Search Results for citation:"86 FR 7913"

The Securities and Exchange Commission (SEC) reviewed the Financial Accounting Standards Board's (FASB) 2021 budget and annual accounting support fee. This process ensures that the FASB, which sets important accounting rules, has an independent and stable funding source, as required by the Sarbanes-Oxley Act of 2002. The SEC confirmed that the proposed fee aligns with the law, allowing FASB to continue its standard-setting activities. Additionally, the FASB's budget is subject to sequestration, meaning planned spending might be reduced to meet certain budgetary controls.

The Securities and Exchange Commission (SEC) has submitted a request to the Office of Management and Budget (OMB) to extend the previously approved collection of information under Rule 6e-2 and Form N-6EI-1 as part of the Paperwork Reduction Act of 1995. This rule allows life insurance companies to use separate accounts to fund specific variable life insurance products, offering exemptions from certain provisions of the Investment Company Act of 1940 under defined conditions. Since 2008, no Form N-6EI-1 filings have occurred; hence, there has been no burden or cost to the industry. The SEC is maintaining one burden hour for inventory purposes and invites public comment on this information collection within 30 days of the notice's publication.