Federal Register / Vol. 72, No. 53 / Tuesday, March 20, 2007 / Notices 13143 

1Financial Reporting Release No. 70. 

not received. The malfunction in the 

email address has been corrected and 

the TPSC is requesting the public to 

resubmit any written comments 

submitted prior to March 14, 2007. 

DATES: Comments are due by April 15, 

2007. 

ADDRESSES: Submissions by electronic 

mail: FR0704@USTR.EOP.GOV. 

Submissions by facsimile: Gloria Blue, 

Executive Secretary, Trade Policy Staff 

Committee, at (202) 395–6143. The 

public is strongly encouraged to submit 

documents electronically rather than by 

facsimile. (See requirements for 

submissions below.) 

FOR FURTHER INFORMATION CONTACT: 

General inquiries should be made to the 

USTR Office of WTO and Multilateral 

Affairs at (202) 395–6843; calls on 

individual subjects will be transferred 

as appropriate. Procedural inquiries 

concerning the public comment process 

should be directed to Gloria Blue, 

Executive Secretary, Trade Policy Staff 

Committee, Office of the U.S. Trade 

Representative (USTR), (202) 395–3475. 

Written Submissions: Persons 

resubmitting comments may either send 

one copy by fax to Gloria Blue, 

Executive Secretary, Trade Policy Staff 

Committee, at (202) 395–6143 or 

transmit a copy electronically to 

FR0704@USTR.EOP.GOV, with ‘‘DutyFree, Quota-Free’’ in the subject line. 

For documents sent by fax, USTR 

requests that the submitter provide a 

confirmation copy electronically. The 

public is strongly encouraged to submit 

documents electronically rather than by 

facsimile. USTR encourages the use of 

Adobe PDF format to submit 

attachments to an electronic mail. 

Interested persons who make 

submissions by electronic mail should 

not provide separate cover letters; 

information that might appear in a cover 

letter should be included in the 

submission itself. Similarly, to the 

extent possible, any attachments to the 

submission should be included in the 

same file as the submission itself, and 

not as separate files. 

Comments should be submitted 

electronically no later than April 15, 

2007. 

Business confidential information 

will be subject to the requirements of 15 

CFR 2003.6. Any business confidential 

material must be clearly marked as such 

and must be accompanied by a nonconfidential summary thereof. A 

justification as to why the information 

contained in the submission should be 

treated confidentially should also be 

contained in the submission. In 

addition, any submissions containing 

business confidential information must 

clearly be marked ‘‘Business 

Confidential’’ at the top and bottom of 

the cover page (or letter) and each 

succeeding page of the submission. The 

version that does not contain business 

confidential information should also be 

clearly marked at the top and bottom of 

each page, ‘‘Public Version’’ or ‘‘NonConfidential.’’

Written comments submitted in 

connection with this request, except for 

information granted ‘‘business 

confidential’’ status pursuant to 15 CFR 

2003.6 will be available for public 

inspection in the USTR Reading Room, 

Office of the United States Trade 

Representative. An appointment to 

review the file can be made by calling 

(202) 395–6186. The Reading Room is 

open to the public from 10 a.m. to 12 

noon and from 1 p.m. to 4 p.m. Monday 

through Friday. 

Dated: March 15, 2007. 

Carmen C. Suro-Bredie, 

Assistant USTR for Policy Coordination. 

[FR Doc. E7–5032 Filed 3–19–07; 8:45 am] 

BILLING CODE 3190–W7–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Securities Act of 1933; Release No. 8789/ 

March 14, 2007; Securities Exchange Act 

of 1934; Release No. 55469/March 14, 2007] 

Order Regarding Review of FASB 

Accounting Support Fee For 2007 

Under Section 109 of The SarbanesOxley Act of 2002 

The Sarbanes-Oxley Act of 2002 (the 

‘‘Act’’) establishes criteria that must be 

met in order for the accounting 

standards established by an accounting 

standard-setting body to be recognized 

as ‘‘generally accepted’’ for purposes of 

the federal securities laws. Section 109 

of the Act provides that all of the budget 

of an accounting standard-setting body 

satisfying these criteria shall be payable 

from an annual accounting support fee 

assessed and collected against each 

issuer, as may be necessary or 

appropriate to pay for the budget and 

provide for the expenses of the standard 

setting body, and to provide for an 

independent, stable source of funding, 

subject to review by the Securities and 

Exchange Commission (‘‘Commission’’). 

Under Section 109(f) of the Act, the 

annual accounting support fee shall not 

exceed the amount of the standard 

setter’s ‘‘recoverable budget expenses.’’

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. 

On April 25, 2003, the Commission 

issued a policy statement concluding 

that the Financial Accounting Standards 

Board (‘‘FASB’’) and its parent 

organization, the Financial Accounting 

Foundation (‘‘FAF’’), satisfied the 

criteria for an accounting standardsetting body under the Act, and 

recognizing the FASB’s financial 

accounting and reporting standards as 

‘‘generally accepted’’ under Section 108 

of the Act.1 As a consequence of that 

recognition, the Commission undertook 

a review of the FASB’s accounting 

support fee for calendar year 2007. In 

connection with its review, the 

Commission also reviewed the proposed 

budget for the FAF and the FASB for 

calendar year 2007. 

Section 109 of the Act also provides 

that the standard setting body can have 

additional sources of revenue for its 

activities, such as earnings from sales of 

publications, provided that each 

additional source of revenue shall not 

jeopardize the actual or perceived 

independence of the standard setter. In 

this regard, the Commission also 

considered the interrelation of the 

operating budgets of the FAF, the FASB 

and the Governmental Accounting 

Standards Board (‘‘GASB’’), the FASB’s 

sister organization, which sets 

accounting standards used by state and 

local government entities. The 

Commission has been advised by the 

FAF that neither the FAF, the FASB nor 

the GASB accept contributions from the 

accounting profession. 

After its review, the Commission 

determined that the 2007 annual 

accounting support fee for the FASB is 

consistent with Section 109 of the Act. 

Accordingly, 

It is ordered, pursuant to Section 109 

of the Act, that the FASB may act in 

accordance with this determination of 

the Commission. 

By the Commission. 

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–5003 Filed 3–19–07; 8:45 am] 

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