SEC Provides Automatic Exemption From Exchange Act Section 12(g) For Foreign Private Issuers

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The Securities and Exchange Commission has adopted,

effective October 10, 2008, amendments to the rule that

exempts a foreign private issuer from having to register a

class of equity securities under §12(g) of the Securities

Exchange Act of 1934 based on the submission of certain

information published by the issuer outside the United

States. The exemption allows for the trading of the equity

securities of a foreign private issuer in the United States

over-the-counter market without registration under Section

12(g).

Pryor Cashman partner John J. Crowe and associate Robert

C. Lamonica have written an informative Legal Update about the exemption, entitled ?SEC Provides Automatic Exemption From Exchange Act Section 12(g) For Foreign Private Issuers?.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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