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SEC Provides Relief To Non-U.S. Issuers

Law360 (April 20, 2007, 12:00 AM EDT) -- * Introduction *

On March 21, 2007, the U.S. Securities and Exchange Commission voted unanimously to approve new and more lenient exit rules for “foreign private issuer” deregistration.

A “foreign private issuer” is a company that is incorporated outside the United States and in which:

• U.S. residents do not hold a majority of the shares; or

• if U.S. residents do hold a majority of the shares, then:

– a majority of its directors and officers are not U.S. citizens or residents;

– its business...
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