Securities and Exchange Commission September 21, 2010 – Federal Register Recent Federal Regulation Documents

The Securities and Exchange Commission (``Commission'') is adopting amendments to its rules and forms to conform them to Section 404(c) of the Sarbanes-Oxley Act of 2002 (the ``Sarbanes-Oxley Act''), as added by Section 989G of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''). Section 404(c) provides that Section 404(b) of the Sarbanes-Oxley Act shall not apply with respect to any audit report prepared for an issuer that is neither an accelerated filer nor a large accelerated filer as defined in Rule 12b-2 under the Securities Exchange Act of 1934 (the ``Exchange Act'').

The Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'') \1\ repealed former Section 21A(e) of the Securities Exchange Act of 1934, which had authorized the Securities and Exchange Commission (``Commission'') to make monetary awards to persons who provided information leading to the recovery of civil penalties for insider trading violations. Because the statutory basis for the insider trading bounty program has been removed, the Commission is rescinding rules promulgated to administer the program.