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

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Table of contentsChapter 5 – Required financial statement disclosure 30General 30Annual and interim financial statements 31(i) Audited annual financial statements 31(ii) Unaudited interim financial statements 33(iii) Selected financial information; capitalization 34Reconciliation to US Gaap 34(i) Annual audited and interim unaudited financial statements 34(ii) Selected financial information 35(iii) MD&A 35Audit reports; currency translation 36(i) Audit reports 36(ii) Currency translation 36Financial statements of recent and probable acquisitions; pro forma financial information 36(i) General 36(ii) Financial statement requirements 37(iii) Operating real estate 39(iv) MD&A 39(v) Pro forma financial information 39(vi) Reconciliation to US Gaap 40Guarantor financial statements 40Investments accounted for under the equity method 43Industry guides and other transaction-specific guidance 44(i) Industry guides 44(ii) Supplemental schedules for certain transactions 44Special requirements for public offerings 45(i) Item 17 and Item 18 45(ii) Segment reporting 46(iii) Coverage ratios 47(iv) Financial statements for secured offerings 47(v) Other customary information 47Summary financial data 47Recent results 48Recent developments and proposed acquisitions 48www.iflr.comUS SECURITIES OFFERINGS: A GUIDE FOR NON-US ISSUERSiii
Table of contentsSpecial considerations in unregistered transactions 48Chapter 6 – The US Sarbanes-Oxley Act of 2002 50Background 50(i) Who is subject to Sarbanes-Oxley? 50(ii) When does Sarbanes-Oxley take effect? 51Key provisions of Sarbanes-Oxley, and related SEC rulemaking 51(i) Certification requirements 51(ii) Management’s reports on internal control over financial reporting 53(iii) Non-Gaap financial measures 55(iv) Off-balance sheet and other MD&A disclosure 56(v) Standards relating to listed company audit committees 57(vi) Audit committee financial expert 58(vii) Auditor independence 59(viii) Improper influence on the conduct of audits 60(ix) Auditor record retention 61(x) Material correcting adjustments 61(xi) Attorney conduct rules 61(xii) Code of ethics 62(xiii) Blackout trading restrictions 63(xiv) Loans to executives 63(xv) Forfeiture of bonuses 64(xvi) Research analysts 64(xvii)Liability issues 65Chapter 7 – Liability under the US federal securities laws 66Background 66Registration – Section 5 of the Securities Act 66Anti-fraud – what is material? 66Rule 10b-5 – purchase or sale of securities 67(i) Background 67(ii) Elements of a claim under Rule 10b-5 68(iii) Scope of Rule 10b-5 68(iv) Insider trading 68(v) Damages under Rule 10b-5 69Section 11 of the Securities Act – registered offerings 69Section 12(a)(2) of the Securities Act – registered offerings 70iv US SECURITIES OFFERINGS: A GUIDE FOR NON-US ISSUERS www.iflr.com
Page 1 and 2: IFLRinternational Financial Law Rev
Page 3 and 4: About Latham & WatkinsLatham & Watk
Page 5 and 6: EditorNigel SavageProduction editor
Page 7: Table of contentsChapter 3 - Key ex
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Page 13 and 14: US SECURITIES OFFERINGS: A GUIDE FO
Page 15 and 16: Chapter 1 - Key statutes and concep
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Chapter 7 - Liability under the US
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Chapter 9 - Other relevant statutes
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Annex A - Non-financial disclosure
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Annex B -NYSE and Nasdaq quantitati
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Annex C - Effective dates for certa
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EndnotesEndnotes1 We do not discuss
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Endnotesparticular class of persons
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Endnotes210 Id. Item 17(c)(2)(iii).
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Endnotesparent has independent asse
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Endnotes335 Regulation G, Rule 100(
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Endnotes463 Id. Rule 500. A “fore
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Endnotes552 Id. at 86,381.553 Id.55
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Securities PracticeLatham & Watkins
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