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GAO-06-1106R 1 (2006-09-25)

handle is hein.gao/gaobadwpr0001 and id is 1 raw text is: 

   I
   GA 0
T M   WAccountability * Integrity * Reliability
United States Government Accountability Office
Washington, DC 20548


          B-298805


          September 25, 2006

          The Honorable Richard C. Shelby
          Chairman
          The Honorable Paul S. Sarbanes
          Ranking Minority Member
          Committee on Banking, Housing, and Urban Affairs
          United States Senate

          The Honorable Michael G. Oxley
          Chairman
          The Honorable Barney Frank
          Ranking Minority Member
          Committee on Financial Services
          House of Representatives

          Subject: Secuities and Exchange Commission: Executive Compensation and Related
                  Person Disclosure

          Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a
          major rule promulgated by the Securities and Exchange Commission (SEC), entitled
          Executive Compensation and Related Person Disclosure (RIN: 3235-AI80). We
          received the rule on August 11, 2006. It was published in the Federal Register as a
          final rule on September 8, 2006. 71 Fed. Reg. 53158.

          The final rule modifies disclosure requirements for executive and director
          compensation, related person transactions, director independence and other
          corporate governance matters and security ownership of executive officers and
          directors.

          Enclosed is our assessment of the SEC's compliance with the procedural steps
          required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule.
          Our review indicates that the SEC complied with the applicable requirements.

          If you have any questions about this report, please contact James W. Vickers,
          Assistant General Counsel, at (202) 512-8210. The official responsible for GAO
          evaluation work relating to the subject matter of the rule is Richard J. Hillman,


GAO-06-1106R

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