57384 Federal Register / Vol. 75, No. 182 / Tuesday, September 21, 2010 / Rules and Regulations 

1Public Law 111–203, 124 Stat. 1376 (July 21, 

2010). 

2Section 922 of the Dodd-Frank Act. 

effort by submitting written comments 

on the proposal to the FAA. No 

comments were received. 

Class E airspace designations are 

published in paragraph 6005 of FAA 

Order 7400.9U dated August 18, 2010, 

and effective September 15, 2010, which 

is incorporated by reference in 14 CFR 

71.1. The Class E airspace designations 

listed in this document will be 

published subsequently in that Order. 

The Rule 

This action amends Title 14 Code of 

Federal Regulations (14 CFR) part 71 by 

amending Class E airspace extending 

upward from 700 feet above the surface, 

at Cochise County Airport, to 

accommodate IFR aircraft executing 

new RNAV (GPS) SIAPs at the airport. 

This action is necessary for the safety 

and management of IFR operations. 

The FAA has determined this 

regulation only involves an established 

body of technical regulations for which 

frequent and routine amendments are 

necessary to keep them operationally 

current. Therefore, this regulation: (1) Is 

not a ‘‘significant regulatory action’’ 

under Executive Order 12866; (2) is not 

a ‘‘significant rule’’ under DOT 

Regulatory Policies and Procedures (44 

FR 11034; February 26, 1979); and (3) 

does not warrant preparation of a 

regulatory evaluation as the anticipated 

impact is so minimal. Since this is a 

routine matter that will only affect air 

traffic procedures and air navigation, it 

is certified this rule, when promulgated, 

will not have a significant economic 

impact on a substantial number of small 

entities under the criteria of the 

Regulatory Flexibility Act. The FAA’s 

authority to issue rules regarding 

aviation safety is found in Title 49 of the 

U.S. Code. Subtitle 1, section 106 

discusses the authority of the FAA 

Administrator. Subtitle VII, Aviation 

Programs, describes in more detail the 

scope of the agency’s authority. This 

rulemaking is promulgated under the 

authority described in subtitle VII, part 

A, subpart I, section 40103. Under that 

section, the FAA is charged with 

prescribing regulations to assign the use 

of airspace necessary to ensure the 

safety of aircraft and the efficient use of 

airspace. This regulation is within the 

scope of that authority as it establishes 

additional controlled airspace at 

Cochise County Airport, Willcox, AZ. 

List of Subjects in 14 CFR Part 71 

Airspace, Incorporation by reference, 

Navigation (air). 

Adoption of the Amendment 

■ In consideration of the foregoing, the 

Federal Aviation Administration 

amends 14 CFR part 71 as follows: 

PART 71—DESIGNATION OF CLASS A, 

B, C, D AND E AIRSPACE AREAS; AIR 

TRAFFIC SERVICE ROUTES; AND 

REPORTING POINTS 

■ 1. The authority citation for 14 CFR 

part 71 continues to read as follows: 

Authority: 49 U.S.C. 106(g), 40103, 40113, 

40120; E. O. 10854, 24 FR 9565, 3 CFR, 1959– 

1963 Comp., p. 389. 

§ 71.1 [Amended] 

■ 2. The incorporation by reference in 

14 CFR 71.1 of the Federal Aviation 

Administration Order 7400.9U, 

Airspace Designations and Reporting 

Points, dated August 18, 2010, and 

effective September 15, 2010 is 

amended as follows: 

Paragraph 6005 Class E airspace areas 

extending upward from 700 feet or more 

above the surface of the earth. 

* * * * * 

AWP AZ E5 Willcox, AZ [Modified] 

Cochise County Airport, AZ 

(Lat. 32°14′44′′ N., long. 109°53′41′′ W.) 

That airspace extending upward from 700 

feet above the surface within 6.5-mile radius 

of the Cochise County Airport and within 5 

miles each side of the 225° bearing from the 

Cochise County Airport extending from the 

6.5-mile radius to 14.5 miles southwest of the 

Cochise County Airport, and within 5.5 miles 

southeast and 4.5 miles northwest of the 055° 

bearing from the Cochise County Airport 

extending from the 6.5-mile radius to 14.5 

miles northeast of the Cochise County 

Airport; that airspace extending upward from 

1,200 feet above the surface bounded on the 

north by lat. 32°22′40′′ N., long. 109°25′00′′ 

W.; to lat. 32°14′30′′ N., long. 109°28′00′′ W.; 

to lat. 32°21′20′′ N., long. 109°58′00′′ W.; to 

lat. 32°30′00′′ N., long. 109°54′00′′ W.; thence 

to point of beginning. 

Issued in Seattle, Washington, on August 

30, 2010. 

John Warner, 

Manager, Operations Support Group, Western 

Service Center. 

[FR Doc. 2010–23394 Filed 9–20–10; 8:45 am] 

BILLING CODE 4910–13–P 

SECURITIES AND EXCHANGE 

COMMISSION 

17 CFR Part 201 

[Release No. 34–62921] 

Rescission of Rules Pertaining to the 

Payment of Bounties for Information 

Leading to the Recovery of Civil 

Penalties for Insider Trading 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Final rule. 

SUMMARY: 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. 

DATES: Effective Date: September 21, 

2010. 

FOR FURTHER INFORMATION CONTACT: 

Kenneth H. Hall, Assistant Chief 

Counsel, (202) 551–4936, Office of Chief 

Counsel, Division of Enforcement, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–6553. 

SUPPLEMENTARY INFORMATION: The 

Insider Trading and Securities Fraud 

Enforcement Act of 1988 authorized the 

Commission to award bounties to 

persons who provided information 

leading to the recovery of civil penalties 

for insider trading violations; the bounty 

provision was codified as former 

Section 21A(e) of the Securities 

Exchange Act of 1934 (‘‘Exchange Act’’). 

In 1989, the Commission adopted 

procedural rules to administer the 

insider trading bounty program. See 

Applications for Bounty Awards on Civil 

Penalties Imposed in Insider Trading 

Litigation, Exchange Act Release No. 

26994 (June 30, 1989). 

The Dodd-Frank Act created a new 

and broader program for making 

monetary awards to whistleblowers, 

codified as Section 21F of the Exchange 

Act.2 Under the new whistleblower 

program, the Commission is authorized 

to make awards to persons who 

voluntarily provide the Commission 


hsrobinson on DSK69SOYB1PROD with RULES
Federal Register / Vol. 75, No. 182 / Tuesday, September 21, 2010 / Rules and Regulations 57385 

3Section 923(b) of the Dodd-Frank Act. 

4See 5 U.S.C. 553(b). 

5 5 U.S.C. 553(b). 

6Similarly, the amendments do not require 

analysis under the Regulatory Flexibility Act. See 

5 U.S.C. 601(2) and 603(a) (for purposes of 

Regulatory Flexibility Act analysis, the term ‘‘rule’’ 

means any rule for which the agency publishes a 

general notice of proposed rulemaking). 

7Additionally, this finding satisfies the 

requirements for immediate effectiveness under the 

Small Business Regulatory Enforcement Fairness 

Act. See 5 U.S.C. 808(2); see also 5 U.S.C. 801(a)(4). 

1 17 CFR 210.2–02. 

2 17 CFR part 210. 

3 17 CFR 229.308. 

4 17 CFR part 229. 

5 17 CFR 249.220f. 

6 17 CFR 249.240f. 

7 15 U.S.C. 7201 et seq. 

8Public Law 111–203 (July 21, 2010). 

9 17 CFR 240.12b–2. 

10 15 U.S.C. 78a et seq. 

11Although the term ‘‘non-accelerated filer’’ is not 

defined in Commission rules, we use it throughout 

this release to refer to a reporting company that 

does not meet the definition of either an 

‘‘accelerated filer’’ or a ‘‘large accelerated filer’’ 

under Exchange Act Rule 12b–2. Under Exchange 

Act Rule 12b–2, an accelerated filer is an issuer that 

‘‘had an aggregate worldwide market value of the 

voting and non-voting common equity held by its 

Continued 

with ‘‘original information’’ about a 

violation of the Federal securities laws 

that leads to the successful enforcement 

of a ‘‘covered judicial or administrative 

action,’’ or a ‘‘related action,’’ as those 

terms are defined by the Dodd-Frank 

Act. Unlike the insider trading bounty 

program, awards may be paid in 

connection with original information 

concerning any violation of the Federal 

securities laws. Awards may range from 

10 to 30 percent of the amounts 

collected as monetary sanctions 

imposed in the covered judicial or 

administrative action or related actions. 

In connection with enactment of the 

new whistleblower provision, Congress 

repealed Section 21A(e).3 Because that 

statutory provision is no longer 

available as a basis for awarding 

bounties in insider trading cases, the 

Commission is rescinding its rules for 

administration of the insider trading 

bounty program. 

Procedural and Other Matters 

The Administrative Procedure Act 

(‘‘APA’’) generally requires an agency to 

publish notice of a proposed rulemaking 

in the Federal Register.4 This 

requirement does not apply, however, if 

the agency ‘‘for good cause’’ finds * * * 

that notice and public procedure 

thereon are impracticable, unnecessary, 

or contrary to the public interest.’’ 5

Because the statutory authority for the 

insider trading bounty program has been 

repealed, the Commission is removing 

the rules administering the program 

from the Federal Register. These rules 

no longer have any practical effect, and 

their continued inclusion in the Federal 

Register might lead to public confusion. 

For these reasons, the Commission finds 

that good cause exists to dispense with 

public notice and comment because 

notice and comment would be 

unnecessary, impracticable and contrary 

to the public interest.6 For similar 

reasons the Commission finds good 

cause for this action to be effective 

immediately.7

Section 23(a)(2) of the Exchange Act 

requires the Commission to consider the 

competitive effects of rulemaking under 

the Exchange Act. Further, Section 3(f) 

of the Exchange Act requires us, when 

engaging in rulemaking where we are 

required to consider or determine 

whether an action is necessary or 

appropriate in the public interest, to 

consider, in addition to the protection of 

investors, whether the action will 

promote efficiency, competition, and 

capital formation. Because Congress has 

repealed the insider trading bounty 

program, our removal of the procedural 

rules related to that program will not 

create any competitive advantages or 

disadvantages, or affect efficiency, 

competition, and capital formation. 

Statutory Authority and Text of 

Amendments 

The Commission is removing 

regulations pursuant to authority 

provided by Section 23(a) of the 

Exchange Act. 

List of Subjects in 17 CFR Part 201 

Administrative practice and 

procedure. 

Text of Amendments 

■ For the reasons set out in the 

preamble, Title 17, Chapter II of the 

Code of Federal Regulations is amended 

as follows: 

PART 201—RULES OF PRACTICE 

■ 1. The authority citation for part 201 

continues to read as follows: 

Authority: 15 U.S.C. 77s, 77sss, 78w, 78x, 

80a–37, and 80b–11; 5 U.S.C. 504(c)(1). 

Subpart C—[Removed and Reserved] 

■ 2. Remove and reserve Subpart C. 

Dated: September 15, 2010. 

By the Commission. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2010–23457 Filed 9–20–10; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

17 CFR Parts 210, 229, and 249 

[Release Nos. 33–9142; 34–62914] 

Internal Control Over Financial 

Reporting in Exchange Act Periodic 

Reports of Non-Accelerated Filers 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Final rule. 

SUMMARY: 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’’). 

DATES: Effective Date: September 21, 

2010. 

FOR FURTHER INFORMATION CONTACT: 

Steven G. Hearne, Special Counsel, 

Office of Rulemaking, Division of 

Corporation Finance, at (202) 551–3430, 

Steven Jacobs, Associate Chief 

Accountant, Division of Corporation 

Finance, at (202) 551–3400, or John 

Offenbacher, Senior Associate Chief 

Accountant, or Annemarie Ettinger, 

Senior Special Counsel, Office of the 

Chief Accountant, at (202) 551–5300, 

U.S. Securities and Exchange 

Commission, 100 F Street, NE., 

Washington, DC 20549. 

SUPPLEMENTARY INFORMATION: We are 

adopting conforming amendments to 

Rule 2–021 of Regulation S–X,2 Item 

308 3 of Regulation S–K,4 Item 15 of 

Form 20–F,5 and General Instruction 

B.(6) of Form 40–F.6

I. Description of Amendments 

The Commission is adopting 

amendments to its rules and forms to 

conform them to new Section 404(c) of 

the Sarbanes-Oxley Act,7 as added by 

Section 989G of the Dodd-Frank Act.8

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– 

29 under the Exchange Act.10 Prior to 

enactment of the Dodd-Frank Act, a 

non-accelerated filer 11 would have been 


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