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• W155492778 abstract "Regulation S(1), a series of rules promulgated by the Securities and Exchange Commission in 1990, has been hailed as a clear and positive indication of the SEC's recognition of the globalization of the world's securities markets.(2) The SEC has been applauded for its to provide more certainty in the area of offshore distributions and its interpretation of the extraterritorial reach of U.S. securities laws.(3) However, as securities law practitioners begin to use Regulation S, it is becoming apparent that Regulation S, intended to provide certainty to issuers and others in structuring offshore transactions, is complex and bristling with interpretive issues. These ambiguities are not surprising, given the complexity of international securities markets and the interplay between the policy goals of being pragmatic about offshore distributions and wanting to maintain the integrity of the United States' securities markets. Upon further scrutiny, Regulation S--an ostensible oasis for issuers and others offering and selling securities abroad--may in certain circumstances be nothing more than a mirage. The Regulation S uncertainties raise substantial concerns for affiliates of a foreign corporation that wish to engage in personal transactions in their company's securities outside the United States. If any of these securities somehow flow into the United States while the company is involved in corporate information program activities within the United States, there is a risk that securities regulators and potential civil litigants (such as disgruntled purchasers) in the United States may view the offshore sales of the securities by the affiliates as violating the registration requirements of Section 5 of the Securities Act.(4) The safe harbor provisions in Rule 904 of Regulation S illustrate the problem. Rule 904 creates a safe harbor for the resale of securities by any person other than the issuer, a distributor, or any of its respective affiliates, except for any officer or director who is an affiliate solely by virtue of holding such position. Generally, an offer or sale of securities under this Rule is deemed to occur outside the United States where: (1) the offer or sale is made in an offshore transaction; and (2) no selling are made in the United States by the seller, an affiliate, or any person acting on their behalf.(5) Regulation S defines directed selling efforts in Rule 902(b)(1) as: any activity undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for any of the securities being offered in reliance on this Regulation S. Such activity includes placement of an advertisement in a publication with a general circulation in the United States that refers to the offering of securities being made in reliance upon this Regulation S.(6) In the release adopting Regulation S, the SEC clearly stated that selling by the seller of securities relying on Rule 904, any of the seller's affiliates or anyone acting on behalf of either, will make the resale safe harbor unavailable to a seller.(7) Thus, sales activities conducted by anyone else should not affect the seller's ability to rely on Rule 904 to offer or to sell securities in an offshore transaction.(8) Although this concept appears straightforward for sellers, this is not the case for officers and directors. By virtue of their positions, officers and directors are affiliates of an issuer.(9) Without the language in Rule 904 excepting officers and directors, who are affiliates solely by virtue of holding such position (excepted officers and directors),(10) the resale safe harbor would never be available to them.(11) In terms of selling efforts, the plain wording of Rule 904 would seem to preclude excepted officers and directors from relying upon it any time an issuer, a distributor of the issuer's securities or anyone acting on their behalf engages in selling efforts, regardless of whether the excepted officers or directors were involved in such themselves. …" @default.
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• W155492778 date "1993-06-22" @default.
• W155492778 modified "2023-09-28" @default.
• W155492778 title "Regulation S: An Oasis or a Mirage?" @default.
• W155492778 hasPublicationYear "1993" @default.
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