
[Federal Register: October 14, 2008 (Volume 73, Number 199)]
[Notices]               
[Page 60737-60738]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr14oc08-97]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release Nos. 33-8975; 34-58747; File No. 4-573]

 
SEC Study of Mark to Market Accounting

AGENCY: Securities and Exchange Commission.

ACTION: Request for comment.

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SUMMARY: The Securities and Exchange Commission is requesting public 
comment related to the study to be conducted by the Commission under 
the Emergency Economic Stabilization Act of 2008 of ``mark-to-market'' 
accounting applicable to financial institutions, including depository 
institutions.

DATES: Comments should be received on or before November 13, 2008.

ADDRESSES: Comments may be submitted by any of the following methods:

[[Page 60738]]

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/other.shtml); or
     Send an e-mail message to rule-comments@sec.gov. Please 
include File Number 4-573 on the subject line.

Paper Comments

     Send paper comments in triplicate to Florence E. Harmon, 
Acting Secretary, Securities and Exchange Commission, 100 F Street, 
NE., Washington, DC 20549-1090.
    All submissions should refer to File No. 4-573. 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 its Internet Web site 
(http://www.sec.gov/rules/other.shtml). Comments are also 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: Jenifer Minke-Girard, Senior Associate 
Chief Accountant, at (202) 551-5300, Office of the Chief Accountant, 
Securities and Exchange Commission, 100 F Street, NE., Washington, DC 
20549-6561.

SUPPLEMENTARY INFORMATION: In connection with the study to be conducted 
by the Securities and Exchange Commission (``Commission'') under the 
Emergency Economic Stabilization Act of 2008 (the ``Act'') \1\ of 
``mark-to-market'' accounting applicable to financial institutions, 
including depository institutions, the Commission welcomes public 
comments on the issues, point-of-view, research and opinions that the 
Commission's staff should consider in conducting the study.
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    \1\ H.R. 1424.
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    The Act, which was enacted and signed by the President on October 
3, 2008, requires the Commission to conduct a study of ``mark-to-
market'' accounting and submit a report to Congress with the findings 
and determinations within 90 days. Specifically Section 133 of the Act 
provides as follows:

Study on Mark-to-Market Accounting

    (a) STUDY.--The Securities and Exchange Commission, in consultation 
with the Board [of Governors of the Federal Reserve System] and the 
Secretary [of the Treasury], shall conduct a study on mark-to-market 
accounting standards as provided in Statement Number 157 of the 
Financial Accounting Standards Board, as such standards are applicable 
to financial institutions, including depository institutions. Such a 
study shall consider at a minimum--
    (1) The effects of such accounting standards on a financial 
institution's balance sheet;
    (2) The impacts of such accounting on bank failures in 2008;
    (3) The impact of such standards on the quality of financial 
information available to investors;
    (4) The process used by the Financial Accounting Standards Board in 
developing accounting standards;
    (5) The advisability and feasibility of modifications to such 
standards; and
    (6) Alternative accounting standards to those provided in such 
Statement Number 157.
    (b) REPORT.--The Securities and Exchange Commission shall submit to 
Congress a report of such study before the end of the 90-day period 
beginning on the date of the enactment of this Act containing the 
findings and determinations of the Commission, including such 
administrative and legislative recommendations as the Commission 
determines appropriate.
    All interested parties are invited to submit their views, in 
writing, on any or all of the subjects identified, whether subjects in 
addition to those identified should be included in the study for any 
reason or on any other matter relating to the current use of fair value 
accounting (including mark-to-market) in the U.S. financial reporting 
system that should be considered.

    Dated: October 8, 2008.

    By the Commission.
Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-24245 Filed 10-10-08; 8:45 am]

BILLING CODE 8011-01-P
