The SEC is scheduled to vote Dec. 13 on proposals that would make it easier for foreign companies to delist from U.S. stock exchanges and clarify rules for proxy fights. Under the current delisting rule, which dates to the 1960s, foreign companies seeking to remove their securities from U.S. stock exchanges must have fewer than 300 U.S. shareholders. Under the proposed change, big foreign companies could delist if no more than 10 percent of their total shares are held by U.S. investors.
October 16, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The Securities and Exchange Commission is scheduled to vote Dec. 13 on proposals that would make it easier for foreign companies to delist from U.S. stock exchanges and clarify rules for proxy fights.
Under the current delisting rule, which dates to the 1960s, foreign companies seeking to remove their securities from U.S. stock exchanges must have fewer than 300 U.S. shareholders. Overseas-based companies argue that verifying residency of such a specific number of shareholders is too difficult.
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