make certain mandatory findings. It takes a SIP applicant approximately 400 hours to prepare documents which include sufficient information to enable the Commission to make those findings. Currently, there are only two exclusive SIPs registered with the Commission; The Securities Information Automation Corporation (‘‘SIAC’’) and The Nasdaq Stock Market, LLC (‘‘Nasdaq’’). SIAC and Nasdaq are required to keep the information on file with the Commission current, which entails filing a form SIP annually to update information. 1 See Securities Exchange Act Release No. 11673 (September 23, 1975), 40 FR 45422 (October 2, 1975). 2 See Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37496 (June 29, 2005). VerDate Mar<15>2010 16:46 Mar 22, 2011 Jkt 223001 Accordingly, the annual reporting and recordkeeping burden for Rule 609 and Form SIP is 400 hours; the burden of information collection is estimated to involve approximately 1 respondent application for registration making 1 response per year. This annual reporting and recordkeeping burden does not include the burden hours or cost of amending a Form SIP because the Commission has already overstated the compliance burdens by assuming that the Commission will receive one initial registration pursuant to Rule 609 on Form SIP a year. Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; (b) the accuracy of the agency’s estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Consideration will be given to comments and suggestions submitted in writing within 60 days of this publication. Please direct your written comments to: Thomas Bayer, Chief Information Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 6432 General Green Way, Alexandria, Virginia 22312 or send an e-mail to: PRA_Mailbox@sec.gov. Dated: March 17, 2011. Cathy H. Ahn, Deputy Secretary. information contained in HELI’s public filings with the Commission concerning, among other things, the company’s cash balances and accounts receivable. The company has failed to disclose that the company’s independent auditor has resigned due to accounting irregularities involving (a) discrepancies between HELI’s accounting records for cash balances and official bank statements obtained by the auditors from the company’s bank, (b) discrepancies concerning the existence and location of company customers, and (c) the possibility that accounting records could have been falsified. Due to these irregularities, the company’s auditor has resigned from its engagement to audit the company’s consolidated financial statements for the year ended December 31, 2010, and has withdrawn its audit opinion issued June 15, 2010 relating to the audit of the company’s consolidated financial statements as of December 31, 2009 and 2008. The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the abovelisted company is suspended for the period from 9:30 a.m. EDT, March 21, 2011, through 11:59 p.m. EDT, on April 1, 2011. By the Commission. Elizabeth M. Murphy, Secretary. [FR Doc. 2011–6943 Filed 3–21–11; 4:15 pm] BILLING CODE 8011–01–P [FR Doc. 2011–6809 Filed 3–22–11; 8:45 am] SECURITIES AND EXCHANGE COMMISSION BILLING CODE 8011–01–P [Release No. 34–64090; File No. SR–BX– 2011–007] SECURITIES AND EXCHANGE COMMISSION In the Matter of Heli Electronics Corp., Order of Suspension of Trading Self-Regulatory Organizations; NASDAQ OMX BX LLC; Order Approving a Proposed Rule Change Relating to Permanent Approval of the BX and NES Inbound Routing Relationship March 21, 2011. March 17, 2011. [File No. 500–1] It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Heli Electronics Corp. (‘‘HELI’’), a Nevada corporation with headquarters and operations in the People’s Republic of China, which trades in the over-thecounter market under the symbol ‘‘HELI.’’ Questions have arisen regarding the accuracy and completeness of PO 00000 Frm 00087 Fmt 4703 Sfmt 4703 I. Introduction On January 28, 2011, NASDAQ OMX BX LLC (‘‘BX’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule 1 15 2 17 E:\FR\FM\23MRN1.SGM U.S.C. 78s(b)(1). CFR 240.19b–4. 23MRN1

Agencies

[Federal Register Volume 76, Number 56 (Wednesday, March 23, 2011)]
[Notices]
[Page 16462]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-6943]


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SECURITIES AND EXCHANGE COMMISSION

[File No. 500-1]


In the Matter of Heli Electronics Corp., Order of Suspension of 
Trading

March 21, 2011.
    It appears to the Securities and Exchange Commission that there is 
a lack of current and accurate information concerning the securities of 
Heli Electronics Corp. (``HELI''), a Nevada corporation with 
headquarters and operations in the People's Republic of China, which 
trades in the over-the-counter market under the symbol ``HELI.''
    Questions have arisen regarding the accuracy and completeness of 
information contained in HELI's public filings with the Commission 
concerning, among other things, the company's cash balances and 
accounts receivable. The company has failed to disclose that the 
company's independent auditor has resigned due to accounting 
irregularities involving (a) discrepancies between HELI's accounting 
records for cash balances and official bank statements obtained by the 
auditors from the company's bank, (b) discrepancies concerning the 
existence and location of company customers, and (c) the possibility 
that accounting records could have been falsified. Due to these 
irregularities, the company's auditor has resigned from its engagement 
to audit the company's consolidated financial statements for the year 
ended December 31, 2010, and has withdrawn its audit opinion issued 
June 15, 2010 relating to the audit of the company's consolidated 
financial statements as of December 31, 2009 and 2008.
    The Commission is of the opinion that the public interest and the 
protection of investors require a suspension of trading in the 
securities of the above-listed company.
    Therefore, it is ordered, pursuant to Section 12(k) of the 
Securities Exchange Act of 1934, that trading in the above-listed 
company is suspended for the period from 9:30 a.m. EDT, March 21, 2011, 
through 11:59 p.m. EDT, on April 1, 2011.

    By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-6943 Filed 3-21-11; 4:15 pm]
BILLING CODE 8011-01-P
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