Preserving or enhancing existing investor protections. Many of our initiatives for foreign issuers have had the goal of reducingīarriers to cross-border offerings and listings in the United States, while We also are revising the definition ofįoreign private issuer in Securities Act Rule 405 13 We are adopting amendments to Rulesģ-01, 3-02 and 3-12 under Regulation S-X 11 To conform references to the items in Form 20-F that are being revised inĬonnection with the amendments to Form 20-F. We are adopting amendments to Rule 3-20 under Regulation S-X, 4 2Īs part of those amendments, we are deleting Rule 3-19 under Regulation S-X. Under the Securities Exchange Act of 1934. Supplementary Information: We are adopting amendments to Form 20-F 1 International Corporate Finance, Division of Corporation Finance at (202) International Counsel, or Rani Doyle, Special Counsel, in the Office of A registrant voluntarily may comply with any of the revised formsĪny time after these amendments become effective, but priorįor Further Information Contact: Sandra Folsom Kinsey, Senior.Time after the registrant is required to file its first Post-effective amendments on those forms filed for the first Registrants eligible to incorporate information from a Form 20-FĪnnual report must comply with the revisions to Forms F-2Īnd F-3 and to Form F-4 for registration statements and.Respect to fiscal years ending on or after September 30, Or transition reports on that form that are filed with Registrants must comply with the revisions to Form 20-F for annual.We also are revising theĭefinition of "foreign private issuer" to give clearer guidance on howįoreign companies should determine whether their shareholders are U.S. The registration statements used by foreign private issuers under the SecuritiesĪct of 1933 to reflect the changes in Form 20-F. Will replace most of the non-financial statement disclosure requirements of FormĢ0-F, the basic disclosure document for foreign private issuers. Securities Commissions in September 1998. International disclosure standards endorsed by the International Organization of Summary: The Securities and Exchange Commission is adopting revisedĭisclosure requirements for foreign private issuers to conform to the S7-3-AH62 International Disclosure StandardsĪgency: Securities and Exchange Commission International Disclosure Standards Securities and Exchange Commission 17 CFR Parts 210, 228, 229, 230, 239, 240, 249 and 260 File No. In all cases where an auditor's name is associated with financial statements, the auditor should clearly indicate the character of the auditor's work, if any, and the degree of responsibility the auditor is taking, in the auditor's report.Final Rule: International Disclosure Standards When the auditor cannot express an overall opinion, the auditor should state the reasons in the auditor's report. The auditor's report must either express an opinion regarding the financial statements, taken as a whole, or state that an opinion cannot be expressed.If the auditor determines that informative disclosures in the financial statements are not reasonably adequate, the auditor must so state in the auditor's report.The auditor must identify in the auditor's report those circumstances in which such principles have not been consistently observed in the current period in relation to the preceding period.The auditor must state in the auditor's report whether the financial statements are presented in accordance with generally accepted accounting principles.
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