Question: In the country where IP has become a recognized asset class, what is the equivalent of the U.S. commission that appoints the members of the public company accounting oversight board?

full_context: Document 1: Financial position of the United States: The financial position of the United States includes assets of at least $269.6 trillion (1576% of GDP) and debts of $145.8 trillion (852% of GDP) to produce a net worth of at least $123.8 trillion (723% of GDP) as of Q1 2014.
Document 2: Intellectual property: In 2013 the United States Patent & Trademark Office approximated that the worth of intellectual property to the U.S. economy is more than US$5 trillion and creates employment for an estimated 18 million American people. The value of intellectual property is considered similarly high in other developed nations, such as those in the European Union. In the UK, IP has become a recognised asset class for use in pension-led funding and other types of business finance. However, in 2013, the UK Intellectual Property Office stated: "There are millions of intangible business assets whose value is either not being leveraged at all, or only being leveraged inadvertently".
Document 3: Securities and Exchange Commission of Pakistan: The Securities and Exchange Commission of Pakistan (SECP) is the financial regulatory agency in Pakistan whose objective is to develop a modern and efficient corporate sector and a capital market based on sound authority principles, in order to encourage investment and foster economic growth and prosperity in Pakistan.
Document 4: Securities and Exchange Board of India: Securities and Exchange Board of India भारतीय प्रतिभूति और विनिमय बोर्ड SEBI Bhavan, Mumbai headquarters Agency overview Formed 12 April 1992 Jurisdiction Government of India Headquarters Mumbai, Maharashtra Employees 643 + (2012) Agency executive Ajay Tyagi, Chairman Website www.sebi.gov.in
Document 5: Chair of the Federal Reserve: The chair is chosen by the President of the United States from among the members of the Board of Governors; and serves for four - year - terms after appointment. A chair may be appointed for several consecutive terms. William Martin was the longest serving chair, holding the position from 1951 to 1970.
Document 6: Asian Development Bank: The highest policy-making body of the bank is the Board of Governors, composed of one representative from each member state. The Board of Governors, in turn, elect among themselves the twelve members of the Board of Directors and their deputies. Eight of the twelve members come from regional (Asia-Pacific) members while the others come from non-regional members.The Board of Governors also elect the bank's president, who is the chairperson of the Board of Directors and manages ADB. The president has a term of office lasting five years, and may be reelected. Traditionally, and because Japan is one of the largest shareholders of the bank, the president has always been Japanese.
Document 7: Public Company Accounting Oversight Board: The PCAOB has five Board members, including a Chairman, each of whom is appointed by the SEC, after consultation with the Chairman of the Board of Governors of the Federal Reserve System and the Secretary of the Treasury. Two Board members must be Certified Public Accountants. If the PCAOB Chairman is one of them, he or she may not have been a practicing CPA for at least five years prior to being appointed to the board. Each member serves full - time, for staggered five - year terms. The Board's budget, approved by the SEC each year, is funded by fees paid by the companies and broker - dealers who rely on the audit firms overseen by the Board. The organization has a staff of about 800 and offices in 11 states in addition to its headquarters in Washington.
Document 8: Economy of the United States: The US economy is fueled by abundant natural resources, a well - developed infrastructure, and high productivity. It has second highest total estimated value of natural resources, valued at $45 trillion in 2016. Americans have the highest average household and employee income among OECD nations, and in 2010 had the fourth highest median household income, down from second highest in 2007. It has been the world's largest national economy (not including colonial empires) since at least the 1890s. The U.S. is the world's third largest producer of oil and natural gas. In 2016, it was the largest trading nation in the world as well as the world's second largest manufacturer, representing a fifth of the global manufacturing output. The US also has not only the largest economy, but also the largest Industrial sector, at 2005 prices according to the UNCTAD. The US not only has the largest internal market for goods, but also dominates the trade in services. US total trade amounted to $4.92 trillion in 2016. Of the world's 500 largest companies, 134 are headquartered in the US.
Document 9: Copyright infringement: The 2011 Business Software Alliance Piracy Study Standard, estimates the total commercial value of illegally copied software to be at $59 billion in 2010, with emerging markets accounting for $31.9 billion, over half of the total. Furthermore, mature markets for the first time received less PC shipments than emerging economies in 2010, making emerging markets now responsible for more than half of all computers in use worldwide. In addition with software infringement rates of 68 percent comparing to 24 percent of mature markets, emerging markets thus possess the majority of the global increase in the commercial value of counterfeit software. China continues to have the highest commercial value of such software at $8.9 billion among developing countries and second in the world behind the US at $9.7 billion in 2011. In 2011, the Business Software Alliance announced that 83 percent of software deployed on PCs in Africa has been pirated (excluding South Africa).
Document 10: Securities commission: There is no common name for securities commission or financial regulatory agency in each country. Naming has become more complicated as some governments have consolidated or merged organisations and given them a wider remit. They sometimes contain the term securities and commission. Such as the Securities and Exchange Commission of the US or Securities and Futures Commission (Hong Kong). A number also have names based on Financial Authority, such as the Financial Services Authority of the UK or Financial Supervisory Authority (Sweden) or variations such as the Financial Services Agency (Japan).
Document 11: Copyright infringement: In 2007, the Institute for Policy Innovation (IPI) reported that music piracy took $12.5 billion from the U.S. economy. According to the study, musicians and those involved in the recording industry are not the only ones who experience losses attributed to music piracy. Retailers have lost over a billion dollars, while piracy has resulted in 46,000 fewer production-level jobs and almost 25,000 retail jobs. The U.S. government was also reported to suffer from music piracy, losing $422 million in tax revenue.
Document 12: Ministry of Finance of the People's Republic of China: The Ministry of Finance's remit is smaller than its counterparts in many other states. Macroeconomic management is primarily handled by the National Development and Reform Commission (NDRC). State-owned industries are the responsibility of the State-owned Assets Supervision and Administration Commission, and there are separate regulators for banking, insurance and securities. It also does not handle regulation of the money markets or interest rates. These, together with other aspects of monetary policy, are governed by the People's Bank of China (PBC), China's central bank. The Ministry, NDRC and PBC are equal in status, with their political heads all sitting on the State Council.
Document 13: Federal Reserve: The Federal Reserve System is composed of several layers. It is governed by the presidentially appointed Board of Governors or Federal Reserve Board (FRB). Twelve regional Federal Reserve Banks, located in cities throughout the nation, oversee the privately owned U.S. member banks. Nationally chartered commercial banks are required to hold stock in the Federal Reserve Bank of their region, which entitles them to elect some of their board members. The Federal Open Market Committee (FOMC) sets monetary policy; it consists of all seven members of the Board of Governors and the twelve regional bank presidents, though only five bank presidents vote at any given time: the president of the New York Fed and four others who rotate through one - year terms. There are also various advisory councils. Thus, the Federal Reserve System has both public and private components. The structure is considered unique among central banks. It is also unusual in that the United States Department of the Treasury, an entity outside of the central bank, prints the currency used.
Document 14: Tanzania: As financial assets became more and more complex, and harder and harder to value, investors were reassured by the fact that both the international bond rating agencies and bank regulators, who came to rely on them, accepted as valid some complex mathematical models which theoretically showed the risks were much smaller than they actually proved to be. George Soros commented that "The super-boom got out of hand when the new products became so complicated that the authorities could no longer calculate the risks and started relying on the risk management methods of the banks themselves. Similarly, the rating agencies relied on the information provided by the originators of synthetic products. It was a shocking abdication of responsibility."
Document 15: Independent agencies of the United States government: While most executive agencies have a single director, administrator, or secretary appointed by the President of the United States, independent agencies (in the narrower sense of being outside presidential control) almost always have a commission, board, or similar collegial body consisting of five to seven members who share power over the agency. (This is why many independent agencies include the word ``Commission ''or`` Board'' in their name.) The president appoints the commissioners or board members, subject to Senate confirmation, but they often serve terms that are staggered and longer than a four - year presidential term, meaning that most presidents will not have the opportunity to appoint all the commissioners of a given independent agency. The president can normally designate which commissioner will serve as the chairperson. Normally there are statutory provisions limiting the president's authority to remove commissioners, typically for incapacity, neglect of duty, malfeasance, or other good cause. In addition, most independent agencies have a statutory requirement of bipartisan membership on the commission, so the president can not simply fill vacancies with members of his own political party.
ground_truth: Financial Services Authority
sub_queries: Where has IP become a recognised asset class? Answer: the UK
who appoints the members of the public company accounting oversight board quizlet Answer: the SEC
what is the the UK equivalent of the #2 Answer: Financial Services Authority