SEC Blacklist FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF Archive
Capital Market Deregistration
SEC "Blacklist"
AT ISSUE:
On July 20, 2007 the Securities & Exchange Commission suspended their controversial online tool that attempted to identify companies invested in terrorist countries (Iran, Cuba, Syria, North Korea, and Sudan). According to the SEC’s press release , issued concurrently with the list’s removal, they will “solicit public comment in a formal way, so that the Commission could ensure that all legitimate concerns can be met while providing better access to company disclosures on these topics.”
OFII had expressed serious concerns with the misleading nature of the list and corresponding press release in a July 11th letter to SEC Chairman Christopher Cox.
In addition, Todd Malan, OFII President & CEO and Adam Sterling from the Sudan Divestment Task Force teamed up to author a July 5th Wall Street Journal op-ed on this issue, "The SEC's Flawed Terror List."
OFII DOCUMENTS:
OFII
Letter to SEC Chairman Cox Regarding 'blacklist'; July
11, 2007
OTHER:
SEC
Press Release on Reconstruction of 'blacklist'; July 20,
2007
Frank
Letter to Cox Regarding SEC List of Terrorist-Financing States;
July 13, 2007
"Critics
decry U.S. watchdog's terrorism list", The Globe and
Mail; July 11, 2007
"The
SEC's Flawed Terror List", Wall Street Journal;
July 5, 2007
By Todd Malan and Adam Sterling
"Outrage
over SEC terrorism ‘blacklist," Financial
Times; June 28, 2007
AT ISSUE :
U.S. capital markets aim to be the most competitive markets in the world. Under current rules, a company must have fewer than 300 U.S. shareholders. This rule is outdated and acts as a deterrent for some foreign companies to list on U.S. exchanges. OFII believe the deregistration rules should be adjusted to match the flexibilities of competitive markets.
OFII DOCUMENTS:
OFII Comments on Reproposed Rules for Foreign Private Issuer Deregistration; February, 13, 2007
OFII Letter to SEC Chairman Cox on Deregistration;
November 9, 2005
Time to change rules at Hotel California
Financial Times, November 24, 2006
By Todd M. Malan
OTHER:
SEC Votes to Repropose Rules Allowing Foreign Private Issuer Deregistration Under the Exchange Act
SEC Press Release, December 13, 2006
Non-U.S. Listed Companies, Additions & Removals, NYSE; October 24, 2005
NYSE Listing & Delisting Rules
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