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Foreign firms’ deregistration rules eased

Foreign firms’ deregistration rules eased

by Toby Lucich on March 24, 2007

By unanimous vote, the SEC’s five commissioners approved a rule that would allow a foreign company to terminate its registration if the average daily U.S. trading in its securities amounts to no more than 5% of worldwide trading.

The measure also contains investor protections, by requiring companies to wait 12 months to deregister or to have already met the trading volume standard when they delist.
The rule is also timed to allow companies to avoid a deadline to comply with a much-criticized part of the 2002 Sarbanes-Oxley law that requires what many businesses call expensive and time-consuming checks on accounting and internal controls.

Foreign firms’ deregistration rules eased

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