SEC Proposes Amendments To Rules Affecting Non-U.S. Issuers

On February 13, 2008, the U.S. Securities and Exchange Commission (SEC) held an open meeting to discuss certain proposals to amend current SEC Rules that relate to the exemption from registration under Rule 12g3-2(b) under the U.S. Securities Exchange Act of 1934, as amended (Exchange Act), and certain other SEC Rules related to disclosure requirements for Non-U.S. issuers.¹ The Commissioners unanimously approved the proposals which will be published in the near future and subject to a comment period.

Below is a brief summary of the relevant proposed amendments based on the discussions at the meeting.²

Proposed Rule 12g3-2(b) Amendments