Daily Rules, Proposed Rules, and Notices of the Federal Government


[Release No. 34-48765; File No. PCAOB-2003-06]

Public Company Accounting Oversight Board; Notice of Filing and Order Granting Accelerated Approval of Proposed Temporary Hearing Rules Relating to Disapproved Registration Applications

Pursuant to section 107(b) of the Sarbanes-Oxley Act of 2002 (the "Act"), notice is hereby given that on October 1, 2003, the Public Company Accounting Oversight Board (the "Board" or the "PCAOB") filed with the Securities and Exchange Commission (the "SEC" or "Commission") the proposed rules described in Items I and II below, which items have been prepared by the Board.
I. Board's Statement of the Terms of Substance of the Proposed Rules

On September 29, 2003, the Board adopted rules on investigations and adjudications (the "Enforcement Rules"). The current proposal is limited to a subset of the Enforcement Rules. The subset consists of certain rules that would govern hearings that the Board may hold concerning possible disapproval of applications for registration. As to the subset (the "Temporary Hearing Rules"), the Board requests that the Commission grant accelerated effectiveness, pursuant to section 19(b)(2) of the Securities Exchange Act of 1934 ("Exchange Act"). The Board seeks accelerated effectiveness of the Temporary Hearing Rules to facilitate any registration disapproval hearings that may be necessary before the Enforcement Rules are approved. The Board requests that effectiveness only on a temporary basis. The Temporary Hearing Rules would be superseded by any Enforcement Rules approved by the Commission, upon final Commission approval of those rules. The Temporary Hearing Rules include 41 rules and nine definitions, all of which are designated as temporary by appending a "T" to the rule number. The text of the Temporary Hearing Rules is set forth below.

Rules of the BoardSection 1. General ProvisionsRule 1001. Definitions of Terms Employed in Rules

When used in the Rules, unless the context otherwise requires--

(a)(ix)T Accounting Board Demand.The term "accounting board demand" means a command to produce documents and/or to appear at a certain time and place to give testimony.

(a)(x)T Accounting Board Request.The term "accounting board request" means a request to produce documents and/or to appear at a certain time and place to give testimony.

(c)(ii)T Counsel.The term "counsel" means an attorney at law admitted to practice, and in good standing, before the Supreme Court of the United States or the highest court of any state.

(h)(i)T Hearing Officer.The term "hearing officer" means a person, other than a Board member or staff of the interested division, duly authorized by the Board to preside at a hearing.

(i)(iv)T Interested Division.The term "interested division" means a division or office of the Board assigned primary responsibility by the Board to participate in a particular proceeding.

(o)(ii)T Order Instituting Proceedings.The term "order instituting proceedings" means an order issued by the Board commencing a disciplinary proceeding.

(p)(iii)T Party.The term "party" means the interested division, any person named as a respondent in an order instituting proceedings or notice of a hearing, any applicant named in the caption of any order, or any person seeking Board review of a decision.

(p)(iv)T Person.The term "person" means any natural person or any business, legal or governmental entity or association.

(s)(iii)T Secretary.The term "Secretary" means the Secretary of the Board.

Rule 1002T. Time Computation

In computing any period of time prescribed in or allowed by these Rules or by order of the Board, the day of the act, event, or default from which the designated period of time begins to run shall not be included. The last day of the period so computed shall be included unless it is a Saturday, Sunday, or federal legal holiday, in which event the period runs until the end of the next day that is not a Saturday, Sunday, or federal legal holiday. Intermediate Saturdays, Sundays, and federal legal holidays shall be excluded from the computation when the period of time prescribed or allowed is seven days or less, not including any additional time allowed by rule or order for service by mail. If on the day a filing is to be made, weather or other conditions have caused the Secretary's office or other designated filing location to close, the filing deadline shall be extended to the end of the next day that is neither a Saturday, a Sunday, nor a federal legal holiday.

By the Commission.
Margaret H. McFarland, Deputy Secretary.
ACTION: 6The Commission has considered whether the action will promote efficiency, competition and capital formation.