The SEC, seeking to respond to information technology advances and increased globalization securities markets, has amended certain requirements relating to foreign private issuers as part of its initiative to improve and modernize existing reporting and disclosure requirements. Under the new disclosure requirements, foreign private issuers may test their eligibility once every year, must disclose information about changes in their certifying accountant and about certain fees and payments. They are also are required to disclose information with respect to significant changes in their corporate governance practices compared to those applicable to US domestic companies under appropriate exchange's listing standards. Additionally, there are also existing deadlines that must be observed as well as incentives for companies who engage in proactive compliance.
Learn about these filing deadlines for annual reports on various forms in the US and the incentives for cooperating companies. Understanding New Foreign Private Issuers Disclosure Requirements LIVE Webcast will help you learn adjust to these changes as well as knowing how to test the eligibility of a foreign private issuer. This is a must attend event for the FPI community.
Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Conference
Recommended CLE/CPE Hours: 2.0
(Please note, your State Bar or Accounting Board will make the final determination with respect
to continuing education credit.)
Advance Preparation: Print and review course materials
Course Code: 093911
Ellie Bavaria
Special Counsel, Office of International Corporate Finance, Division of Corporation Finance
Karen B. Dietrich
Associate Director, Office of International Affairs
Carol M. McGee
Partner, Co-Leader, Securities Practice, (Former Deputy Chief Counsel, Division of Corporation Finance, U.S. Securities and Exchange Commission (SEC))
Bridgette Hodges
Partner-in-Charge, SEC Regulatory Matters, National Professional Standards Group
Ellie Bavaria, Special Counsel, Office of International Corporate Finance, Division of Corporation Finance, United States Securities and Exchange Commission
- Annual Testing of Foreign Private Issuer Status
- New Form 20-F Annual Report Deadline
- Enhanced Disclosures for Form 20-F
- Change of accountants disclosure
- New disclosures related to ADR fees and payments and corporate governance differences
- Elimination of Item 17 Reconciliation
- Amendment to Going-Private Rule to Reflect Termination of Reporting and Deregistration Rules for Foreign Private Issuers
Carol M. McGee, Partner, Co-Leader, Securities Practice, (Former Deputy Chief Counsel, Division of Corporation Finance, U.S. Securities and Exchange Commission (SEC)), Alston & Bird
- Foreign Issuer Reporting Enhancements (FIRE)
- FIRE Rules governing Annual Reports filed on or prior to June 30, 2009:
- Annual Determination of FPI Status
- Disclosure of Differences in Corporate Governance Practices
- New Item 16G on Form 20-F
- Securities Exchange Act of 1934 Rule 13e-3 (Going Private Transactions)
- FIRE Rules governing Annual Reports filed after June 30, 2009:
- Auditor’s Attestation of Internal Controls
- Segment Data in Financial Statements
- Changes in Disagreements with Certifying Accountants/New Item 16F on Form 20-F
- ADR Fees and Payments/New Item 12D on Form 20-F
- Accelerated Deadline for Annual Reports:
- International Financial Reporting Standards (IFRS)
- Cross Border Tender-Offer Rules
- NYSE
- Corporate Governance Proposals
- NYSE Amendment to Immediate Release Policy on Disclosure of Material Information
Karen B. Dietrich, Associate Director, Office of International Affairs, Public Company Accounting Oversight Board
- Introduction
- Activities of the PCAOB
- Registering audit firms
- Inspecting audit firms
- Investigations and enforcement
- Standard setting
- Updates on recent events
- Issuance of new rules
- Requests for comments that may be relevant to the auditors of foreign private issuers
Bridgette Hodges, Partner-in-Charge, SEC Regulatory Matters, National Professional Standards Group, Grant Thornton LLP
- Foreign Issuer Reporting Enhancements (FIRE)
- Disclosure about changes in certifying accountant
- Disclosure of segment data
- Elimination of Item 17 reconciliation
- International Financial Reporting Standards (IFRS)
- XBRL Implementation for Foreign Private Issuers
- Auditor’s Attestation of Internal Control over Financial Reporting
- Foreign Private Issuers
- Corporate Finance Attorneys
- Accountants
- Investment banks
- Consultants
- Senior Management
This is a must attend event for all foreign issuers to hear the discussion from experts on disclosure requirements.
- Detailed guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A