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FPI Amendments, Cross-Border Tender Offer Guidance

Melissa Klein Aguilar | September 24, 2008

For those looking for some light reading, the Securities and Exchange Commission has posted the 119-page adopting release for its Foreign Issuer Reporting Enhancements, part of a package of amendments approved Aug. 27 to modernize its rules relating to foreign private issuers.

As Compliance Week reported, most of the amendments are expected to be helpful to issuers. The FIRE amendments require FPIs to file annual reports with the SEC in four months, instead of six; allow issuers to test their eligibility to use the special FPI forms and rules once a year; and eliminate an option that permitted some FPIs to omit segment data from their U.S. GAAP financial statements.

The rule takes effect 60 days after publication in the Federal Register. The...

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