U.S. Securities Laws and Foreign Private Issuers (2007 Edition) [Paperback] [Jan 31, 2007] Lane, Brian

Brian Lane (editor)

ISBN 10: 1905121148 / ISBN 13: 9781905121144

Published by City and Financial Publishing, 2007

Seller Inventory # V9-WXOD-YWDN

Synopsis:

The attitude of foreign private issuers to the U.S. Securities Exchange Commission can be characterised as one of apprehension. Sarbanes-Oxley - a sweeping piece of legislation that aimed to combat corporate and accounting fraud - is generally recognised as placing heavy burdens on U.S. and foreign companies and dramatically increasing the cost of an SEC Registration. Section 404, which requires company management to assess and publicly report on the effectiveness of a company's internal controls, has attracted particular criticism. Concerns about Sarbanes and the prospect of U.S. lawsuits have combined to reduce the number of new foreign listings in the U.S. and to increase the pool of foreign companies seeking to de-list. However, even if they wish to de-register rather than bear the compliance costs, very few foreign issuers could do so even under the SEC's recently revised de-registration procedures. Notwithstanding these concerns, the U.S. capital markets are the most liquid in the world and many foreign private issuers continue to look to the US market to raise capital. This book has been written to dispel myths surrounding SEC regulation and to provide useful explanations about what a foreign issuer needs to know about making offers in the U.S. Drawing on a panel of expert authors, the chapters address the key areas of U.S. regulation, in a reader-friendly style. In response to criticism about the regulatory burden the SEC has come up with a set of rule changes to make offerings easier for all issuers. Foreign private issuers will be able to take advantage of gun-jumping rules and the modernisation of the shelf offering rules. Moreover, foreign private issuers that are Well Known Seasoned Investors (WJSIs) will be able to conduct rights offerings much more efficiently via automatic shelf registration. These are examined in a separate chapter.

Synopsis: The attitude of foreign private issuers to the U.S. Securities Exchange Commission can be characterised as one of apprehension. Sarbanes-Oxley - a sweeping piece of legislation that aimed to combat corporate and accounting fraud - is generally recognised as placing heavy burdens on U.S. and foreign companies and dramatically increasing the cost of an SEC Registration. Section 404, which requires company management to assess and publicly report on the effectiveness of a company's internal controls, has attracted particular criticism. Concerns about Sarbanes and the prospect of U.S. lawsuits have combined to reduce the number of new foreign listings in the U.S. and to increase the pool of foreign companies seeking to de-list. However, even if they wish to de-register rather than bear the compliance costs, very few foreign issuers could do so even under the SEC's recently revised de-registration procedures. Notwithstanding these concerns, the U.S. capital markets are the most liquid in the world and many foreign private issuers continue to look to the US market to raise capital.

Bibliographic Details

Title: U.S. Securities Laws and Foreign Private ...
Publisher: City and Financial Publishing
Publication Date: 2007
Binding: Soft cover
Condition: As New