Foreign (Non-U.S.) Issuers

The SEC recently provided some data on registered offerings by foreign issuers, noting that

• In 2013, there were approximately 50 new foreign registrants;
• Since the passage of the JOBS Act, there have been over 100 foreign private issuers making confidential submissions to the SEC;
• Over half of these submissions resulted in public filings of registration statements;
• Approximately 50% of the draft submissions since the JOBS Act was adopted include financial statements prepared in accordance with IFRS.

Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.