The Commission is adopting new rule 206(4)-7 under the Advisers Act and new rule 38a-1 under the Investment Company Act.9 The new rules require each registered investment adviser and each fund to adopt and implement compliance programs that conform to the new rules. That is what it costs to replace lost certificates. 99 Rule 38a-1(c) prohibits the fund's officers, directors, employees, or its adviser or principal underwriter or any person acting under the direction of these persons, from directly or indirectly taking any action to coerce, manipulate, mislead, or fraudulently influence the fund's chief compliance officer in the performance of compliance responsibilities under the rule. Many of these funds and advisers also have well-staffed compliance departments. Third, we are requiring that the chief compliance officer meet in executive session with the independent directors at least once each year, without anyone else (such as fund management or interested directors) present.85 The executive session creates an opportunity for the chief compliance officer and the independent directors to speak freely about any sensitive compliance issues of concern to any of them, including any reservations about the cooperativeness or compliance practices of fund management. We take care of all your paper needs and give a 24/7 customer care support system. Sales and marketing expenses decreased $82 million or 2%, mainly due to a reduction in headcount-related expenses and lower fees paid to third-party enterprise software advisors. This collection of information is mandatory. Most commenters noted that the proposed rules would enhance the effectiveness of the Commission's examination program and oversight of funds and advisers. 29 Some commenters urged us to permit funds to simply rely on their service providers' policies and procedures. As these updates and upgrades will not be sold on a stand-alone basis, we are unable to establish VSOE of fair value. The titles of these new collections are "Rule 38a-1" and "Rule 206(4)-7." LinkedIn faces competition from online recruiting companies, talent management companies, and larger companies that are focusing on talent management and human resource services; job boards; traditional recruiting firms; and companies that provide learning and development products and services. We repurchased the following shares of common stock under the share repurchase programs: Shares repurchased during the third and fourth quarter of fiscal year 2017 were under the share repurchase program approved September 20, 2016. Premium Subscriptions also includes Sales Solutions, which helps sales professionals find, qualify, and create sales opportunities and accelerate social selling capabilities. Server products and cloud services revenue grew $686 million or 4%, driven by revenue growth from Azure of 113%, offset in part by a decline in transactional revenue from our on-premises server products. In July 2016, the German Supreme Court heard our appeal contesting the legality of the levy assessed on phones with music players and over five megabytes of memory. Millions of visitors travel to . 78a-mm), the Sarbanes-Oxley Act of 2002 (Pub. 18 Section 204A of the Advisers Act [15 U.S.C. The weighted average grant-date fair value of stock awards granted was $55.64, $41.51, and $42.36 for fiscal years 2017, 2016, and 2015, respectively. Where elements are delivered over different periods of time, and when allowed under U.S. GAAP, revenue is allocated to the respective elements based on their relative selling prices at the inception of the arrangement, and revenue is recognized as each element is delivered. The estimates used to calculate the fair value of a reporting unit change from year to year based on operating results, market conditions, and other factors. We primarily used the income approach to determine the fair value of the intangible assets and determine the amount of impairment. 80b-4a] requires registered investment advisers to have written policies and procedures reasonably designed to prevent the misuse of material nonpublic information by the advisers or persons associated with the advisers. Our derivative programs include strategies that both qualify and do not qualify for hedge accounting treatment. We generate revenue by licensing and supporting an array of software products, by offering a wide range of cloud-based and other services to consumers and businesses, by designing, manufacturing, and selling devices that integrate with our cloud-based services, and by delivering relevant online advertising to a global audience. If recognized, these tax benefits would affect our effective tax rates for fiscal years 2017, 2016, and 2015, by $10.2 billion, $8.8 billion, and $7.9 billion, respectively. In addition, we expect existing foreign cash, cash equivalents, short-term investments, and cash flows from operations to continue to be sufficient to fund our foreign operating activities and cash commitments for investing activities, such as material capital expenditures, for at least the next 12 months and thereafter for the foreseeable future. As of June 30, 2016, we had $12.9 billion of commercial paper issued and outstanding, with a weighted-average interest rate of 0.43% and maturities ranging from 1 day to 99 days. Sales and marketing expenses increased $842 million or 6%, primarily due to LinkedIn expenses and increased investments in sales capacity for our commercial cloud, offset in part by a reduction in phone expenses and prior year marketing expenses primarily related to Surface, commercial, and Windows 10. As of June 30, 2017, the primary unresolved issue relates to transfer pricing, which could have a significant impact on our consolidated financial statements if not resolved favorably. Research and development expenses increased $567 million or 21% and sales and marketing expenses increased $347 million or 9%, driven by increased strategic investments and acquisitions to drive cloud sales capacity and innovation. Find your inspiration . /s/    DELOITTE & TOUCHE LLP As of June 30, 2017, we have not provided deferred U.S. income taxes or foreign withholding taxes on temporary differences of approximately $142 billion resulting from earnings for certain non-U.S. subsidiaries which are permanently reinvested outside the U.S. In deploying technology that advances business strategy, enterprises decide what solutions will make employees more productive, collaborative, and satisfied, and connect with customers in new and compelling ways. As of June 30, 2017, the primary unresolved issue relates to transfer pricing, which could have a significant impact on our consolidated financial statements if not resolved favorably. We develop, license, and support a wide range of software products, services, and devices that deliver new opportunities, greater convenience, and enhanced value to people’s lives. See Note 18 – Stockholders’ Equity of the Notes to Financial Statements for further discussion. In middleware, we compete against Java vendors. While many commenters agreed that fund and investment adviser compliance benefits from clear allocation of compliance responsibilities, they argued that large firms would benefit little from requiring a single person to be designated. Productivity and Business Processes revenue increased slightly, primarily due to an increase in Office and Dynamics revenue. We expect capital expenditures to increase in coming years to support growth in our cloud offerings. See infra text accompanying footnote 91. Our fair value processes include controls that are designed to ensure appropriate fair values are recorded. 127 The number of small investment advisers is derived from the Commission's Investment Adviser Registration Depository. Transfer title to the Postal Service and deliver as directed by the contracting officer: ... coordination drawings, and schedules must be submitted to the contracting officer, with a letter in triplicate, sufficiently in advance of construction requirements to permit at least 10 working days for checking and appropriate action. The respondents are investment companies registered with us and business development companies. However, because all elements are accounted for as subscriptions and have the same coverage period and delivery pattern, they have the same revenue recognition timing. Microsoft enters into arrangements that can include various combinations of software, services, and hardware. We now have the widest range of Windows hardware ever available. Create my CV. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company’s internal control over financial reporting as of June 30, 2017, based on the criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated August 2, 2017 expressed an unqualified opinion on the Company’s internal control over financial reporting. Reporting and recordkeeping requirements, Securities. Where elements are delivered over different periods of time, and when allowed under U.S. GAAP, revenue is allocated to the respective elements based on their relative selling prices at the inception of the arrangement, and revenue is recognized as each element is delivered. The productivity experiences and tools we deliver will unlock the creator in all of us and enable seamless teamwork not just in the workplace, but also at school and at home across all the devices people use — from the phone to the laptop to mixed-reality headsets to the whiteboard. The Microsoft Cloud Solution Provider program offers customers an easy way to license the cloud services they need in combination with the value-added services offered by their systems integrator, hosting partner, or cloud reseller partner. From time to time, to hedge our price risk, we may use and designate equity derivatives as hedging instruments, including puts, calls, swaps, and forwards. Income taxes paid, net of refunds, were $2.4 billion, $3.9 billion, and $4.4 billion in fiscal years 2017, 2016, and 2015, respectively. Gains and losses from changes in fair values of derivatives that are not designated as hedges are primarily recognized in other income (expense), net. The standard will be effective for us beginning July 1, 2018, with early adoption permitted. We elected to early adopt the standard effective July 1, 2017. These reviews include analysis of demand forecasts, product life cycle status, product development plans, current sales levels, pricing strategy, and component cost trends. 14 Advisers already are subject to requirements to maintain written compliance policies and procedures in certain areas. Certain corporate-level activity is not allocated to our segments, including impairment, integration, and restructuring expenses. Windows OEM non-Pro revenue grew 1%, outperforming the consumer PC market, primarily due to a higher mix of premium devices sold. Diluted EPS was negatively impacted by the net revenue deferral from Windows 10 and impairment, integration, and restructuring expenses, which resulted in a decrease to diluted EPS of $0.69. As of June 30, 2016, the total notional amounts of fixed-interest rate contracts purchased and sold were $328 million and $2.4 billion, respectively. We concluded that backward pricing resulted in dilution of the value of fund shares, and that it disrupted fund management by encouraging short-term trading in funds by speculators seeking to take advantage of fund prices that did not reflect the current value of the fund portfolio. Advisers may be denied eligibility to advise funds.101 In addition, advisers could be precluded from serving in other capacities.102. Upon completion of the annual testing as of May 1, 2015, our previous Phone Hardware reporting unit goodwill was determined to be impaired. Founded in 1975, we operate worldwide in over 190 countries. Read the body paragraphs of an argumentative essay. As of June 30, 2017, our long-term unsecured debt rating was AAA, and cash investments were in excess of $1.0 billion. Additionally, our effective tax rate in fiscal year 2017 reflects the realization of tax benefits attributable to previous phone business losses. Operating expenses increased $2.4 billion or 26%, mainly due to LinkedIn and cloud engineering expenses. Our foreign regional operating centers, which are taxed at rates lower than the U.S. rate, generated 64%, 69%, and 73% of our foreign income before tax in fiscal years 2017, 2016, and 2015, respectively. These records must be maintained for at least five years after the end of the fiscal year in which the documents were provided to the board, the first two years in an easily accessible place. All repurchases were made using cash resources. We have galvanized the company’s efforts around AI both to power each of our product categories with breakthrough capabilities and make the same capabilities available to our customers through Azure. We are investing significant resources in: Our future growth depends on our ability to transcend current product category definitions, business models, and sales motions. Mass apology Email. Microsoft Cloud Solution Provider is our main partner program for reselling cloud services. Apply online. Nokia, along with other handset manufacturers and network operators, is a defendant in a 2013 class action lawsuit filed in the Supreme Court of British Columbia by a purported class of Canadians who have used cellular phones for at least 1,600 hours, including a subclass of users with brain tumors. of this release, supra, and with respect to the chief compliance officer's annual report with regard to service providers, as discussed in section II.C.2. Because records may be maintained electronically, the cost of maintaining copies of all compliance policies and procedures in place during the past five years will be contained. These individuals have harmed the funds, their management organizations, and the confidence of fund investors. 77q], section 10(b) of the Securities Exchange Act [15 U.S.C. The remaining sections of this Attachment (except for the requirement for certification) summarize the provisions of Subpart E of 45 CFR Part 95. The respondents are investment advisers registered with us. Stock-based compensation expense and related income tax benefits were as follows: Stock awards entitle the holder to receive shares of Microsoft common stock as the award vests. STATEMENT OF MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL STATEMENTS. Comment Date: Comments requested in section II.F of this release should be received on or before February 5, 2004. In addition, we use “To Be Announced” forward purchase commitments of mortgage-backed assets to gain exposure to agency mortgage-backed securities. Resume Help’s cover letter builder makes it easy to quickly put together custom cover letters that match the look of your resume. This choice should be up to you! What differentiates Azure is our hybrid consistency, developer productivity, and software-as-a-service (“SaaS”) application integration. Our responsibility is to express an opinion on these financial statements based on our audits. Product Revenue and Service and Other Revenue. Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases and are stated at enacted tax rates expected to be in effect when the taxes are paid or recovered. We can provide you a sample Letter of Instruction to send to the stock transfer agent. 86 Rule 38a-1(c). 72 Rule 206(4)-7(c). Top 11 job tips for pricing interview (details in next page) 44. General and administrative expenses include payroll, employee benefits, stock-based compensation expense, severance expense, and other headcount-related expenses associated with finance, legal, facilities, certain human resources and other administrative personnel, certain taxes, and legal and other administrative fees. For the latest information about coronavirus, visit the Centers for Disease Control (CDC). Our common stock is traded on the NASDAQ Stock Market under the symbol MSFT. Requiring funds and investment advisers to design and implement a comprehensive internal compliance program will serve to reduce the risk that fund investors and advisory clients (collectively, "investors") will be harmed by violations of the securities laws. This prohibition is similar to the prohibition on unduly influencing auditors found in section 303(a) of the Sarbanes-Oxley Act [Pub. Cash used in investing increased $22.8 billion to $46.8 billion, mainly due to a $24.6 billion increase in cash used for acquisitions of companies, net of cash acquired, and purchases of intangibles and other assets, offset in part by a $1.9 billion decrease in cash used for net investment purchases, sales, and maturities. In addition, certain costs incurred at a corporate level that are identifiable and that benefit our segments are allocated to them. The officer of the Corporation who has charge of the stock ledger of the Corporation shall prepare and make, at least ten (10) days before any meeting of shareholders, a complete list of the shareholders entitled to vote at the meeting, arranged alphabetically, and showing the address of each shareholder and the number of shares held by each shareholder. Surface is designed to help organizations, students, and consumers be more productive. Similarly, the board's review of the chief compliance officer's annual report should focus on ensuring that the compliance programs of the fund and its service providers are reasonably designed and functioning effectively. Employees purchased the following shares during the periods presented: As of June 30, 2017, 129 million shares of our common stock were reserved for future issuance through the ESPP. The new rules do not alter those requirements. We are subject to income tax in many jurisdictions outside the U.S. Our operations in certain jurisdictions remain subject to examination for tax years 1996 to 2017, some of which are currently under audit by local tax authorities. Nor does it require advisers to memorialize every action that must be taken in order to remain in compliance with the Advisers Act. 7 To date, we have brought 10 enforcement actions. Bachelor of Arts – Business Administration. 131 As stated above, the rules impose no reporting requirements. The other collection of information takes the form of amendments to a currently approved collection titled "Rule 204-2," under OMB control number 3235-0278. Based on our assessment of key technology trends, we maintain our long-term commitment to research and development across a wide spectrum of technologies, tools, and platforms spanning digital work and life experiences, cloud computing, AI, and hardware operating systems. A compliance officer who does have supervisory responsibilities can continue to rely on the defense provided for in section 203(e)(6) of the Advisers Act [15 USC 80b-3(e)(6)]. The implied fair value of the goodwill was then compared to the recorded goodwill to determine the amount of the impairment. We manage these exposures relative to global commodity indices and expect their economic risk and return to correlate with these indices. 30 In this release, we use the term "fund complex" to mean a group of funds that share a compliance program and a common investment adviser and/or distributor. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial statements as of and for the year ended June 30, 2017 of the Company and our report dated August 2, 2017 expressed an unqualified opinion on those financial statements. We use credit default swap contracts, not designated as hedging instruments, to manage credit exposures relative to broad-based indices and to facilitate portfolio diversification. Xbox software and services revenue increased 11%, driven by a higher volume of Xbox Live transactions and revenue per transaction. 8304 (Oct. 16, 2003) (finding that a former executive of an investment adviser to a fund complex, in contravention of fund disclosures, approved agreements that permitted select investors to time certain funds in the complex); In re Markovitz, Securities Act Release No. filed Oct. 28, 2003) (alleging that two senior investment executives of an investment adviser engaged in repeated short-term trading in their personal accounts of funds over which they had investment decision-making responsibility and about which they had access to nonpublic information); In re Sihpol, Administrative Proceeding No. As a multinational corporation, we have both a substantial opportunity and a high responsibility to ensure that technology’s benefits reach people more broadly across our global society and economy. 95 Rules 38a-1(d)(3) and 204-2(a)(17)(ii). Search Transfer pricing jobs in Belgium with company ratings & salaries. Our strategy is to build best-in-class platforms and productivity services for an intelligent cloud and an intelligent edge infused with artificial intelligence (“AI”). Subcontractor cost or pricing data must be accurate, complete and current as of the date of final price agreement, or an earlier date agreed upon by the parties, given on the prime contractor's Certificate of Current Cost or Pricing Data. Submit only information you wish to make publicly available. The major classes of assets and liabilities to which we allocated the purchase price were as follows: Following are the details of the purchase price allocated to the intangible assets acquired: Our consolidated income statement includes the following revenue and operating loss attributable to LinkedIn since the date of acquisition: Following are the supplemental consolidated financial results of Microsoft Corporation on an unaudited pro forma basis, as if the acquisition had been consummated on July 1, 2015: These pro forma results were based on estimates and assumptions, which we believe are reasonable. 3507(d) and 5 CFR 1320.11. Compensation cost for stock awards, which include restricted stock units (“RSUs”) and performance stock units (“PSUs”), is measured at the fair value on the grant date and recognized as expense, net of estimated forfeitures, over the related service or performance period. We enable organizations to securely adopt SaaS applications, both our own and third-party, and integrate them with their existing security and management infrastructure. 98% success rate. Helping businesses digitally transform and move to the cloud is one of our largest opportunities. In addition, our hybrid infrastructure spans identity, data, compute, management, and security, helping to support the real-world needs and evolving regulatory requirements of commercial customers and enterprise-focused SaaS partners. We lend certain fixed-income and equity securities to increase investment returns. We invest heavily to make Windows the most secure, manageable, and capable operating system for the needs of a modern workforce. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded to other income (expense), net and a new cost basis in the investment is established. LinkedIn is reported as part of our Productivity and Business Processes segment. Turlock Livestock Auction Yard, Inc. (Turlock, CA) reports 269 Heifers (608 lbs) @ $133.75 (05/22 12:16 PM CDT) Heifer Prices - Heifers All Weights Microsoft Surface revenue decreased 2%, driven by a reduction in volumes sold, offset in part by a higher mix of premium devices. We elected the available practical expedients on adoption. For fiscal year 2016, other reflects recognized losses from divestitures and certain joint ventures. Integration expenses associated with the acquisition of NDS were $435 million in fiscal year 2015. In light of our recent enforcement actions against a number of fund managers and service providers,38 we are taking this opportunity to review the application of these policies and procedures to several important areas of compliance with the federal securities laws by funds and their service providers. Goodwill is tested for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis (May 1 for us) and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value.
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