The Securities and Exchange Commission has posted the 74-page adopting release for the amendments to its rule, Exemption From Registration Under Section 12(g) of the Securities Exchange Act Of 1934 for Foreign Private Issuers.

The exemption allows an FPI to have its equity securities traded in the U.S. over-the-counter market without registration under Section 12(g) of the Securities Exchange Act of 1934 based on the submission to the SEC of certain information published by the issuer outside the United States.

The rule amendments, adopted at the SEC’s Aug. 27 open meeting, take effect 30 days after their publication in the Federal Register.

As reported earlier here, the changes will eliminate the current written application and paper submission requirements under Rule 12g3-2(b) by automatically exempting from Section 12(g) an FPI that meets specified conditions, including maintaining a listing of its equity securities in its primary trading market located outside the U.S., and publishing, electronically and in English, specified non-U.S. disclosure documents.

The amendments were one of a trio of rule proposals adopted at the same meeting related to foreign issuers. The others are the Foreign Issuer Reporting Enhancements and the cross-border exemptions.