Background
The staff of the Division of Corporate Finance (the “Staff”) at the Securities and Exchange Commission (the “SEC”) on December 8, 2011 changed its policy concerning the review of registration statements filed by foreign private issuers. The Staff announced that, effective immediately, it was limiting the ability of foreign private issuers to make confidential submissions of registration statements in connection with their initial public offerings and initial listings.
As part of a long standing policy, the Staff allowed foreign private issuers and foreign governments to submit registration statements (and amendments) for initial public offerings and initial registrations on a confidential basis. Under the previous policy, the Staff would review and comment on the registration statement on a confidential basis and seek to resolve significant issues before such registra-tion statement became publicly-available on the SEC’s EDGAR Internet site.
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