New SEC Policy Limits Non-Public Submissions from Foreign Private Issuers

December 15, 2011
The staff of the Division of Corporate Finance at the Securities and Exchange Commission announced on December 8 that, effective immediately, it was limiting the ability of foreign private issuers to make confidential submissions of registration statements in connection with their initial public offerings and initial listings. Previously, foreign private issuers and foreign governments were permitted to submit registration statements (and amendments) for initial public offerings and initial registrations on a confidential basis, with the Staff reviewing and seeking to resolve significant issues before such registration statement became publicly available. This update summarizes the new policy and the reasons behind the change.