The Securities and Exchange Commission (SEC) recently published a concept release seeking public comment on redefining the term “foreign private issuer” (FPI). The current framework provides FPIs with less regulation than domestic issuers, based on the understanding that FPIs face different circumstances, such as compliance with home country laws. However, a recent study revealed significant changes in the FPI population, including an increase in China-based issuers incorporated in lightly regulated tax havens. The SEC is concerned that the current FPI definition may no longer be suitable and is considering potential amendments.

On 30 March 2022, the Securities and Exchange Commission approved proposed rules relating to special purpose acquisition companies (SPACs) and released an accompanying fact sheet. Work on the final rules will begin following the public comment period, which ends on the later of 31 May 2022 and 30 days following the publication of the proposing release in the Federal Register.