SEC Proposes Easing Rules for Big Foreign Firms to Raise Money
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WASHINGTON — Regulators Wednesday proposed making it easier for big foreign firms to raise money in U.S. markets.
The Securities and Exchange Commission said it wants to keep the U.S. financial industry competitive with overseas markets, where regulation is often simpler and therefore cheaper.
The proposals, which are still subject to SEC revision after a public comment period, would:
* Streamline the requirements for foreign companies wanting to use simplified sales offering documents or prospectuses now available for U.S. companies.
* Allow, for the first time, foreign companies to use international--rather than U.S.--accounting standards in detailing cash flow in disclosure documents.
* Let foreign companies selling securities here for the first time submit their last two years’ worth of financial documentation, rather than five.
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