SEC Provides Relief To Non-U.S. Issuers
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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