SEC adopts new rules to permit deregistration by non-US issuers
Sara Hanks and Richard Pritz, Clifford Chance LLP, New York.
At its 21 March 2007 open meeting, the Securities and Exchange Commission (SEC) adopted amendments to current rules governing permanent termination by foreign private (non-governmental) issuers (or FPIs) of registration of their securities with the SEC and related reporting obligations under the Securities Exchange Act 1934. Under the new rules, FPIs may deregister a class of securities if no more than 5% of the average daily trading volume for those securities occurs in the US.
The rest of this document is only available to i-law.com online subscribers.
If you are already a subscriber, please enter your details below to log in.
If you are not already a subscriber, please select one of the options below.
Sign up for a free trial or for further assistance call your Account Manager or our
Customer support: +44 (0)20 7017 7701 Technical Support: +44 (0) 20 7017 4161