(The news featured below is a selection from the news covered in the Federal Securities Report Letter, which is distributed to subscribers of the Federal Securities Law Reports.)

Practice Rule Amendments Proposed to Implement Sarbanes-Oxley Act

The SEC has proposed to amend its rules of practice and related provisions. The amendments are being proposed in accordance with the provisions of the Sarbanes-Oxley Act. The rule changes would cover SEC review of Public Company Accounting Oversight Board disciplinary actions and registration disapprovals and the establishment of "fair funds" for the benefit of investors. According to the SEC, the proposed amendments are intended to enhance the transparency and facilitate parties' understanding of the applicability of the review process to PCAOB proceedings, and to make practice under the rules easier and more efficient. Comments are due to the SEC by January 5, 2004.

¨ Release No. 34-48832 is reported at ¶87,118 .