SEC News Digest (Issue 2010-27; February 17, 2010)

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ENFORCEMENT PROCEEDINGS

Nevanna Sacks, CPA Reinstated to Appear and Practice Before the Commission as an Accountant Responsible for the Preparation or Review of Financial Statements Required to be Filed With the Commission

Pursuant to Rule 102(e)(5)(i) of the Commission's Rules of Practice, Nevanna Sacks, CPA has applied for and been granted reinstatement of her privilege to appear and practice before the Commission as an accountant responsible for the preparation or review of financial statements required to be filed with the Commission. Ms. Sacks's privilege of appearing or practicing before the Commission as an accountant was denied on June 7, 2006. Her reinstatement is effective immediately. (Rel. 34-61518; AAE Rel. 3114; File No. 3-12326)

Commission Revokes Registration of Securities of Purchasesoft, Inc. for Failure to Make Required Periodic Filings

On Feb. 17, 2010, the Commission revoked the registration of each class of registered securities of PurchaseSoft, Inc. (PurchaseSoft) for failure to make required periodic filings with the Commission.

Without admitting or denying the findings in the Order, except as to jurisdiction, which it admitted, PurchaseSoft consented to the entry of an Order Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934 as to PurchaseSoft, Inc. finding that it had failed to comply with Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) and Rules 13a-1 and 13a-13 thereunder and revoking the registration of each class of PurchaseSoft's securities pursuant to Section 12(j) of the Exchange Act. This order settled the charges brought against PurchaseSoft in In the Matter of PCC Group, Inc., et al., Administrative Proceeding File No. 3-13762.

Brokers and dealers should be alert to the fact that Exchange Act Section 12(j) provides, in pertinent part, as follows:

No member of a national securities exchange, broker, or dealer shall make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce the purchase or sale of, any security the registration of which has been and is suspended or revoked . . . .

For further information see Order Instituting Administrative Proceedings and Notice of Hearing Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of PCC Group, Inc., et al., Administrative Proceeding File No. 3-13762, Exchange Act Release No. 61420 (Jan. 26, 2010). (Rel. 34-61525; File No. 3-13762)

Commission Revokes Registration of Securities of East Delta Resources Corp. for Failure to Make Required Periodic Filings

On Feb. 17, 2010, the Commission revoked the registration of each class of registered securities of East Delta Resources Corp. (East Delta) for failure to make required periodic filings with the Commission.

Without admitting or denying the findings in the Order, except as to jurisdiction, which it admitted, East Delta consented to the entry of an Order Making Findings and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934 as to East Delta finding that it had failed to comply with Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) and Rules 13a-1 and 13a-13 thereunder and revoking the registration of each class of East Delta securities pursuant to Section 12(j) of the Exchange Act. This order settled the proceedings brought against East Delta in In the Matter of East Delta Resources Corp., Administrative Proceeding File No. 3-13765.

Brokers and dealers should be alert to the fact that Exchange Act Section 12(j) provides, in pertinent part, as follows:

For further information see Order Instituting Administrative Proceedings and Notice of Hearing Pursuant to Section 12(j) of the Securities Exchange Act of 1934, In the Matter of East Delta Resources Corp., Administrative Proceeding File No. 3-13765, Exchange Act Release No. 61423, Jan. 26, 2010. (Rel. 34-61526; File No. 3-13765)

Thomas T. Emerton, III, Sanctioned

Thomas T. Emerton, III (Emerton), of New Port Richey, Florida, has been barred from association with any broker or dealer. The sanction was ordered in an administrative proceeding before an administrative law judge, following a court-ordered injunction against him. In November 2006, Emerton was enjoined from violating the antifraud provisions of the federal securities laws based on his involvement in a fraudulent offering of about $78 million in securities issued by U.S. Reservation Bank & Trust, a phony bank based in Arizona. (Rel. 34-61527; File No. 3-13748)

INVESTMENT COMPANY ACT RELEASES

iShares Trust, et al.

A notice has been issued giving interested persons until March 9, 2010, to request a hearing on an application filed by iShares Trust, et al., for an order to amend a prior order that permits certain registered open-end management investment companies (Investing Management Companies) and unit investment trusts (Investing UITs, collectively with Investing Management Companies, Investing Funds) to acquire shares of other registered open-end management investment companies and unit investment trusts that operate as exchange-traded funds (ETFs) and are outside the same group of investment companies as the Investing Funds. The order would modify certain conditions of the prior order to permit: (a) Investing Management Companies that are subadvised by an investment adviser to such ETFs (or an affiliated person of the investment adviser) to acquire shares of the ETFs, and (b) Investing Funds to acquire shares of a series of a registered open-end management investment company that carries out its investment strategies by investing in a wholly owned subsidiary. (Rel. IC-29129 - February 16)

SELF-REGULATORY ORGANIZATIONS

Proposed Rule Change

The Depository Trust Company filed a proposed rule change (SR-DTC-2010-03) pursuant to Section 19(b)(1) of the Act that would eliminate the option to receive a physical certificate from DTC for unsponsored American Depositary Receipts that are a part of DTC's Fast Automated Transfer Program. Publication is expected in the Federal Register during the week of February 15. (Rel. 34-61507)

Immediate Effectiveness of Proposed Rule Changes

A proposed rule change filed by BATS Exchange related to fees for use of the Exchange (SR-BATS-2010-001) has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of February 15. (Rel. 34-61508)

The Commission issued notice of filing and immediate effectiveness of proposed rule change (SR-NYSEArca-2010-05) filed by NYSE Arca under Rule 19b-4 of the Securities Exchange Act of 1934 amending its fee schedule. Publication is expected in the Federal Register during the week of February 15. (Rel. 34-61512)

A proposed rule change filed by the Financial Industry Regulatory Authority (SR-FINRA-2010-008) relating to non-substantive technical changes to amend Incorporated NYSE Rule 312(g)(1) so as to delete certain provisions that are rendered obsolete by the adoption of new FINRA Rule 4110 in FINRA's consolidated rulebook has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of February 15. (Rel. 34-61513)

A proposed rule change filed by The NASDAQ Stock Market to modify fees for members using the NASDAQ Market Center and to correct a typographical error in Rule 7018 (SR-NASDAQ-2010-014) has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of February 15. (Rel. 34-61515)

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