[Federal Register Volume 80, Number 68 (Thursday, April 9, 2015)]
[Notices]
[Page 19102]
[FR Doc No: 2015-08108]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74643; File No. SR-NYSEMKT-2014-95]

Self-Regulatory Organizations; NYSE MKT LLC; Notice of Withdrawal
of a Proposed Rule Change, as Modified by Partial Amendment No. 1 and
Partial Amendment No. 2, Amending Rule 13--Equities and Related Rules
Governing Order Types and Modifiers

April 3, 2015.
    On October 31, 2014, NYSE MKT LLC (``NYSE MKT'' 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 change to
amend Exchange Rule 13--Equities and other related Exchange rules
governing order types and order modifiers. The proposed rule change was
published in the Federal Register on November 20, 2014.\3\ On November
14, 2014, the Exchange submitted Partial Amendment No. 1 to the
Commission.\4\ On December 22, 2014, the Exchange submitted Partial
Amendment No. 2 to the Commission. On December 22, 2014, pursuant to
Section 19(b)(2) of the Act,\5\ the Commission designated a longer
period within which to approve the proposed rule change, disapprove the
proposed rule change, or institute proceedings to determine whether to
disapprove the proposed rule change.\6\ On February 18, 2015, the
Commission instituted proceedings under Section 19(b)(2)(B) of the Act
to determine whether to disapprove the proposed rule changes.\7\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 73593 (Nov. 14,
2014), 79 FR 69153 (``Notice'').
    \4\ The Exchange also submitted a copy of the amendment to the
public comment file. See Letter from Sudhir Bhattacharyya, Vice
President, New York Stock Exchange, to Kevin M. O'Neill, Deputy
Secretary, Commission (Nov. 14, 2014).
    \5\ 15 U.S.C. 78s(b)(2).
    \6\ See Securities Exchange Act Release No. 73913, 79 FR 78531
(Dec. 30, 2014).
    \7\ See Securities Exchange Act Release No. 74298, 80 FR 9770
(Feb. 24, 2015).
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    On February 26, 2014, the Exchange withdrew the proposal SR-
NYSEMKT-2014-95.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-08108 Filed 4-8-15; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register: December 8, 2006 (Volume 71, Number 236)]
[Notices]
[Page 71200-71201]
[DOCID:fr08de06-140]

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SECURITIES AND EXCHANGE COMMISSION

[Securities Act of 1933, Release No. 8757/ December 4, 2006; Securities
Exchange Act of 1934, Release No. 54865/ December 4, 2006]

Order Approving Public Company Accounting Oversight Board Budget
and Annual Accounting Support Fee for Calendar Year 2007

    The Sarbanes-Oxley Act of 2002 (the ``Act'') established the Public
Company Accounting Oversight Board (``PCAOB'') to oversee the audits of
public companies and related matters, to protect investors, and to
further the public interest in the preparation of informative, accurate
and independent audit reports. The PCAOB is to accomplish these goals
through registration of public accounting firms and standard setting,
inspection, and disciplinary programs. Section 109 of the Act provides
that the PCAOB shall establish a reasonable annual accounting support
fee, as may be necessary or appropriate to establish and maintain the
PCAOB. 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. Under Section 109(f), the
aggregate annual accounting support fee shall not exceed the PCAOB's
aggregate ``recoverable budget expenses,'' which may include operating,
capital and accrued items. Section 109(b) of the Act directs the PCAOB
to establish a budget for each fiscal year in accordance with the
PCAOB's internal procedures, subject to approval by the Securities and
Exchange Commission (the ``Commission'').
    On July 18, 2006, the Commission amended its Rules of Practice
related to its Informal and Other Procedures to add a rule that
facilitates the Commission's review and approval of PCAOB budgets and
accounting support fees.\1\ The new budget rule provides, among other
things, a timetable for the preparation and submission of the PCAOB
budget and for Commission actions related to each budget, a description
of the information that should be included in each budget submission,
limits on the PCAOB's ability to incur expenses and obligations except
as provided in the approved budget, procedures relating to supplemental
budget requests, requirements for the PCAOB to furnish on a quarterly
basis certain budget-related information, and a list of definitions
that apply to the rule and to general discussions of PCAOB budget
matters.
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    \1\ 17 CFR 202.11. See Release No. 33-8724 (July 18, 2006) [71
FR 41998 (July 24, 2006)].
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    Although the new budget rule will not take effect until the budget
process for fiscal year 2008, the PCAOB staff and the Commission staff
used their best efforts to substantially comply with the timetable and
other requirements in the new rule for the PCAOB budget submission for
2007. Accordingly, in March 2006 the PCAOB provided the Commission with
a narrative description of its program issues and outlook for the 2007
budget year, and in April the Commission staff provided to the PCAOB
staff economic assumptions and budgetary guidance for the 2007 budget
year. The PCAOB subsequently delivered a preliminary budget and budget
justification to the Commission. The staff from the Commission's
Offices of the Chief Accountant, Executive Director and Information
Technology dedicated a substantial amount of time to the review and
analysis of the PCAOB's programs, projects and budget estimates,
reviewed the PCAOB's estimates of 2006 actual spending, and attended
several meetings with management and staff of the PCAOB to develop an
understanding of the PCAOB's budget and operations. During the course
of the Commission's review, the Commission staff relied upon
representations and supporting documentation from the PCAOB. Also,
substantially as provided in the new rule, there was a ``pass back''
from the Commission to the PCAOB. The PCAOB approved its 2007 budget on
November 30, 2006 and submitted that budget for Commission approval.
    After considering the above, the Commission did not identify any
proposed disbursements in the 2007 budget adopted by the PCAOB that are
not properly recoverable through the annual accounting support fee, and
the Commission believes that the aggregate proposed 2007 annual
accounting support fee does not exceed the PCAOB's aggregate
recoverable budget expenses for 2007.
    As part of its review of the 2007 PCAOB budget, the Commission
notes that the PCAOB has reaffirmed its commitments, among other
things, to build upon its 2007 goals and objectives to develop a
comprehensive multi-year strategic plan that is integrated with the
PCAOB budget process; to have the auditors of its 2007 annual financial
statements opine on the PCAOB's internal control over financial
reporting; to devote staff resources to train both PCAOB staff and the
public on revisions to the standard for auditing internal control over
financial reporting; and to comply with the new Commission rule related
to the PCAOB budget approval process in connection with its budget for
2008. The Commission also recognizes that the PCAOB, upon the arrival
of Chairman Olson in mid 2006, appropriately has undertaken reviews in
a number areas, including its compensation, recruiting and information
technology programs. Because of the potential significance of those
reviews, during 2007 the PCAOB

should supplement the quarterly reports made available to the
Commission under the new budget rule with periodic reports on the
progress and results of those reviews and with monthly reports showing
variances of actual or estimated expenditures from budgeted amounts, to
the extent such progress reports and monthly reports are prepared for
internal purposes.
    Based on the foregoing, the Commission has determined that the
PCAOB's 2007 budget and annual accounting support fee are consistent
with Section 109 of the Act. Accordingly,
    It is ordered, pursuant to Section 109 of the Act, that the PCAOB
budget and annual accounting support fee for calendar year 2007 are
approved.

    By the Commission.
Nancy M. Morris,
Secretary.
[FR Doc. E6-20878 Filed 12-7-06; 8:45 am]

BILLING CODE 8011-01-P