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SEC Updates Financial Reporting Manual

Joe Mont | October 24, 2014

The Securities and Exchange Commission’s Division of Corporation Finance has updated its Financial Reporting Manual, a guidebook intended to help SEC staff review compliance with reporting and disclosure rules. Although primarily intended for internal use, the updates serve as a resource for compliance officers, corporate counsel, and other who need to keep abreast of filing expectations.

Among the changes and clarifications included in the October 2014 update:

Transactions that Result in a Foreign Private Issuer Ceasing to be a Shell Company

A foreign private issuer may cease to be a shell company as a result of a reverse acquisition or merger. In this situation, the transaction, including financial statements of the other party to the transaction, must be reported on a Form 20-F within four business days of completion. The Form 20-F that is filed must include the same information as a registration of securities on Form 20-F.

If the...

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