(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.)

Commission Publishes PCAOB Rules on Foreign Firms for Comment

The SEC published rules adopted by the Public Company Accounting Oversight Board concerning oversight of non-U.S. public accounting firms. The rules are intended to foster a cooperative arrangement with other jurisdictions that would rely on home country oversight systems to the maximum extent possible. The board will evaluate the adequacy and integrity of each oversight system, including factors such as system transparency and the independence of the system from the auditing profession. Comments are due to the SEC within 21 days from the date of publication in the Federal Register Rules adopted by the PCAOB are not effective until approved by the SEC.

¨ Release No. 34-50047 is reported at ¶87,241 .