SEC has adopted rule changes to make it easier for a
foreign private issuer (FPI) to terminate its
Exchange Act registration and reporting requirements

• Prior regime made it difficult for an FPI to deregister
  even after it terminated a US securities listing

New Rule 12h-6

• FPI can deregister a class of its equity securities if

• US trading volume for that class of equity security has been not greater than 5% of its trading volume in its primary trading market during a recent twelve-month period
• Certain other conditions are met

• Enables an FPI to claim the Rule 12g3-2(b) exemption
  from registration and to comply with the ongoing requirements of the exemption

Adopted by SEC on 3.21.07

• SEC meeting 3.21.07

• Agenda
• Webcast

• SEC press release
• SEC commentary

• CorpFin counsel
• Commissioner Atkins
• Commissioner Campos

• SEC final release

Commentary

• Alston & Bird 3.22.07
• Debevoise 4.25.07

Federal Register version  4.05.07   72 FR 16933

Final Release 34-55540  3.27.07

• Background I

• Introduction  I.A
• Principal comments I.B
• Summary of the adopted rule amendments I.C

• Discussion II

• Conditions for equity securities issuers II.A
  ◊ Quantitative benchmarks II.A.1
  ◊ Prior Exchange Act reporting condition II.A.2
  ◊ The one year dormancy condition II.A.3
  ◊ Foreign listing condition II.A.4

• Debt securities provision II.B
• Revised counting method II.C
• Expanded scope of Rule 12h-6 II.D
  ◊ Application to successor issuers II.D.1
  ◊ Application to prior Form 15 filers II.D.2

• Public notice requirement II.E
• Form 15F II.F
• Amended Rules 12g-4 and 12h-3 II.G
• Amendment re Rule 12g3-2(b) exemption II.H
  ◊ Extension of Rule 12g3-2(b) exemption II.H.1
  ◊ Electronic publishing of home country documents II.H.2

Federal Register version  1.11.07

Proposal Release 34-55005  12.22.05

• Background I

• Current rules I.A
• Increased internationalization I.B
• Issues with current rules I.C

• SEC proposals II

• Summary II.A
• Proposed Rule 12h-6 II.B
• Conditions for equity registrants II.B.2
  ◊ Two year Exchange Act reporting condition II.B.2.a
  ◊ One year dormancy condition II.B.2.b
  ◊ Home country listing condition II.B.2.c
  ◊ Public float and trading volume benchmarks II.B.2.d
  ◊ Alternative threshold record holder condition II.B.2.e
• Conditions for debt registrants II.B.3
  ◊ Section 15d) reporting requirement II.B.3.a
  ◊ Threshold record holder condition II.B.3.b
• Counting method II.B.4
• Form 15F II.B.5
• Notice requirement II.B.6
• Proposed amendment re: Rule 12g3-2(b) II.C

• Text of proposed amendments VII

• §12g3-2
• §12g-4
• §12h-6
• Form 15F

SEC summaries

• Press release 12.13.06

Comments were due by 2.12.07

• Comment letters

Proposal Release 34-53020  12.23.05

• Background I

• Current rules I.A
• Increased internationalization I.B
• Issues with current rules I.C

• SEC proposals II

• Summary II.A
• Proposed Rule 12h-6 II.B
• Conditions for equity registrants II.B.2
  ◊ Two year Exchange Act reporting condition II.B.2.a
  ◊ One year dormancy condition II.B.2.b
  ◊ Home country listing condition II.B.2.c
  ◊ Public float and trading volume benchmarks II.B.2.d
  ◊ Alternative threshold record holder condition II.B.2.e
• Conditions for debt registrants II.B.3
  ◊ Section 15d) reporting requirement II.B.3.a
  ◊ Threshold record holder condition II.B.3.b
• Counting method II.B.4
• Form 15F II.B.5
• Notice requirement II.B.6
• Proposed amendment re: Rule 12g3-2(b) II.C

• Text of proposed amendments VII

• §12g3-2
• §12g-4
• §12h-6
• Form 15F

SEC summaries

• Press release - Item 2 12.14.05
• Proposal release 12.23.05
• SEC Chairman speech 1.25.05

Comments were due by 2.28.06

• Comment letters

2007 Final

• Latham & Watkins 2007

2006 Re-Proposal

• Simpson Thacher 2007

2005 Proposal

• Wachtell Lipton 2005
• Alston & Bird 2006
• Fried Frank 2006
• Skadden 2006
• Willkie Farr 2006

Foreign Private Issuers