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Update on FPI Disclosures

Melissa Klein Aguilar | September 4, 2008

The Securities and Exchange Commission may have spent most of its time last week mapping out a schedule to adopt International Financial Reporting Standards, but it did also vote to update and modernize the disclosure requirements for foreign issuers offering securities in U.S. markets.

The rules adopted Aug. 27 mean foreign reporting companies will be required, after a transition period, to file annual reports with the SEC in four months—two months earlier than currently required, but a month later than the 90 days the SEC initially proposed for accelerated filer FPIs.

The SEC expects the changes to give U.S. investors a better, faster way to get financial information about FPIs. The amendments finalize a trio of proposals published earlier this year; most were adopted substantially as proposed.

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