Securities offerings and listings in the US: an ... - Latham & Watkins

Table of contentsControlling person liability 70Liability issues relating to Sarbanes-Oxley 71Enforcement 71(i) Background 71(ii) Enforcement against foreign private issuers and non-US nationals 72Chapter 8 – Communications with research analysts, investors and the public 73Background 73Guidelines for dealing with research analysts and investors 73(i) Nature of information 73(ii) “Material” 73(iii) “Misleading” 73(iv) Limit access 74(v) Disseminating materials to analysts and investors 74(vi) Reviewing draft analysts’ reports; distributing analysts’ reports 74(vii) Making or commenting on projections 75(viii) Inadvertent disclosures 76Special situations 76(i) Market rumours 76(ii) Pending acquisitions/corporate transactions 76(iii) Roadshows 76(iv) Disclosures to employees 77US securities laws and the internet 77(i) Background 77(ii) Internet offerings 78Regulation of research analysts 79(i) Background 79(ii) NYSE Rule 472 and NASD Rule 2711 79(iii) Global settlement 83Chapter 9 – Other relevant statutes 85US Investment Company Act of 1940 85US federal tax laws – passive foreign investment companies 85US state “blue sky” laws 86www.iflr.comUS SECURITIES OFFERINGS: A GUIDE FOR NON-US ISSUERSv