Applicability to Non - US Issuers 529

  • Hello to everybody,
    Recently, a CEO of a Swiss Company mentionned in a conference that SOX would apply to its company because it would have more than 400 US Shareholders.
    I strongly doubt whether this statement is correct. I have found nothing in the SOX nor in any other documents which would support this statement.
    Does anybody know something about a threshold of US Shareholders which would render the SOX applicable for Non -US issuers?
    Any help would be appreciated.
    All the best from Switzerland

  • This came up during another discussion:
    (See Holger’s posting of 27 January.)
    The consensus of that discussion would seem to be that the number of US shareholders only comes into play for a company which is already subject to SOx by virtue of being listed on a US exchange, but which wishes to de-list.
    If you’re not listed on a US exchange, and none of those US shareholders (i) are listed and (ii) have a controlling interest in your company, then you shouldn’t be subject to the SOx regulations.

Log in to reply