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Is further guidance needed regarding the types of loans that would be considered “consumer loans” under the proposed amendment? If so, what additional guidance should we provide? C. Proposed Amendment to the Business Relationships Rule

Be in compliance with the applicable independence standards related to the services or relationships when the services or relationships originated and throughout the period in which the applicable independence standards apply; Compliance with the proposed amendments would require the use of professional skills, including accounting and legal skills. The proposed amendments are discussed in detail in Section II above. We discuss the economic impact, including the estimated costs, of the proposed amendments in Section III (Economic Analysis) above. E. Duplicative, Overlapping, or Conflicting Federal Rules

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The reasons for, and objectives of, the proposed rules are discussed in more detail in Sections I and II above. B. Legal Basis and we do not expect a significant learning curve in applying the test for auditors and registrants.

Under the current ICC definition, any entity under common control with an investment adviser or sponsor of an investment company [ 24] The proposed “materiality test” in the amended definition of audit client might require more efforts from audit firms and audit clients to familiarize themselves with and to apply the test. This might potentially increase the compliance costs. However, given that the materiality concept is already part of the Commission's auditor independence rules, [ 81] Additional Guidance on the Reference to “Audit Client” When Referring to Persons Associated With the Audit Client in a Decision-Making Capacity, Including the Beneficial Owner With Significant InfluenceAlternatives that would accomplish our stated objectives while minimizing any significant adverse impact on small entities.

Procedures and controls that allow for prompt identification of potential violations after initial notification of a potential merger or acquisition that may trigger independence violations, but before the transaction has occurred. may broaden the pool of prospective accountants the potential investment company audit client can evaluate and consider to engage as its auditor while being unlikely to increase the potential threat to an auditor's objectivity and impartiality. Proposed paragraph (f)(14)(i)(D) is not meant to change the population of controlling entities an auditor should consider when assessing common control under the current Rule 2–01(f)(14)(i)(B), but rather to be consistent with the common control provision in proposed Rule 2–01(f)(4)(i)(B), with the primary change being the inclusion of a materiality qualifier. Because of the changes to the ICC definition discussed in the preceding section, which direct auditors and consequently, such a benefit may not be significant. The expanded pool of qualified auditors could allow the first time domestic filers to better match auditor expertise to audit engagements. We anticipate that the improved alignment between auditor expertise and audit engagement likely would positively influence audit and financial reporting quality, thereby benefiting investors and improving market efficiency. [ 89] Regarding the first provision, the auditor must be in compliance with the independence standards applicable to the entities involved in the merger or acquisition transaction from the origination of the relationships or services in question and throughout the period prior to the SEC and PCAOB independence standards applying as a result of such transaction.PART 210—FORM AND CONTENT OF AND REQUIREMENTS FOR FINANCIAL STATEMENTS, SECURITIES ACT OF 1933, SECURITIES EXCHANGE ACT OF 1934, INVESTMENT COMPANY ACT OF 1940, INVESTMENT ADVISERS ACT OF 1940, AND ENERGY POLICY AND CONSERVATION ACT OF 1975 Although the proposed amendments in this section will impact an auditor's analysis under Rule 2–01(c) by changing the population of entities that are included in the definition of audit client, the proposed amendments do not alter the application of the general standard in Rule 2–01(b). Because the Commission is not able to ascertain all the permutations of relationships or services that would impair an auditor's objectivity and impartiality, the Commission focused “the legal standard [in Rule 2–01(b)] by including the explicit reference to `all relevant facts and circumstances.'” [ 17] Have in place a quality control system as described in Rule 2–01(d)(3) that has the following features: However, the auditor market is highly concentrated, and such cost savings are likely to be limited. The expanded pool of qualified auditors also might improve matching between auditor expertise and audit task, thereby improving audit efficiency and reducing audit costs. [ 78]