The Securities and Exchange Commission has proposed a slate of changes for how foreign private issuers must report their financial statements, part of the agency’s continuing effort to keep the United States’ competitive edge in the world capital markets.
Among the changes proposed at an SEC meeting last week: ending a requirement that FPIs make paper submissions when seeking an exemption from registration and shortening the filing deadline for annual reports on Form 20-F. SEC staff members say the proposed amendments should give investors better access to a foreign issuer’s non-U.S. disclosure documents and reduce compliance costs for issuers.
