Securities Act of 1933, Release No. 9206/May 11, 2011; Securities Exchange Act of 1934, Release No. 64462/May 11, 2011; Order Directing Funding for the Governmental Accounting Standards Board, 28247-28248 [2011-11931]
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Federal Register / Vol. 76, No. 94 / Monday, May 16, 2011 / Notices
Peace Corps Web site and will be
submitted electronically to Peace Corps
Response.
Title: Peace Corps Response
Application Form.
OMB Control Number: 0420—
pending.
Type of Review: New.
Affected Public: Returned Peace Corps
Volunteer and general public.
Respondents’ Obligation To Reply:
Voluntary.
Burden to the Public:
(a) Estimated number of respondents:
2,500.
(b) Frequency of response: one time.
(c) Estimated average burden per
response: 60 minutes.
(d) Estimated total reporting burden:
2,500 hours.
(e) Estimated annual cost to
respondents: $0.00.
General Description of Collection: The
Peace Corps Response Application is
necessary to recruit qualified Volunteers
to serve in the Peace Corps’ Peace Corps
Response program. This information
collection will be used by Peace Corps
Response staff to perform initial
screening for potential candidates for
specific Peace Corps Response
assignments. Applicants are recruited
from the Returned Peace Corps
Volunteer community as well as from
the general public.
Request for Comment: Peace Corps
invites comments on whether the
proposed collection of information is
necessary for proper performance of the
functions of the Peace Corps Response,
including whether the information will
have practical use; the accuracy of the
agency’s estimate of the burden of the
proposed collection of information,
including the validity of the information
to be collected; and, ways to minimize
the burden of the collection of
information on those who are to
respond, including through the use of
automated collection techniques, when
appropriate, and other forms of
information technology.
This notice issued in Washington, DC, on
May 10, 2011.
Earl W. Yates,
Associate Director, Management.
[FR Doc. 2011–11879 Filed 5–13–11; 8:45 am]
erowe on DSK5CLS3C1PROD with NOTICES
BILLING CODE 6051–01–P
SECURITIES AND EXCHANGE
COMMISSION
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
15:14 May 13, 2011
The Commission will consider whether to
propose new rules and amendments to
existing rules to implement provisions of
Subtitle C of Title IX of the Dodd-Frank Wall
Street Reform and Consumer Protection Act
that would apply to credit rating agencies
registered with the Commission as nationally
recognized statistical rating organizations,
providers of third-party due diligence
services for asset-backed securities, and
issuers and underwriters of asset-backed
securities.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed, please
contact:
The Office of the Secretary at (202)
551–5400.
Dated: May 11, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–12018 Filed 5–12–11; 11:15 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Securities Act of 1933, Release No.
9206/May 11, 2011; Securities
Exchange Act of 1934, Release No.
64462/May 11, 2011; Order Directing
Funding for the Governmental
Accounting Standards Board
President Obama signed into law the
Dodd-Frank Wall Street Reform and
Consumer Protection Act (‘‘Dodd-Frank
Act’’) on July 21, 2010.1 The Dodd-Frank
Act, among other things, added Section
19(g) to the Securities Act of 1933
(‘‘Securities Act’’) to create a mechanism
for funding the Governmental
Accounting Standards Board (‘‘GASB’’).2
Section 19(g) of the Securities Act
provides that the Commission may,
subject to the limitations imposed by
Section 15B of the Securities Exchange
Act of 1934 (‘‘Exchange Act’’),3 require a
national securities association registered
under the Exchange Act to establish a
reasonable annual accounting support
fee to adequately fund the annual
budget of the GASB, and to establish
rules and procedures, in consultation
with the principal organizations
representing State governors, legislators,
local elected officials, and State and
local finance officers, to provide for the
equitable allocation, assessment, and
collection of the accounting support fee
from the members of the association,
and the remittance of all such
accounting support fees to the Financial
Accounting Foundation.4
For purposes of this order and as
provided in Securities Act Section 19(g),
the annual budget of the GASB is the
annual budget reviewed and approved
according to the internal procedures of
the Financial Accounting Foundation.5
Any fees or funds collected shall be
used to support the efforts of the GASB
to establish standards of financial
accounting and reporting recognized as
generally accepted accounting
principles applicable to State and local
governments of the United States.6 The
annual accounting support fees
collected for a fiscal year shall not
exceed the recoverable annual budgeted
expenses of the GASB (which may
include operating expenses, capital, and
accrued items).7
Accounting support fees collected and
other receipts of the GASB shall not be
considered public monies of the United
States.8 Nothing in this order shall be
construed to provide the Commission or
any national securities association
direct or indirect oversight of the budget
or technical agenda of the GASB, or
affect the setting of generally accepted
accounting principles by the GASB.9 In
addition, nothing in this order shall be
construed to impair or limit the
authority of a State or local government
to establish accounting and financial
reporting standards.10
To provide for an independent and
more reliable funding mechanism for
the GASB, the Commission has
determined that the Financial Industry
Regulatory Authority, Inc. (‘‘FINRA’’)
shall establish such a reasonable
accounting support fee and related rules
and procedures to provide funding for
the GASB. Accordingly,
It is ordered, pursuant to Section 19(g)
of the Securities Act, that FINRA
establish (a) a reasonable annual
accounting support fee to adequately
fund the annual budget of the GASB;
and (b) rules and procedures, in
consultation with the principal
organizations representing State
4 See
15 U.S.C. 77s(g)(1).
15 U.S.C. 77s(g)(2).
6 See 15 U.S.C. 77s(g)(3).
7 See 15 U.S.C. 77s(g)(4).
8 See 15 U.S.C. 77s(g)(5)(A).
9 See 15 U.S.C. 77s(g)(5)(B).
10 See 15 U.S.C. 77s(g)(5)(C).
5 See
Sunshine Act Meeting
VerDate Mar<15>2010
the Securities and Exchange
Commission will hold an Open Meeting
on May 18, 2011 at 10 a.m., in the
Auditorium, Room L–002.
The subject matter of the Open
Meeting will be:
Jkt 223001
1 See Dodd-Frank Wall Street Reform and
Consumer Protection Act, Public Law 111–203, 124
Stat. 1376 (2010).
2 See Section 978 of the Dodd-Frank Act.
3 See 15 U.S.C. 78o–4.
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Federal Register / Vol. 76, No. 94 / Monday, May 16, 2011 / Notices
governors, legislators, local elected
officials, and State and local finance
officers, to provide for the equitable
allocation, assessment, and collection of
the accounting support fee from its
members, and the remittance of all such
accounting support fees to the Financial
Accounting Foundation.
By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011–11931 Filed 5–13–11; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–64439; File No. SR–BX–
2011–023]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change To Modify Fees
for Non Co-Location Services
May 9, 2011.
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 April 28,
2011, NASDAQ OMX BX, Inc. (‘‘BX’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘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 persons.
erowe on DSK5CLS3C1PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to modify fees
for non co-location services. While
changes to the Fee Schedule pursuant to
this proposal are effective upon filing,
the Exchange has designated these
changes to be operative on May 1, 2011.
The text of the proposed rule change is
available at https://
nasdaqomxbx.cchwallstreet.com/, at the
Exchange’s principal office, and at the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
VerDate Mar<15>2010
15:14 May 13, 2011
Jkt 223001
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
BILLING CODE 8011–01–P
1 15
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in Sections A, B, and C below, of
the most significant aspects of such
statements.
The Exchange is amending Rule 7051
entitled ‘‘Direct Connectivity to Nasdaq’’
to establish pricing for customers who
are not co-located in the Exchange’s
data center, but require shared cabinet
space and power for optional routers,
switches, or modems to support their
direct circuit connections. The
Exchange proposes to assess customers
who are not co-located in the
Exchange’s data center monthly fees for
space based on a height unit of
approximately two inches high,
commonly call a ‘‘U’’ space and a
maximum power of 125 Watts per U
space.
Currently, non co-located customers
are assessed fees for direct circuit
connection to the Exchange, as well as
installation of an optional on-site cable
router.3 However, there is no charge to
non co-located customers for the space
and utility cost to maintain the optional
router. As more and more non colocated customers seek to utilize the
optional router, the Exchange must
utilize more space and utilities to
accommodate the influx. It has become
a necessity for the Exchange to offset the
space and utility cost to maintain the
optional router in the same manner as
has been established for co-located
customers. Additionally, the optional
router may include other networks
devices (e.g., switches or modems) to
operate the customer’s business. While
co-located customers are assessed the
same per U fee, the co-located
customers are assessed in increments of
a 4U Block at $600 per month. The
Exchange seeks to establish and make
transparent the fees imposed for space
and utility costs to non co-located
customers.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6 of the Act,4
in general, and with Section 6(b)(4) of
3 See BX Rule 7051, Direct Connectivity to BX,
Release No. 62969 (September 22, 2010), 75 FR
59777 (September 28, 2010) (SR–BX–2010–064).
4 15 U.S.C. 78f.
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the Act,5 in particular, in that it
provides for the equitable allocation of
reasonable dues, fees and other charges
among members and issuers and other
persons using any facility or system
which the Exchange operates or
controls. The Exchange believes the
proposed fees are reasonable and
equitable for the reasons below.
The Exchange operates in a highly
competitive market in which exchanges
offer non co-location services as a
means to facilitate the trading activities
of those customers who believe that the
non co-location services enhance the
efficiency of their trading. Accordingly,
fees charged for non co-location services
are constrained by the fees charged to
co-located customers, as well as fees
charged by other exchanges, taking into
consideration the different costs
associated with the two service types. It
should be noted, however, that the costs
associated with a co-located customer
are primarily fixed costs that include
the costs of renting or owning data
center space and retaining a staff of
technical personnel. Accordingly, the
Exchange establishes a range of non colocation fees with the goal of covering
these same fixed costs and covering less
significant marginal costs, such as the
cost of electricity.
The Exchange proposes the same fee
for non co-located customers and colocated customers because the space
and utility cost are comparable. If a
particular exchange charges excessive
fees for non co-location services that are
comparable to co-location services,
affected members will opt to terminate
their non co-location arrangements with
that exchange, and pursue range of
alternative trading strategies not
dependent upon the Exchange’s non colocation service. Accordingly, the
exchange charging excessive fees would
stand to lose not only non co-location
revenues and any other revenues
associated with the non co-located
customer’s operations. Moreover, all of
the Exchange’s fees for space and utility
costs services are equitably allocated
and non-discriminatory in that all non
co-location customers are offered the
same space and utility service as the colocated customers, and, there is no
differentiation among customers with
regard to the fees charged for such costs.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange 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, as amended.
5 15
U.S.C. 78f(b)(4).
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]]>Agencies
[Federal Register Volume 76, Number 94 (Monday, May 16, 2011)]
[Notices]
[Pages 28247-28248]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-11931]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Securities Act of 1933, Release No. 9206/May 11, 2011; Securities
Exchange Act of 1934, Release No. 64462/May 11, 2011; Order Directing
Funding for the Governmental Accounting Standards Board
President Obama signed into law the Dodd-Frank Wall Street Reform
and Consumer Protection Act (``Dodd-Frank Act'') on July 21, 2010.\1\
The Dodd-Frank Act, among other things, added Section 19(g) to the
Securities Act of 1933 (``Securities Act'') to create a mechanism for
funding the Governmental Accounting Standards Board (``GASB'').\2\
---------------------------------------------------------------------------
\1\ See Dodd-Frank Wall Street Reform and Consumer Protection
Act, Public Law 111-203, 124 Stat. 1376 (2010).
\2\ See Section 978 of the Dodd-Frank Act.
---------------------------------------------------------------------------
Section 19(g) of the Securities Act provides that the Commission
may, subject to the limitations imposed by Section 15B of the
Securities Exchange Act of 1934 (``Exchange Act''),\3\ require a
national securities association registered under the Exchange Act to
establish a reasonable annual accounting support fee to adequately fund
the annual budget of the GASB, and to establish rules and procedures,
in consultation with the principal organizations representing State
governors, legislators, local elected officials, and State and local
finance officers, to provide for the equitable allocation, assessment,
and collection of the accounting support fee from the members of the
association, and the remittance of all such accounting support fees to
the Financial Accounting Foundation.\4\
---------------------------------------------------------------------------
\3\ See 15 U.S.C. 78o-4.
\4\ See 15 U.S.C. 77s(g)(1).
---------------------------------------------------------------------------
For purposes of this order and as provided in Securities Act
Section 19(g), the annual budget of the GASB is the annual budget
reviewed and approved according to the internal procedures of the
Financial Accounting Foundation.\5\ Any fees or funds collected shall
be used to support the efforts of the GASB to establish standards of
financial accounting and reporting recognized as generally accepted
accounting principles applicable to State and local governments of the
United States.\6\ The annual accounting support fees collected for a
fiscal year shall not exceed the recoverable annual budgeted expenses
of the GASB (which may include operating expenses, capital, and accrued
items).\7\
---------------------------------------------------------------------------
\5\ See 15 U.S.C. 77s(g)(2).
\6\ See 15 U.S.C. 77s(g)(3).
\7\ See 15 U.S.C. 77s(g)(4).
---------------------------------------------------------------------------
Accounting support fees collected and other receipts of the GASB
shall not be considered public monies of the United States.\8\ Nothing
in this order shall be construed to provide the Commission or any
national securities association direct or indirect oversight of the
budget or technical agenda of the GASB, or affect the setting of
generally accepted accounting principles by the GASB.\9\ In addition,
nothing in this order shall be construed to impair or limit the
authority of a State or local government to establish accounting and
financial reporting standards.\10\
---------------------------------------------------------------------------
\8\ See 15 U.S.C. 77s(g)(5)(A).
\9\ See 15 U.S.C. 77s(g)(5)(B).
\10\ See 15 U.S.C. 77s(g)(5)(C).
---------------------------------------------------------------------------
To provide for an independent and more reliable funding mechanism
for the GASB, the Commission has determined that the Financial Industry
Regulatory Authority, Inc. (``FINRA'') shall establish such a
reasonable accounting support fee and related rules and procedures to
provide funding for the GASB. Accordingly,
It is ordered, pursuant to Section 19(g) of the Securities Act,
that FINRA establish (a) a reasonable annual accounting support fee to
adequately fund the annual budget of the GASB; and (b) rules and
procedures, in consultation with the principal organizations
representing State
[[Page 28248]]
governors, legislators, local elected officials, and State and local
finance officers, to provide for the equitable allocation, assessment,
and collection of the accounting support fee from its members, and the
remittance of all such accounting support fees to the Financial
Accounting Foundation.
By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-11931 Filed 5-13-11; 8:45 am]
BILLING CODE 8011-01-P
