The Public Company Accounting Oversight Board ("PCAOB") has announced a change in its approach to registration applications from firms in non-U.S. jurisdictions where the PCAOB is denied access to information necessary for an inspection of those firms because of asserted legal restrictions under local law. Effective October 7, 2010, all pending and future applications from accounting firms in such jurisdictions will require the applicant to state its understanding of whether a PCAOB inspection of the firm would currently be allowed under local law. If the applicant responds that PCAOB inspection would not currently be allowed, the Board will issue a Notice of Hearing to consider whether approval of the application would be consistent with the Board's responsibility under the Sarbanes-Oxley Act of 2002. Press Release.