Electronic filing is the centerpiece of Cox's plan to beckon companies to the U.S. capital markets
In a continuing effort to make U.S. capital markets more appealing to foreign companies, the Securities and Exchange Commission proposed a number of amendments to its disclosure standards, including eliminating all requirements for paper submissions.
"The proposed amendments would bring our foreign company disclosure requirements into the 21st Century by eliminating any requirement for paper, and by giving investors instant access to foreign company disclosure documents electronically, in English, on the Internet," SEC Chairman Christopher Cox said.
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One set of proposals, known as Foreign Issuer Reporting Enhancements, would permit issuers outside the U.S. to assess their eligibility to use the special forms and rules available to foreign private issuers once a year, on the last business day of their second fiscal quarter, rather than on the continuous basis that current rules require.
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