Amendments Increase Attractiveness of Rule 701

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The Securities and Exchange Commission has recently adopted two rule amendments that will expand the ability of foreign private issuers that are not U.S. reporting companies to provide stock-based compensation to their U.S. employees. Specifically:

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SEC Proposes Several Significant Changes to Offering and Reporting Rules

PDF version   At its public meeting on May 23, 2007, the Securities and Exchange Commission announced several far-reaching proposals that, if adopted, would simplify private placements and resales of unregistered securities, make short-form registration statements (i.e., Forms S-3 and F-3) more readily available, simplify reporting for smaller companies, and give guidance on compliance with Section 404 of the Sarbanes-Oxley Act of 2002 relating to internal controls.

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