SEC Open Meeting Agenda
|Item 1:||Certification of Management Investment Company Shareholder Reports and Designation of Certified Shareholder Reports as Exchange Act Periodic Reporting Forms; Disclosure Required by Sections 406 and 407 of the Sarbanes-Oxley Act of 2002|
Office: Division of Investment Management
Staff: Susan Nash, Paul G. Cellupica, John M. Faust, Katy Mobedshahi, Tara L. Royal
|Item 2:||Auditor Independence Rules|
Office: Office of the Chief Accountant
Staff: Jackson M. Day, Samuel L. Burke, Paul Munter, Robert E. Burns
|Item 3:||Disclosure in Management's Discussion and Analysis About Off-Balance Sheet Arrangements, Contractual Obligations and Contingent Liabilities and Commitments|
Office: Division of Corporation Finance; Office of the Chief Accountant
Staff: Betsy Murphy, Andrew Thorpe, Jenifer Minke-Girard, Eric Schuppenhauer
|Item 4:||Retention of Records Relevant to Audits and Reviews|
Office: Office of the Chief Accountant
Staff: Jackson M. Day, Samuel L. Burke, D. Douglas Alkema, Paul Munter, Robert E. Burns
The Commission will consider whether to adopt new rules 30a-3 and 30d-1 and amendments to rules 8b-15, 30a-1, 30a-2, 30b1-1, 30b1-3, and 30b2-1 under the Investment Company Act of 1940, amendments to rules 12b-25, 13a-15, and 15d-15 and Form 12b-25 under the Securities Exchange Act of 1934, amendments to Form N-SAR under the Exchange Act and the Investment Company Act, and new Form N-CSR under the Exchange Act and Investment Company Act. These new rules and form, and rule and form amendments, would require registered management investment companies to file certified shareholder reports on new Form N-CSR with the Commission, and would designate these certified shareholder reports as reports that are required under Sections 13(a) and 15(d) of the Exchange Act and Section 30 of the Investment Company Act. A registered management investment company's principal executive and financial officers would be required to certify the information contained in its reports on Form N-CSR in the manner specified by Section 302 of the Sarbanes-Oxley Act of 2002. The amendments would also remove the requirement that Form N-SAR be certified by a registered investment company's principal executive and financial officers, and would provide that, for registered management investment companies, Form N-SAR would be filed under the Investment Company Act only. In addition, the amendments would implement Sections 406 and 407 of the Sarbanes-Oxley Act by requiring a registered management investment company to provide disclosure on Form N-CSR or Form N-SAR, as applicable, regarding whether the investment company has adopted a code of ethics for the company's principal executive officer and senior financial officers, and whether the investment company has at least one "audit committee expert" serving on its audit committee, and if so, the name of the expert and whether the expert is independent of management.
For further information, please contact John M. Faust at (202) 942-0721.
The Commission will consider adopting amendments to its existing requirements regarding auditor independence to enhance the independence of accountants that audit and review financial statements and prepare attestation reports filed with the Commission. As directed by Section 208(a) of the Sarbanes-Oxley Act of 2002, the Commission is considering adopting rules to:
In addition, under the rules to be considered by the Commission, an accountant would not be independent from an audit client if certain audit partners of the accounting firm, who are members of the engagement team, received compensation based on their selling any service to that client other than audit, review and attest services.
For further information, please contact Samuel L. Burke or Paul Munter at (202) 942-4400.
The Commission will consider whether to adopt amendments mandated by Section 401(a) of the Sarbanes-Oxley Act of 2002. The rules would require a public company to provide in its "Management's Discussion and Analysis" section of Commission filings: (1) a discussion of off-balance sheet arrangements; and (2) a table of payments under specified contractual obligations due in short- and long-term periods.
For further information, please contact Andrew Thorpe at (202) 942-2910, Jenifer Minke-Girard or Eric Schuppenhauer at (202)-942-4400.
The Commission will consider whether to adopt amendments to implement section 802 of the Sarbanes-Oxley Act of 2002. The rule, if adopted, would specify that auditors should retain records relevant to the audits and reviews of financial statements filed with the Commission, including workpapers and other documents that form the basis of the audit or review and memoranda, correspondence, communications, other documents, and records (including electronic records), which are created, sent or received in connection with the audit or review and contain conclusions, opinions, analyses, or financial data related to the audit or review.
For further information, please contact Samuel L. Burke or Robert E. Burns at (202) 942-4400.
|Home | Previous Page||