Federal Register / Vol. 77, No. 49 / Tuesday, March 13, 2012 / Notices 14843 

1Financial Reporting Release No. 70. 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

certified that, in his opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) 

and 17 CFR 200.402(a)(3), (5), (7), 9(ii) 

and (10), permit consideration of the 

scheduled matters at the Closed 

Meeting. 

Commissioner Aguilar, as duty 

officer, voted to consider the items 

listed for the Closed Meeting in a closed 

session. 

The subject matter of the Closed 

Meeting scheduled for Thursday, March 

15, 2012 will be: Institution and 

settlement of injunctive actions; 

Institution and settlement of 

administrative proceedings; 

A collection matter; and 

Other matters relating to enforcement 

proceedings. 

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: March 8, 2012. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2012–6114 Filed 3–9–12; 11:15 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Securities Act of 1933; Release No. 

9300/March 7, 2012; Securities 

Exchange Act of 1934; Release No. 

66529/March 7, 2012] 

Order Regarding Review of FASB 

Accounting Support Fee for 2012 Under 

Section 109 of the Sarbanes-Oxley Act 

of 2002 

The Sarbanes-Oxley Act of 2002 (the 

‘‘Act’’) provides that the Securities and 

Exchange Commission (the 

‘‘Commission’’) may recognize, as 

generally accepted for purposes of the 

securities laws, any accounting 

principles established by a standard 

setting body that meets certain criteria. 

Consequently, Section 109 of the Act 

provides that all of the budget of such 

a standard setting body 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 Commission. 

Under Section 109(f) of the Act, the 

amount of fees collected for a fiscal year 

shall not exceed the ‘‘recoverable budget 

expenses’’ of the standard setting body. 

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 2012. In 

connection with its review, the 

Commission also reviewed the budget 

for the FAF and the FASB for calendar 

year 2012. 

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, in the judgment of the 

Commission, 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 2012 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. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2012–5983 Filed 3–12–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66537; File No. SR–BX– 

2012–016] 

Self-Regulatory Organizations; 

NASDAQ OMX BX, Inc.; Notice of Filing 

and Immediate Effectiveness of 

Proposed Rule Change To Modify 

Pricing for BX Members Using the 

NASDAQ OMX BX Equities System 

March 8, 2012 

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 March 1, 

2012, The 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 BX. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

BX proposes to modify its fees for 

orders that are routed using BX’s BTFY 

order routing strategy. BX will 

implement the proposed change 

immediately on March 1, 2012. The text 

of the proposed rule change is available 

at http:// 

nasdaqomxbx.cchwallstreet.com, at 

BX’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, BX 

included statements concerning the 

purpose of and basis for the proposed 

rule change and discussed any 

comments it received on the proposed 

rule change. The text of these statements 

may be examined at the places specified 

in Item IV below. BX has prepared 

summaries, set forth in Sections A, B, 

and C below, of the most significant 

aspects of such statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

BX is proposing to modify its fees for 

orders that are routed using BX’s BTFY 

order routing strategy. BTFY is a routing 

mstockstill on DSK4VPTVN1PROD with NOTICES