• SEC Reproposes Rules to Ease the Deregistration Process for Foreign Private Issuers
  • July 27, 2007 | Authors: William Greason; Sumantha R. Sedor
  • Law Firm: Chadbourne & Parke LLP - New York Office
  • On December 22, 2006, the SEC reproposed amendments to the rules that govern when a foreign private issuer may terminate the registration of a class of equity securities under Section 12(g) of the Securities Exchange Act of 1934 and the corresponding duty to file reports required under Section 13(a) of the Exchange Act, and when it may terminate its reporting obligations regarding a class of equity or debt securities under Section 15(d) of the Exchange Act. The SEC's reproposal is in response to criticisms regarding the original version of the proposed rules first published in December 2005 and indicates a desire by the SEC to make the United States a more hospitable environment for foreign issuers in order to encourage them to create markets for their securities in the United States.