Agencies and Commissions August 15, 2006 – Federal Register Recent Federal Regulation Documents

In a Federal Register notice published on April 12, 2006, 71 FR 19054, the FTC requested comment on its Notice of Proposed Rulemaking in connection with the Business Opportunity Rule. The Notice required that comments be submitted on or before June 16, 2006, and rebuttal comments be submitted on or before July 7, 2006. On June 1, 2006, 71 FR 31124, the Commission extended the comment period to July 17, 2006, and the rebuttal comment period until August 7, 2006. In response to a request received on July 24, 2006, the Commission has extended the rebuttal comment period until September 29, 2006.

This notice is issued in accordance with 35 U.S.C. 209(c)(1) and 37 CFR 404.7(a)(1)(i). NASA hereby gives notice of its intent to grant an exclusive, license in the United States to practice the invention described and claimed in U.S. patent 5,880,834, titled ``Convex Diffraction Grating Imaging Spectrometer,'' NASA case number NPO-19293 to ASE Optics, Inc., having its principal place of business in Rochester, New York. The fields of use may be limited to monitoring and control of manufacturing processes. The patent rights in this invention have been assigned to the United States of America as represented by the Administrator of the National Aeronautics and Space Administration. The prospective exclusive license will comply with the terms and conditions of 35 U.S.C. 209 and 37 CFR 404.7.

Notice is hereby given of the following hearing of the U.S.- China Economic and Security Review Commission. Name: Larry M. Wortzel, Chairman of the U.S.-China Economic and Security Review Commission. The Commission is mandated by Congress to investigate, assess, evaluate and report to Congress annually on the U.S.-China economic and security relationship. The mandate specifically charges the Commission to investigate ``the extent of Chinese access to, and use of United States capital markets, and whether the existing disclosure and transparency rules are adequate to identify Chinese companies which are active in United States markets and are also engaged in proliferation activities or other activities harmful to United States security interests.'' Pursuant to this mandate, the Commission will hold a public hearing in Washington, DC on August 22, 2006, to assess the nature and consequences of interaction between the Chinese and U.S. capital markets. China agreed to open its financial system to foreign participation when it joined the World Trade Organization. This process is already underway and accelerating, and the Commission, therefore, believes it is important and timely to assess the nature and consequences of interaction between the Chinese and U.S. capital markets.

We are proposing to further extend for smaller public companies the dates that were published in the Federal Register on September 29, 2005, in Release No. 33-8618 [70 FR 56825] for their compliance with the internal control requirements mandated by Section 404 of the Sarbanes-Oxley Act of 2002. Pursuant to the proposal, a non- accelerated filer would not be required to provide management's report on internal control over financial reporting until it files an annual report for a fiscal year ending on or after December 15, 2007. If we have not issued additional guidance for management on how to complete its assessment of internal control over financial reporting in time to be of assistance in connection with annual reports filed for fiscal years ending on or after December 15, 2007, this deadline could be further postponed. Under the proposal, the auditor's attestation report on internal control over financial reporting would not be required until a non-accelerated filer files an annual report for a fiscal year ending on or after December 15, 2008. If revisions to Auditing Standard No. 2 have not been finalized in time to be of assistance in connection with annual reports filed for fiscal years ending on or after December 15, 2008, this deadline could also be further postponed. We also are proposing to provide a transition period for newly public companies before they become subject to compliance with the internal control over financial reporting requirements. Under the proposal, a company would not become subject to these requirements until it previously has been required to file one annual report with the Commission.