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www.pwc.com/ipocentre
Capital markets
Listing in the USA guide to NYSE and NASDAQ
Contents
Thinking of raising capital in the US? 2
Pros and cons of a securities offering in the US 2
The IPO process 3
Public vs. private offering 3
Choosing a US exchange 4
Vital statistics 4
Summary of NASDAQ and NYSE quantitative initial listing requirements 4
Domestic or foreign private issuer? 7
Financial statements in registration statement 7
Sarbanes-Oxley Act 8
What is the JOBs act 8
What is an EGC 8
Life as a public company 9
Ongoing reporting requirements 9
Capital markets – Contacts in London 10
2 | Listing in the US | PwC
The United States (‛US’) securities market represents one of the largest sources of capital in the world. A private or public offering in the US not only provides a company with an infusion of long-term capital to fuel growth, but can also enhance shareholder value by benefiting from the establishment of a currency to pursue acquisitions in the US, help to enhance a company’s corporate reputation and profile, lower a company’s overall cost of capital through access to US debt and provide a foundation for establishing a share option reward program.
Transaction structure and financing
• WhattypeofsecurityshouldthecompanylistintheUS?
• Shouldthecompanypursueapublicorprivateoffering?
• WithwhichUSexchangeshouldthecompanylistitssecurities?
• DoesthecompanymeetthedefinitionofaForeignPrivateIssuer(‛FPI‛)orwillitbetreatedasadomesticissuer?
Historical track record• Doesthecompanyhavehighlyvisible
productsandservicesthatwillbeattractivetoUSinvestors?
• Whatwillthecompany’sfinancialpositionandresultsfromoperationslooklikeunderUSGAAPorIFRSasissuedbytheInternationalAccountingStandardsBoard(‛IFRS’)?
Corporate governance and management
• Whatadditionalcorporategovernancewillberequired?
• Arethecompany’sinternalcontrolenvironmentandinformationsystemscapableofhandlinggrowthandincreasedUSSecuritiesandExchangeCommission(‛SEC’)reportingrequirements?
• IsthecompanyreadytocomplywiththeprovisionsofSection404oftheSarbanes-OxleyAct?
Other considerations
• WhatisthetypicalcostofthevariousalternativesofenteringtheUSmarket?
• Whataretheimplications(inclusiveoftaximplications)ofofferingsharestoUSinvestors?
Thinking of raising capital in the US?
ManagementofthecompanyneedstoconsideravarietyofquestionswhenenteringtheUSsecuritiesmarket:
Pros and cons of a securities offering in the USPriortoinitiatingtheprocessoflistingintheUSmarket,managementmustweighthebenefitsanddrawbacksofasecuritiesofferingintheUS:
Advantages Key challenges
Providesaccesstothelargestsourceofcapitalintheworld ResultsinthecompanybeingsubjecttotheUSregulatoryenvironment
Improvestimelinessandcostofcapitalofsubsequentofferings CompliancewiththeprovisionsoftheSarbanes-OxleyActcanbeatime-consumingandcostlyprocessforathenewpubliccompany.IntroductionoftheJOBsacthaslightenedtheregulatoryburdenforemerginggrowthcompanies
Givesinvestorstheopportunitytorealiseand/ormonetisetheirappreciationinthevalueoftheirinvestment
ResultsinthecompanybeingsubjecttotherigorousSECaccounting,disclosureandreportingrequirements.FinancialstatementsofthecompanymustbefiledonanannualbasiswiththeSEC.Quarterlyfinancialstatementsmustbefiledonlybydomesticissuers.Thesefinancialstatementsareduerelativelysoonaftereachperiodenddependingonthetypeoftheissuer.Thereforethereisincreasedtimepressureonreportingcomparedtothatofaprivatelyheldcompany
Abilitytoattractandkeepkeypersonnelbyprovidingshare-basedcompensationforUS-basedemployees
OffersaccesstoUScommercialpapermarketsthroughtheestablishmentofaUScreditrating
Providesgreaterexposureofthecompany’sproductsandservices intheUSandworldwide
PwC | Listing in the US | 3
The IPO processTheIPOprocessinvolvesasignificantamountoftime(from6to12monthsfromstarttofinish)andresourcesandthedemandsplacedonseniormanagementcaneasilybeunderestimated.Theprocessischallenginganddynamic.Carefulplanningandanunderstandingoftheprocessareessentialtothesuccessof theoffering.
FromtheviewpointoftheSEC,onceapreliminaryunderstandingwithanunderwriterontheproposedofferingisreached,theIPOprocesshasbegun.AtthebeginningoftheIPOprocesstheworkingpartygroup,includingcompanymanagement,counsel,independentauditor,investmentbank,investmentbank’scounselanddepositarybankconvenetodiscussthetimetable,rolesandresponsibilities,potentialbottlenecksandthestructureoftheoffering(referredtoasthe‛allhands’meeting).
Registration statement.Aftertheallhandsmeeting,theworkinggroupbeginspreparingadraftoftheregistrationstatement,whichisthecompany’sresponsibility.Thisprocessinvolvesallmembersoftheworkinggroupand,dependingonthecomplexitiesoftheofferingand/orthesignificanceofissuesthatneedtobeaddressed,cantake45daysormoretocomplete.Asthevarioussectionsoftheregistrationstatementarecompletedandassimilated,financialinformationanddisclosuresarereviewed,consideredandoftenredrafted.Oncetheoutstandingissueshavebeenresolvedtothesatisfactionofthemembersoftheworkinggroupandsignedoffbythecompany’smanagement,theregistrationstatementissubmittedtotheSECforreview.
SEC review.TheSECperformsareviewoftheregistrationstatementtodeterminewhetherornotitincludesadequatedisclosuresandcomplieswiththeSECregulations.TheSECwillthenissueacommentletter,usuallywithin30days,whichincludesadescriptionofdeficienciesidentifiedinthereviewandmayalsoincluderequestsforsupplementalinformation.CompanycounselandtheindependentauditortypicallyassistinaddressinganydeficienciesandinpreparingresponsestotheSEC.Theremaybemorethanoneseriesofcommentsonaregistrationstatement,lengtheningtheSECreviewperiodusuallytofiveweeksormore.OncetheSECsignalsthatallcommentshavebeencleared,thecompanytypicallyprintsthepreliminaryprospectus(the‛redherring’)andbeginsthesellingphaseoftheIPOprocess.
Road show.Theroadshowisthecoresellingeffortwhenseniormanagementandtheleadinvestmentbankmeetwithprospectivemembersoftheunderwritingandsellingsyndicates,significantinvestorsandsecuritiesanalyststohelpbuildinterestinthecompanyandtheIPO.Theinvestmentbankusestheroadshowtogaugethelevelofinterestinacompany’ssharesandhelpbuildanorderbookamongsignificantinvestors.Themoreinterestacompanygenerates,andthemorecredibilitymanagementearns,thehighertheexpectedpriceoftheoffering.
Pricing and closing.Oncethesellingeffortsarefinishedandfinalcommentsfromregulatorsarecleared,theofferingispricedandthefinalprospectusisfiledwiththeSEC.Theunderwritingagreementbetweenthecompanyandtheinvestmentbankissignedandthepublicofferingbegins.Theofferingisformallyconcludedontheclosingdate,
whichisusuallythreetofivebusinessdaysaftertheeffectivedateoftheregistrationstatement.Onthatday,thecompanydeliverstheregisteredsecuritiestotheinvestmentbankandreceivespaymentfortheissue.
Public vs. private offeringNon-UScompaniesseekingtoraisecapitalintheUSdonotnecessarilyhavetobecomeregisteredwiththeSEC.AnexemptioncalledRule144AentitlesacompanytooffersecuritiesforsaleorresaletocertaininstitutionalinvestorswithoutrequiringregistrationoftheofferorsalewiththeSEC.Asaresult,companiescanraisecapitalintheUSwithouthavingtomeettheongoingreportingrequirementsassociatedwithaSECregistration.
Financingobjectives,costsandtimingareamongthemanyfactorsthatneedtobeconsideredindecidingwhethertoinitiateapublicorprivateoffering.Apublicissueallowsacompanytoestablishawidertradingmarketforitssecurities,aswellasbroaderexposuretothebusinessandinvestingpublicthanispossibleinaprivateoffering.Theadvantagesofaprivateissueincludepotentiallylowercostsofpreparingtheofferingdocumentandfasterprocessing.Companiescommonlyuseprivateofferingsasaninterimsteptogoingpublic.Suchprivateofferingsmaycomewithregistrationrightstoenhancepost-closingliquidityofthesecuritiessoldintheoffering.Registrationrightsarerightsgiventoinvestorstosell,orregisterwiththeSEC,unregisteredshares.
4 | Listing in the US | PwC
Choosing a US exchange
There are a number of stock exchanges in the US, but the majority of foreign and domestic companies want to be traded on either the New York Stock Exchange (‛NYSE’) or the National Association of Securities Dealers Automated Quotations (‛NASDAQ’). Each exchange has minimum entry listing requirements, including profit history, shareholders’ equity, size of market capitalization, number of expected shareholders and corporate governance. Each exchange is also known for attracting certain types of companies in different industries and stages of development.
Vital statistics
NYSE NASDAQ
Aggregatemarketcapitalization* US$15,223billion US$4,991billion
Numberoflistedcompanies (excludinginvestmentfunds)*:
2,339 2,577
Domesticcompanies 1,815 2,287
Foreigncompanies 524 290
Top3sectorsbynumberoflistedcompanies(excludinginvestmentfunds)
Financials,Industrials,Consumerdiscretionary
Informationtechnology,Financials, Healthcare
* Source: 31 December 2012 Complete report of World Federation of Exchanges (Americas region of NASDAQ OMX and NYSE Euronext (US))
Summary of NASDAQ and NYSE quantitative initial listing requirements
NASDAQ quantitative initial listing requirements by marketTherearethreedifferentmarketswithinNASDAQ:theNASDAQGlobalMarket,theNASDAQCapitalMarketandtheNASDAQGlobalSelectMarket.TheNASDAQGlobalSelectMarketprescribesthehighestinitiallistingrequirements.
The NASDAQ global select marketAnissuer,whetheradomesticissuerorFPI,mustgenerallymeetallthecriteriaunderatleastoneofthefourfinancialstandardsandtheliquidityrequirementsstatedbelow:
Financial and qualitative requirements
Standard 1 Standard 2 Standard 3 Standard 4
Minimumtotalrevenueinthepreviousfiscalyear
- US$110million US$90million -
Minimumaveragemarketcapitalizationatthetimeoflisting
- US$550million US$850million US$160million
Bidprice US$4 US$4 US$4 US$4
Marketmakers 3or4 3or4 3or4 3or4
Corporategovernance Yes Yes Yes Yes
Other Minimumincomefromcontinuingoperationsbeforeincometaxesof:
• US$11millionoverthepriorthreefiscalyearsinaggregateand
• US$2.2millionineachofthetwomostrecentfiscalyears
Positiveincomefromcontinuingoperationsbeforeincometaxesineachofthepriorthreefiscalyears
Minimumcashflowsof:
• US$27.5millionoverthepriorthreefiscalyearsinaggregate
Positivecashflowsineachofthepriorthreefiscalyears
- US$80millionoftotalassetsandUS$55millionofstockholders’equityinthemostrecentpubliclyreportedfinancialstatements
Liquidity requirements for New Company Listings (IPOs)
Roundlotshareholdersortotalshareholders
450or2,200 450or2,200 450or2,200 450or2,200
Publiclyheldshares 1.25million 1.25million 1.25million 1.25million
Marketvalueofpubliclyheldshares
US$45million US$45million US$45million US$45million
PwC | Listing in the US | 5
The NASDAQ Global MarketAnissuer,whetheradomesticissuerorFPI,mustmeetallthecriteriaunderatleastoneofthefollowingfinancialstandards:
The NASDAQ Capital MarketAnissuer,whetheradomesticissuerorFPI,mustmeetallthecriteriaunderatleastoneofthefollowingfinancialstandards:
Requirements Income standard Equity standard Market value standard
Total assets/total revenue
Stockholders’equity US$15million US$30million - -
Bidprice US$4 US$4 US$4 US$4
Marketmakers 3 3 4 4
Corporategovernance Yes Yes Yes Yes
Totalshareholders(roundlotshareholders)
400 400 400 400
Publiclyheldshares 1.1million 1.1million 1.1million 1.1million
Marketvalueofpubliclyheldshares
US$8million US$18million US$20million US$20million
Other US$1millionofincomefromcontinuingoperationsbeforeincometaxesinlatestfiscalyearorintwooflastthreefiscalyears
Twoyearsofoperatinghistory
US$75millionofmarketvalueoflistedsecurities
US$75millionoftotalas-setsandUS$75millionoftotalrevenueinlatestfiscalyearorintwooflastthreefiscalyears
Requirements Net income standard Equity standard Market value of listed securities standard
Stockholders’equity US$4million US$5million US$4million
Bidprice US$4 US$4 US$4
Marketmakers 3 3 3
Corporategovernance Yes Yes Yes
Totalshareholders(roundlotshareholders)
300 300 300
Publiclyheldshares 1million 1million 1million
Marketvalueofpubliclyheldshares
US$5million US$15million US$15million
Other US$0.75millionofnetincomefromcontinuingoperationsinlatestfiscalyearorintwooflastthreefiscalyearsatleast
Twoyearsofoperatinghistory US$50millionofmarketvalueoflistedsecurities
NYSE quantitative initial listing requirementsFPImaysatisfyeitherthegeneralNYSElistingstandardsapplicabletodomesticissuersortheNYSE’sAlternateListingStandardsforFPIs.TheprincipalAlternateListingStandardsfocusonworldwideratherthanU.S.distributionofanon-U.S.company'ssharesandmustbeappliedbyFPIsonlywherethereisabroad,liquidmarketforthecompany'ssharesinacountryoutsideoftheUS.
6 | Listing in the US | PwC
NYSE quantitative listing standards applicable to Domestic Issuers and Foreign Private Issuers*
NYSE Alternate Listing Standards for Foreign Private Issuers*
Minimum distribution and market value criteria:
Numberofholdersof100sharesormoreor ofaunitoftradingiflessthan100shares
400 5,000worldwide
Numberofpubliclyheldshares 1.1million 2.5millionworldwide
Aggregatemarketvalueofpubliclyheldshares US$40million US$100millionworldwide
Priceatthetimeofinitiallisting US$4 US$4
Financial standards (must satisfy one of the following requirements):
Earnings test: Incomebeforetaxfromcontinuingoperationsandafterminorityinterest,amortizationandequityintheearningsorlossesofinvestees(subjecttocertainadjustments)musttotalatleast
US$10millionintheaggregateforthelastthreefiscalyears,togetherwithaminimumofUS$2millionineachofthetwomostrecentfiscalyears,andpositiveamountsinallthreeyears.
OR
US$12millionintheaggregateforthelastthreefiscalyears,togetherwithaminimumofUS$5millioninthemostrecentfiscalyearandUS$2millioninthenextmostrecentfiscalyear.
US$100millionintheaggregateforthelastthreefiscalyears,togetherwithaminimumofUS$25millionineachofthetwomostrecentfiscalyears.
ORValuation/revenue test:
Valuation/revenue with cash flow testIssuermusthaveatleast
1)US$500millioninglobalmarketcapitalization;
2)US$100millioninrevenuesduringthemostrecent12monthperiod;and
3)US$25millioninaggregatecashflowsforthelastthreefiscalyearswithpositiveamountsinallthreeyears(subjecttocertainadjustments).
1)US$500millioninglobalmarketcapitalization;
2)US$100millioninrevenuesduringthemostrecent12monthperiod;and
3)US$100millioninaggregatecashflowsforthelastthreefiscalyears,whereeachofthetwomostrecentyearsisreportedataminimumofUS$25million(subjecttocertainadjustments).
Pure valuation/revenue testIssuermusthaveatleast
1)US$750millioninglobalmarketcapitalization,and2)US$75millioninrevenuesduringthemostrecentfiscalyear
ORAssets and equity test
Issuermusthaveatleast 1)US$150millioninglobalmarketcapitalization;
2)US$75millionintotalassetstogetherwithatleastUS$50millioninstockholders'equity(ineachcasesubjecttocertainadjustments).
-
Corporategovernance Yes Yes
* For companies that list at the time of their IPO
Anissuer,whetheradomesticissuerorFPI,mustmeetminimumdistributionandmarketvaluecriteriaandoneofthefollowingfinancialstandards:
PwC | Listing in the US | 7
Domestic or foreign private issuer?
The US federal securities laws define a FPI as any corporation or other organization incorporated or organized under the laws of any foreign country, unless:
• Morethan50%oftheissuer’soutstanding voting securities are held directly or indirectly of record by residents of the US; and
• Anyofthefollowingapplies:
– The majority of the issuer’s executive officers or directors are US citizens or residents;
–Morethan50%oftheissuer’sassets are located in the US; or
– The issuer’s business is administered principally in the US.
• AbilitytouseUSGAAP,IFRSorlocalGAAPasabasisoffinancialstatementpreparation,whileRegulationS-XandUSGAAPmustbefollowedbydomesticissuers;
• AbilitytopresentFPI’sfinancialstatementsinanyreportingcurrencythatitconsidersappropriate,whiledomesticissuermustpresentinUSdollars;
• AbsenceofquarterlyreportingonForm10-QandcurrentreportingonForm8-Krequirements;
• Exemptionfromproxyrules,certainaspectsoftheSarbanes-OxleyActandRegulationFD;
• Moretimetofileannualreport;
• AbilitytodiscloseonlytheaggregateamountofremunerationpaidtotheFPI’sofficersanddirectors,whiledomesticissuerissubjecttocomprehensiveexecutivecompensationdisclosuresrequiredbyS-K402;
• Possibilitytoomitinterimunauditedfinancialstatementsifaregistrationstatementbecomeseffectivelessthanninemonthsaftertheendofthelast
auditedfinancialyear(unlessmorecurrentfinancialinformationhasbeenpublished);
• PermissiontousehomecountrycorporategovernancepracticeinlieuofmostoftheNYSE’sorNASDAQ’scorporategovernancestandards,ifanissuer:
– Hasanauditcommitteethat meetsrequirements(including independencerequirements)of theSecuritiesExchangeActof 1934(‛ExchangeAct’)Rule 10A-3;
– Providespromptnotificationof non-compliancewiththe applicableprovisionsofNYSE’s orNASDAQ’scorporate governancerules;and
– IfNASDAQ,issuermustexecutealistingagreementontheformdesignatedbyNASDAQ;orfurnishtheNYSEwithawrittencertificationfromindependentcounselintheFPI’sdomicileastowhetherornotthenon-complyingpracticesareprohibitedbyhomecountrylaw,ifNYSE.
AmongthebenefitsofbeingaFPIare:
Theanalysisshouldalsoincludeconsiderationoftheincometaximplications.
Financial statements in registration statementTheSEChasspecificandsometimescomplexrulesregardingthecontentandageofthefinancialstatementsthatmustbepresentedinaregistrationstatement.Therequirementsmayvarydependingonthebasisofpresentationusedtopreparethehistoricalfinancialstatementsandcategoryofthefiler.
AFPImustgenerallypresentthefollowingauditedannualandunauditedinterimperiodfinancialstatements:
Basis of preparation Balance sheet Statements of income, cash flow and changes in stockholders’ equity, comprehensive income
Audited annual financial statements
USGAAP Twoyears Twoyears
IFRS Twoyears Threeyears1
HomecountryGAAP TwoyearsreconciledtoUSGAAP Threeyears1withthetwomostrecentyearsreconciledtoUSGAAP
Unaudited interim period financial statements*
USGAAP,IFRSorHomeCountryGAAP Atleastasoftheendofthefirstsixmonths
Forperiodfromthelatestfiscalyear-endtotheinterimbalancesheetdate,andforthecorrespond-ingperiodinthepriorfiscalyear.
* If the registration statement is more than nine months after the end of the last financial year, it should contain consolidated interim financial statements, which may be unaudited, covering at least the first six months of the financial year.
1 Emerging growth companies need to present two years of audited financial statements.
8 | Listing in the US | PwC
Adomesticfilermustgenerallypresentthefollowingauditedannualandunauditedinterimperiodfinancialstatements:
Basis of preparation Balance sheet Statements of income, cash flow and changes in stockholders’ equity, comprehensive income
Audited annual financial statements
USGAAP Twoyears Threeyears1
Unaudited interim period financial statements
USGAAP Asofinterimdatenomorethan134days(fornon-acceleratedfilers,or129daysforacceleratedandlargeacceleratedfilers)beforeeffectivenessormailing.
Forperiodfromthelatestfiscalyear-endtotheinterimbalancesheetdate,andforthecorrespondingperiodinthepriorfiscalyear.Exceptforstatementofchangeinstockholders’equitywhichhastobeforperiodfrom thelatestfiscalyear-endtotheinterimbalancesheetdateonly.
Sarbanes-Oxley ActSection404oftheSarbanes-OxleyActrequiresregistrant’smanagement(CEOandCFO)toprovidecertaincertificationsinperiodicfilingswiththeSECregardingthecompany’sevaluationoftheeffectivenessofitsinternalcontroloverfinancialreporting.However,anewlypubliccompany(definedasonethatwasnotrequiredtofileanannualreportpursuanttoSection13(a)or15(d)oftheExchangeActforthepreviousfiscalyearanddidnotfileanannualreportforthepriorfiscalyear)isnotrequiredtocomplywitheitherthemanagement or auditor reporting requirementsrelatingtointernalcontroloverfinancialreportinguntilitssecondannualreport.However,companiesneedtoconsiderthediscussionoftheir404planandtimelineintheirprospectus.
What is the JOBs actTheJOBSActwassignedintolawbytheUSgovernmentinApril2012.Theactintroducedanewclassificationforgoing-publiccompanies,EmergingGrowthCompanies(EGC)andanumberofinitiativeswhichareaimedateasingtheregulationaroundIPOsforsmallercompanies.
Key features of the JOBS act offered to companies are the ability to:
• File confidentially with the SEC –thisgivescompaniestheoptiontoannounceintentiontofloattotheSECwithoutpubliclydisclosingproprietaryinformation,whichcanbeconsideredcrucialduringearlystagesofanIPO.
• PrepareanIPO registration statement(andcertainotherregistrationstatements)with only two years of audited financial statements.Thisfeaturecanbeusefulfornewcompaniesparticularlyasunderwritershavebecomemorecomfortablewithlessthanfiveyearsofselectedfinancialdata.
• Exempt fromsection404(b)oftheSarbanes-OxleyAct,whichrequiresauditor attestational of internal controlsoverfinancialreporting,foraperiodofuptofiveyears.
• Adoptanynew or revised accounting standardsusingthesametimeframeasprivatecompanies(ifthestandardappliestoprivatecompanies).
• Omitcertainselectedfinancialdataforperiodsprecedingtheearliestauditedperiodincludedintheinitialregistrationstatement.
• ComplywiththeSEC’sdetailedexecutivecompensationdisclosurerequirementsonthesamebasisasasmallerreportingcompany.
What is an EGC• Thelastdayofthefiscalyearduring
whichithadtotalannualgrossrevenuesof$1billionormore;
• Thelastdayofthefiscalyearfollowingthefifthanniversaryofthefirstsaleoftheissuer’scommonequitysecuritiesinanofferingregisteredundertheSecuritiesAct of1933;
• Thedateonwhichtheissuerhasissuedmorethan$1billioninnon-convertibledebtsecuritiesduringthepreviousthreeyearperiod;or
• Thedateonwhichtheissuerbecomesalargeacceleratedfiler(generally,acompanywithapublicfloatofatleast$700million).
1 Emerging growth companies need to present two years of audited financial statements.
PwC | Listing in the US | 9
ThedefinitionsofanacceleratedfilerandlargeacceleratedfilerincludecompaniesthatqualifyasFPIseventhoughthedeadlinesforForms20-Fannualreportsarenotaffectedbyacceleratedfilerorlargeacceleratedfilerstatus.However,aFPIelectingtofileonForms10-Kand10-Qissubjecttotheacceleratedfilerrules.
Summaryofworldwidepublicfloattestfordeterminationofthefilerstatusisasfollows:
* Emerging growth companies can delay this report for up to five years.
Category of the filer Float to enter the status Float to reduce the status
Non-acceleratedfiler <US$75millionasofmostrecentcompletedsecondfiscalquarter
-
Acceleratedfiler ≥US$75millionbut<US$700millionasofmostrecentcompletedsecondfiscalquarter
<US$50millionbecomesanon-acceleratedfiler
Largeacceleratedfiler ≥US$700millionasofmostrecentcompletedsecondfiscalquarter
<US$500millionbut≥US$50millionbecomes anacceleratedfiler
<US$50millionbecomesanon-acceleratedfiler
Type of report or disclosure Domestic issuer Foreign private issuer
Periodic reportings
Annualreport
Management’sannualreportoneffectivenessofinternalcontroloverfinancialreporting
Independentauditor’sreportontheeffectivenessofinternalcontroloverfinancialreporting
Form10-KmustbefiledwiththeSECwithin:
• 90daysafteryear-endfornon-acceleratedfilersand‛newlypubliccompany’;
• 75daysafteryear-endforacceleratedfilers;
• 60daysafteryear-endforlargeacceleratedfilers
Allfilersstartingfromthesecondannual report
Acceleratedandlargeacceleratedfilersonly,startingfromthesecondannualreport*
Form20-FmustbefiledwiththeSEC withinfourmonthsafteryear-end.
Allfilersstartingfromthesecondannualreport
Acceleratedandlargeacceleratedfilersonly,startingfromthesecondannualreport*
Quarterlyreport Form10-QmustbefiledwiththeSECwithin:
• 45daysafterquarter-endfornon-acceleratedfilersand‛newlypubliccompany’;
• 40daysafterquarter-endforacceleratedandlargeacceleratedfilers.
Norequirement,however,ifaFPIpubliclyreleasedinterimfinancialstatements,suchinformationmustbefurnishedonForm6-Konatimelybasis
Current reporting
Currentreport GenerallyForm8-Kmustbefilledwithin 4businessdaysafterchangesintheboardofdirectors,independentauditors,achangeofcontrolandothersignificantchangesinthebusiness.
Norequirement,howeveraFPImusttimelyfurnishmaterialinformationonForm6-Kundercertaincircumstances.
Life as a public company
Ongoing reporting requirementsOnceaUSornon-UScompanyregisterswithSECandhaspubliclyplacedsecuritiesintheUS,itmustfileorfurnishthefollowing:
© 2013 PricewaterhouseCoopers LLP. All rights reserved. In this document, "PwC" refers to the UK member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.
140128-155424-AS-OS
Capital markets – Contacts in London
Debra EarpTel:+44(0)2072133188 Email:[email protected]
Jennifer HarperTel:+44(0)2078044476 Email:[email protected]
www.pwc.com/ipocentre