81 FR 44672 - Sunshine Act Meeting

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 131 (July 8, 2016)

Page Range		44672-44673
FR Document		2016-16309

Federal Register, Volume 81 Issue 131 (Friday, July 8, 2016)

[Federal Register Volume 81, Number 131 (Friday, July 8, 2016)]
[Notices]
[Pages 44672-44673]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-16309]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meeting

    Notice is hereby given, pursuant to the provisions of the 
Government in the Sunshine Act, Public Law 94-409, that the Securities 
and Exchange Commission will hold an Open Meeting on Tuesday, July 12, 
2016, at 1:00 p.m.,

[[Page 44673]]

in the Auditorium (L-002) at the Commission's headquarters building, to 
hear oral argument in an appeal by the Respondents John J. Aesoph, CPA 
and Darren M. Bennett, CPA, and a cross-appeal by the Division of 
Enforcement, from an initial decision of an administrative law judge.
    On June 27, 2014, the law judge found that Aesoph and Bennett 
engaged in ``improper professional conduct'' under Commission Rule of 
Practice 102(e) and Section 4C of the Securities Exchange Act of 1934, 
during their service as the engagement partner and senior manager of 
KPMG, LLP's audit of the 2008 financial statements of TierOne 
Corporation, a holding company for TierOne Bank. The law judge 
suspended Aesoph from appearing or practicing before the Commission as 
an accountant for one year, and suspended Bennett from appearing or 
practicing before the Commission as an accountant for six months.
    Respondents appealed the law judge's findings of liability and the 
sanctions imposed; the Division cross-appealed the sanctions imposed. 
The issues likely to be considered at oral argument include, among 
other things, whether Respondents engaged in ``improper professional 
conduct'' as alleged and, if so, the extent to which they should be 
sanctioned. Also likely to be considered at oral argument is whether 
these administrative proceedings violate the U.S. Constitution.
    For further information, please contact Brent J. Fields from the 
Office of the Secretary at (202) 551-5400.

    Dated: July 5, 2016.
Lynn M. Powalski,
Deputy Secretary.
[FR Doc. 2016-16309 Filed 7-6-16; 11:15 am]
BILLING CODE 8011-01-P

44672 Federal Register / Vol. 81, No. 131 / Friday, July 8, 2016 / Notices

individual retirement accounts in the exempt from registration under the U.S. In addition, issuers from foreign
United States, encourage retirement securities laws. The burden under the countries other than Canada could rely
savings by permitting savings on a tax- rule associated with adding this on rule 237 to offer securities to
deferred basis. Individuals who disclosure to written offering documents Canadian-U.S. Participants and sell
establish Canadian retirement accounts is minimal and is non-recurring. The securities to their accounts without
while living and working in Canada and foreign issuer, underwriter, or broker- becoming subject to the registration
who later move to the United States dealer can redraft an existing prospectus requirements of the Securities Act.
(‘‘Canadian-U.S. Participants’’ or or other written offering material to add However, the staff believes that the
‘‘participants’’) often continue to hold this disclosure statement, or may draft number of issuers from other countries
their retirement assets in their Canadian a sticker or supplement containing this that rely on rule 237, and that therefore
retirement accounts rather than disclosure to be added to existing are required to comply with the offering
prematurely withdrawing (or ‘‘cashing offering materials. In either case, based document disclosure requirements, is
out’’) those assets, which would result on discussions with representatives of negligible.
in immediate taxation in Canada. the Canadian fund industry, the staff These burden hour estimates are
Once in the United States, however, estimates that it would take an average based upon the Commission staff’s
these participants historically have been of 10 minutes per document to draft the experience and discussions with the
unable to manage their Canadian requisite disclosure statement. fund industry. The estimates of average
retirement account investments. Most The Commission understands that burden hours are made solely for the
securities that are ‘‘qualified there are approximately 3,619 Canadian purposes of the Paperwork Reduction
investments’’ for Canadian retirement issuers other than funds that may rely Act. These estimates are not derived
accounts are not registered under the on rule 237 to make an initial public from a comprehensive or even a
U.S. securities laws. Those securities, offering of their securities to Canadian- representative survey or study of the
therefore, generally cannot be publicly U.S. Participants.4 The staff estimates costs of Commission rules.
offered and sold in the United States that in any given year approximately 36 Compliance with the collection of
without violating the registration (or 1 percent) of those issuers are likely information requirements of the rule is
requirement of the Securities Act of to rely on rule 237 to make a public mandatory and is necessary to comply
1933 (‘‘Securities Act’’).1 As a result of offering of their securities to with the requirements of the rule in
this registration requirement, Canadian- participants, and that each of those 36 general. An agency may not conduct or
U.S. Participants previously were not issuers, on average, distributes 3 sponsor, and a person is not required to
able to purchase or exchange securities different written offering documents respond to a collection of information
for their Canadian retirement accounts concerning those securities, for a total of unless it displays a currently valid
as needed to meet their changing 108 offering documents. control number. Consideration will be
investment goals or income needs. The staff therefore estimates that given to comments and suggestions
The Commission issued a rulemaking during each year that rule 237 is in submitted in writing within 60 days of
in 2000 that enabled Canadian-U.S. effect, approximately 36 respondents 5 this publication.
Participants to manage the assets in would be required to make 108 Please direct your written comments
their Canadian retirement accounts by responses by adding the new disclosure to Pamela Dyson, Director/Chief
providing relief from the U.S. statements to approximately 108 written Information Officer, Securities and
registration requirements for offers of offering documents. Thus, the staff
Exchange Commission, c/o Remi Pavlik-
securities of foreign issuers to Canadian- estimates that the total annual burden
Simon, 100 F Street NE., Washington,
U.S. Participants and sales to Canadian associated with the rule 237 disclosure
DC 20549; or send an email to: PRA_
retirement accounts.2 Rule 237 under requirement would be approximately 18
Mailbox@sec.gov.
the Securities Act 3 permits securities of hours (108 offering documents × 10
foreign issuers, including securities of minutes per document). The total Dated: July 5, 2016.
foreign funds, to be offered to Canadian- annual cost of burden hours is estimated Brent J. Fields,
U.S. Participants and sold to their to be $6,840 (18 hours × $380 per hour Secretary.
Canadian retirement accounts without of attorney time).6 [FR Doc. 2016–16193 Filed 7–7–16; 8:45 am]
being registered under the Securities BILLING CODE 8011–01–P
Act. 4 This
estimate is based on the following
Rule 237 requires written offering calculation: 3,520 equity issuers (as of April 2016)
+ 99 bond issuers (as of April 2016) = 3,619 total
documents for securities offered and issuers (as of April 2016). See World Federation of SECURITIES AND EXCHANGE
sold in reliance on the rule to disclose Exchanges, Monthly Reports, available at http:// COMMISSION
prominently that the securities are not www.world-exchanges.org/home/index.php/
registered with the Commission and are statistics/monthly-reports (providing number of Sunshine Act Meeting
equity issuers listed on Canada’s Toronto Stock
Exchange). After 2009, the World Federation of Notice is hereby given, pursuant to
1 15 U.S.C. 77. In addition, the offering and
Exchanges ceased reporting the number of fixed-
selling of securities of investment companies income issuers on Canada’s Toronto Stock the provisions of the Government in the
(‘‘funds’’) that are not registered pursuant to the Exchange. The number of fixed-income issuers as Sunshine Act, Public Law 94–409, that
Investment Company Act of 1940 (‘‘Investment of April 2016 is based on the ratio of the number the Securities and Exchange
Company Act’’) is generally prohibited by U.S. of fixed-income issuers listed on Canada’s Toronto
securities laws. 15 U.S.C. 80a. Stock Exchange in 2009 (111) relative to the number
Commission will hold an Open Meeting
2 See Offer and Sale of Securities to Canadian of bonds listed on that exchange in that year (178) on Tuesday, July 12, 2016, at 1:00 p.m.,
asabaliauskas on DSK3SPTVN1PROD with NOTICES

Tax-Deferred Retirement Savings Accounts, Release multiplied against the number of bonds listed on
Nos. 33–7860, 34–42905, IC–24491 (June 7, 2000) that exchange as of April 2016 (159): (111/178) × for the securities industry compiled by the
[65 FR 37672 (June 15, 2000)]. This rulemaking also 159 = 99. Securities Industry and Financial Markets
included new rule 7d–2 under the Investment 5 This estimate of respondents only includes Association (‘‘SIFMA’’). The $380 per hour figure
Company Act, permitting foreign funds to offer foreign issuers. The number of respondents would for an attorney is from SIFMA’s Management &
securities to Canadian-U.S. Participants and sell be greater if foreign underwriters or broker-dealers Professional Earnings in the Securities Industry
securities to Canadian retirement accounts without draft stickers or supplements to add the required 2013, modified by Commission staff to account for
registering as investment companies under the disclosure to existing offering documents. an 1800-hour work-year and multiplied by 5.35 to
Investment Company Act. 17 CFR 270.7d–2. 6 The Commission’s estimate concerning the wage account for bonuses, firm size, employee benefits,
3 17 CFR 230.237. rate for attorney time is based on salary information and overhead.

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Federal Register / Vol. 81, No. 131 / Friday, July 8, 2016 / Notices 44673

in the Auditorium (L–002) at the provided for in Rule 17a–1 (17 CFR writing within 60 days of this
Commission’s headquarters building, to 240.17a–1) under the Securities publication.
hear oral argument in an appeal by the Exchange Act of 1934, as amended (the An agency may not conduct or
Respondents John J. Aesoph, CPA and ‘‘Act’’) (15 U.S.C. 78a et seq.). The sponsor, and a person is not required to
Darren M. Bennett, CPA, and a cross- Commission plans to submit this respond to, a collection of information
appeal by the Division of Enforcement, existing collection of information to the under the PRA unless it displays a
from an initial decision of an Office of Management and Budget currently valid OMB control number.
administrative law judge. (‘‘OMB’’) for extension and approval. Please direct your written comments
On June 27, 2014, the law judge found Rule 17a–1 requires that every to: Pamela Dyson, Director/Chief
that Aesoph and Bennett engaged in national securities exchange, national Information Officer, Securities and
‘‘improper professional conduct’’ under securities association, registered Exchange Commission, c/o Remi Pavlik-
Commission Rule of Practice 102(e) and clearing agency, and the Municipal Simon, 100 F Street NE., Washington,
Section 4C of the Securities Exchange Securities Rulemaking Board keep on DC 20549, or send an email to: PRA_
Act of 1934, during their service as the file for a period of not less than five Mailbox@sec.gov.
engagement partner and senior manager years, the first two years in an easily Dated: July 5, 2016.
of KPMG, LLP’s audit of the 2008 accessible place, at least one copy of all Brent J. Fields,
financial statements of TierOne documents, including all Secretary.
Corporation, a holding company for correspondence, memoranda, papers,
[FR Doc. 2016–16191 Filed 7–7–16; 8:45 am]
TierOne Bank. The law judge suspended books, notices, accounts, and other such
Aesoph from appearing or practicing BILLING CODE 8011–01–P
records made or received by it in the
before the Commission as an accountant course of its business as such and in the
for one year, and suspended Bennett conduct of its self-regulatory activity,
from appearing or practicing before the and that such documents be available DEPARTMENT OF TRANSPORTATION
Commission as an accountant for six for examination by the Commission.
months. Federal Highway Administration
There are 29 entities required to
Respondents appealed the law judge’s comply with the rule: 19 national Environmental Impact Statement: King
findings of liability and the sanctions securities exchanges, 1 national County, Washington
imposed; the Division cross-appealed securities association, 8 registered
the sanctions imposed. The issues likely clearing agencies, and the Municipal AGENCY: Federal Highway
to be considered at oral argument Securities Rulemaking Board. The Administration (FHWA), Department of
include, among other things, whether Commission staff estimates that the Transportation (DOT).
Respondents engaged in ‘‘improper average number of hours necessary for ACTION: Notice of intent to prepare an
professional conduct’’ as alleged and, if compliance with the requirements of environmental impact statement.
so, the extent to which they should be Rule 17a–1 is 52 hours per year. In
sanctioned. Also likely to be considered addition, 4 national securities SUMMARY: The FHWA is issuing this
at oral argument is whether these exchanges notice-registered pursuant to notice to advise the public that an
administrative proceedings violate the Section 6(g) of the Act (15 U.S.C. 78f(g)) environmental impact statement (EIS)
U.S. Constitution. are required to preserve records of will be prepared for a proposed project
For further information, please determinations made under Rule 3a55– in King County, Washington.
contact Brent J. Fields from the Office of 1 under the Act (17 CFR 240.3a55–1), FOR FURTHER INFORMATION CONTACT:
the Secretary at (202) 551–5400. which the Commission staff estimates Lindsey Handel, Urban Area Engineer,
Dated: July 5, 2016. will take 1 hour per exchange, for a total Federal Highway Administration, 711
Lynn M. Powalski, of 4 hours. Accordingly, the South Capitol Way, Suite 501,
Deputy Secretary. Commission staff estimates that the total Olympia, WA 98501; telephone:
[FR Doc. 2016–16309 Filed 7–6–16; 11:15 am] number of hours necessary to comply (360) 753–9550; email:
with the requirements of Rule 17a–1 is Lindsey.Handel@dot.gov.
BILLING CODE 8011–01–P
1,512 hours. The total internal cost of Jane Lewis, Project Coordinator,
compliance for all respondents is Washington State Convention Center,
SECURITIES AND EXCHANGE $98,280, based on an average cost per c/o Pine Street Group L.L.C., 1500
COMMISSION hour of $65. Fourth Ave., Suite 600, Seattle, WA
Written comments are invited on (a) 98101; telephone: (206) 340–9897;
Proposed Collection; Comment whether the proposed collection of email: wscc@pinest.com.
Request information is necessary for the proper SUPPLEMENTARY INFORMATION: The
performance of the functions of the FHWA, in cooperation with WSCC, will
Upon Written Request, Copies Available
Commission, including whether the prepare an EIS on the Washington State
From: Securities and Exchange
information shall have practical utility; Convention Center Addition Project to
Commission, Office of FOIA Services,
(b) the accuracy of the Commission’s construct an addition to the Washington
100 F Street NE., Washington, DC
estimate of the burden of the proposed State Convention Center. The project
20549–2736.
collection of information; (c) ways to requires FHWA approvals for closure of
Extension: enhance the quality, utility, and clarity access to an Interstate ramp and use of
asabaliauskas on DSK3SPTVN1PROD with NOTICES

Rule 17a–1; SEC File No. 270–244, OMB of the information collected; and (d) Interstate airspace (air and ground
Control No. 3235–0208. ways to minimize the burden of the lease), and related breaks in access.
Notice is hereby given that, pursuant collection of information on Preliminary alternatives under
to the Paperwork Reduction Act of 1995 respondents, including through the use consideration include: (1) Taking no
(44 U.S.C. 3501 et seq.), the Securities of automated collection techniques or action; (2) construct approximately 1.50
and Exchange Commission other forms of information technology. million square feet of gross floor area
(‘‘Commission’’) is soliciting comments Consideration will be given to composed of approximately 1.26 million
on the existing collection of information comments and suggestions submitted in square feet of addition to the convention

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Document Created: 2016-07-08 00:17:48
Document Modified: 2016-07-08 00:17:48

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		81 FR 44672