SEC Amends Rules Exempting Foreign Private Issuers from Registering Securities

September 25, 2008
The Securities and Exchange Commission recently published amendments to the rules exempting foreign private issuers from registering their securities with the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), in certain circumstances. These amendments would simplify the process of obtaining and maintaining an exemption from Exchange Act registration and would also reduce related costs. This update examines the amendments as well as their potential impact on foreign private issuers seeking to establish American Depository Receipt programs in the U.S.