SEC amends disclosure requirements for foreign companies

On 27 August 2008, the US Securities and Exchange Commission (SEC) announced that it had voted unanimously to adopt three sets of rule amendments relating to disclosure requirements for foreign companies (see also Legal update, SEC proposals to accelerate timing of Form 20-F filed by foreign private issuers).

The amendments include:
  • After a transitional period, foreign reporting companies will be required to file their annual reports with the SEC two months earlier (within four, rather than six, months of the end of the financial year).
  • Foreign companies without SEC registered securities will need to give investors instant electronic access to foreign company disclosure documents on the internet (in English) rather than submit paper disclosures.
  • Changes to "facilitate the ability of US investors to participate in cross-border tender offers and other business combinations".
  • Changes relating to the procedure for exempting foreign private issuers from registering a class of equity securities.
PLC Corporate


 

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