Federal Register / Vol. 74, No. 109 / Tuesday, June 9, 2009 / Notices 27359 

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: June 4, 2009. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–13547 Filed 6–5–09; 11:15 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[File No. 500–1] 

In the Matter of Sunrise Solar 

Corporation; Order of Suspension of 

Trading 

June 5, 2009. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Sunrise 

Solar Corporation (‘‘Sunrise’’) because 

of questions regarding the accuracy of 

statements by Sunrise Solar Corporation 

in press releases to investors 

concerning, among other things, the 

company’s business prospects and 

agreements. 

The Commission is of the opinion that 

the public interest and the protection of 

investors require a suspension of trading 

in the securities of Sunrise Solar 

Corporation. 

Therefore, it is ordered, pursuant to 

Section 12(k) of the Securities Exchange 

Act of 1934, that trading in the 

securities of the above-listed company is 

suspended for the period from 9:30 a.m. 

EDT June 5, 2009 through 11:59 p.m. 

EDT, on June 18, 2009. 

By the Commission. 

J. Lynn Taylor, 

Assistant Secretary. 

[FR Doc. E9–13551 Filed 6–5–09; 11:15 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release Nos. 33–9037; 34–60032; IC– 

28757; File No. 265–25] 

Investor Advisory Committee 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Notice of Federal Advisory 

Committee Establishment. 

SUMMARY: The Chairman of the 

Securities and Exchange Commission 

(‘‘Commission’’), with the concurrence 

of the other Commissioners, intends to 

establish the Securities and Exchange 

Commission Investor Advisory 

Committee (‘‘the Committee’’). 

ADDRESSES: Written comments may be 

submitted by the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/ 

rules/other/shtml); or 

• Send an e-mail to rulecomments@sec.gov. Please include File 

No. 265–25 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington 20549– 

1090. 

All submissions should refer to File No. 

265–25. This file number should be 

included on the subject line if e-mail is 

used. To help us process and review 

your comments more efficiently, please 

use only one method. The Commission 

will post all comments on the 

Commission’s Internet Web site (http:// 

www.sec.gov/rules/other/shtml). 

Comments will also be available for 

public inspection and copying in the 

Commission’s Public Reference Room, 

100 F Street, NE., Washington DC 

20549, on official business days 

between the hours of 10 a.m. and 3 p.m. 

All comments received will be posted 

without change; we do not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. 

FOR FURTHER INFORMATION CONTACT: 

Kayla Gillan, Deputy Chief of Staff, at 

(202) 551–2100, Securities and 

Exchange Commission, 100 F Street, 

NE., Washington DC 20549. 

SUPPLEMENTARY INFORMATION: In 

accordance with the requirements of the 

Federal Advisory Committee Act, 5 

U.S.C.—App.1, the Commission is 

publishing this notice that the Chairman 

of the Commission, with the 

concurrence of the other 

Commissioners, intends to establish the 

Committee. The Committee’s objective 

is to provide the Commission with the 

views of a broad spectrum of investors 

on their priorities concerning the 

Commission’s regulatory agenda. 

To achieve the Committee’s goals, 

between 14 and 18 members will be 

appointed who can represent effectively 

the varied interests affected by the range 

of issues to be considered. The 

Committee’s membership may include 

investors or investor representatives 

from a broad spectrum of institutions, 

such as mutual funds, foundations, and 

pension funds; investors representing 

different geographical regions; investors 

of different sizes and investment 

strategies; and individual investors. The 

Committee’s membership will be fairly 

balanced in terms of points of view 

represented and the functions to be 

performed. 

The Committee may be established 15 

days after publication of this notice by 

filing a charter for the Committee with 

the Committee on Banking, Housing, 

and Urban Affairs of the United States 

Senate and the Committee on Financial 

Services of the United States House of 

Representatives. A copy of the charter as 

so filed also will be filed with the 

Chairman of the Commission, furnished 

to the Library of Congress, placed in the 

Public Reference Room at the 

Commission’s headquarters and posted 

on the Commission’s Web site at http:// 

www.sec.gov. The Committee’s objective 

is to provide the Commission with the 

views of a broad spectrum of investors 

on their priorities concerning the 

Commission’s regulatory agenda, 

including: 

(1) Advising the Commission 

regarding matters of concern to 

investors in the securities markets; 

(2) providing the Commission with 

investors’ perspectives on current, nonenforcement, regulatory issues; and 

(3) serving as a source of information 

and recommendations to the 

Commission regarding the 

Commission’s regulatory programs from 

the point of view of investors. 

The Committee will operate for two 

years from the date it is established 

unless, before the expiration of that time 

period, its charter is re-established or 

renewed in accordance with the Federal 

Advisory Committee Act or unless the 

Commission determines that the 

Committee’s continuance is no longer in 

the public interest. 

The Committee will meet at such 

intervals as are necessary to carry out its 

functions. The charter will provide that 

meetings of the full Committee are 

expected to occur no more frequently 

than four times per year. Meetings of 

subgroups or subcommittees of the full 

Committee may occur more frequently. 

The charter will provide that the 

duties of the Committee are to be solely 

advisory. The Commission alone will 

make any determinations of action to be 

taken and policy to be expressed with 

respect to matters within the 

Commission’s authority as to which the 

Committee provides advice or makes 

recommendations. 

27360 Federal Register / Vol. 74, No. 109 / Tuesday, June 9, 2009 / Notices 

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

2 17 CFR 240.19b–4. 

3 17 CFR 240.19b–4(f)(6). 

4A TCDO is a preliminary order issued in 

connection with an underlying disciplinary 

proceeding that has been initiated or will be 

initiated immediately. 

5See Securities Exchange Act Release No. 47925 

(May 23, 2003), 68 FR 33548 (June 4, 2003) (Order 

Approving File No. SR–NASD–98–80). 

6See Securities Exchange Act Release No. 51860 

(June 16, 2005), 70 FR 36427 (June 23, 2005) (Notice 

of Filing and Immediate Effectiveness of File No. 

SR–NASD–2005–061); Securities Exchange Act 

Release No. 55819 (May 25, 2007), 72 FR 30895 

(June 4, 2007) (Notice of Filing and Immediate 

Effectiveness of File No. SR–NASD–2007–033). 

7See Securities Exchange Act Release No. 55819 

(May 25, 2007), 72 FR 30895 (June 4, 2007) (Notice 

of Filing and Immediate Effectiveness of File No. 

SR–NASD–2007–033). 

8See Securities Exchange Act Release No. 60028 

(June 2, 2009) (SR–FINRA–2009–035). 

9See L.H. Ross & Company, Securities Exchange 

Act Release No. 51270, 2005 SEC LEXIS 452 

(February 28, 2005). 

The Chairman of the Commission 

affirms that the establishment of the 

Committee is necessary and in the 

public interest. 

By the Commission. 

Dated: June 3, 2009. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–13349 Filed 6–8–09; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–60035; File No. SR–FINRA– 

2009–034] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Extend FINRA’s 

Authority Under the Cease and Desist 

Pilot Program 

June 3, 2009. 

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 May 18, 

2009, the Financial Industry Regulatory 

Authority, Inc. (‘‘FINRA’’) filed with the 

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘Commission’’) the proposed 

rule change as described in Items I, II, 

and III below, which Items have been 

prepared by FINRA. FINRA has 

designated the proposed rule change as 

constituting a ‘‘non-controversial’’ rule 

change under paragraph (f)(6) of Rule 

19b–4 under the Act,3 which renders 

the proposal effective upon receipt of 

this filing by the Commission. 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 

FINRA is proposing to extend 

FINRA’s authority under its cease and 

desist pilot program, as further detailed 

herein, and to make certain technical 

amendments. The proposed rule change 

does not propose any substantive 

changes to the existing cease and desist 

authority pilot program. 

The text of the proposed rule change 

is available on FINRA’s Web site at 

http://www.finra.org, at the principal 

office of FINRA 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, 

FINRA 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. FINRA 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 

In May 2003, the Commission 

approved, on a two-year pilot basis, a 

rule change that gave FINRA authority 

to issue temporary cease and desist 

orders (‘‘TCDOs’’) 4 and made explicit 

FINRA’s ability to impose permanent 

cease and desist orders as a remedy in 

disciplinary cases.5 The pilot program 

also gave FINRA authority to enforce 

cease and desist orders. In June 2005 

and June 2007, the SEC approved [sic] 

two-year extensions of the pilot 

program.6 The current two-year pilot 

expires on June 23, 2009.7

In a companion rule filing filed with 

the SEC on May 18, 2009,8 FINRA is 

proposing to make the pilot program 

permanent without any substantive 

changes to the terms of the existing 

program. In the current rule filing, 

FINRA seeks to extend the pilot until 

the SEC approves or disapproves the 

proposal to make the pilot permanent so 

that the cease and desist authority does 

not lapse while the proposal is pending 

at the SEC. The proposed action would 

enable FINRA to continue to issue 

TCDOs and impose permanent cease 

and desist orders as a remedy in 

disciplinary cases. The proposed action 

also would give FINRA authority to 

continue to initiate expedited 

proceedings when respondents violate 

temporary or permanent cease and 

desist orders. 

When it first sought cease and desist 

authority, FINRA stated that it would 

use the authority sparingly. That has 

been the case. Since the pilot program 

was first approved in 2003, FINRA has 

issued only one TCDO and one 

permanent cease and desist order (both 

in the same case, which is described 

below). If the pilot is extended, the 

cease and desist rules would continue to 

be used judiciously. There are times, 

however, when their use is crucial. 

In the one case initiated under the 

pilot program, FINRA’s Department of 

Enforcement (‘‘Enforcement’’) alleged 

that the member in question was 

engaged in widespread fraud that 

included, among other things, making 

material misrepresentations and 

omissions in connection with the 

private offering of its own stock, 

effecting unauthorized transactions and 

using customer funds improperly.9

Enforcement showed that not only was 

the member attempting to continue the 

fraudulent offering, it also was 

funneling money and assets to a nonmember affiliate. Enforcement alleged, 

and a hearing panel found, that a TCDO 

was necessary because the member’s 

continuation of the misconduct was 

likely to result in further dissipation or 

conversion of assets and other 

significant harm to investors before the 

completion of the underlying 

disciplinary proceeding. After the 

hearing panel issued a permanent cease 

and desist order following a full 

disciplinary hearing, the parties settled 

the case, resulting in the expulsion of 

the member, the bar of its owner and the 

imposition of almost $12 million in 

fines and restitution. 

The proposed temporary extension of 

the pilot program will provide FINRA 

with a mechanism to continue to take 

appropriate remedial action against a 

member or an associated person that has 

engaged (or is engaging) in violative 

conduct that could cause continuing 

harm to the investing public if not 

addressed expeditiously while the SEC 

is considering FINRA’s proposal to 

permanently adopt the pilot program. It 

must be emphasized, however, that the 

cease and desist provisions contain 

numerous procedural protections for 

respondents to ensure that the 

proceedings are fair.