SEC Adopts Foreign Issuer Reporting Enhancements

Introduction

On September 23, 2008, the Securities and Exchange Commission ("SEC") issued its final rules relating to the reporting requirements of foreign private issuers ("FPIs").¹ These new rules are based on proposals that the SEC issued earlier this year.²

The SEC refers to these changes to the reporting requirements as the "Foreign Issuer Reporting Enhancements." The rule amendments:

• shorten an FPI's deadline for filing an annual report on Form 20-F from six months to four months after the end of its fiscal year;

• reduce the frequency with which foreign issuers must test their eligibility to use the rules and forms that are applicable to FPIs to once per year;