The SEC has published a proposal to introduce changes to Rule 15a-6 to extend the scope of permitted contact by overseas brokers with certain US investors. The SEC discussion paper can be found at the following web address: www.sec.gov/rules/proposed/2008/34-58047.pdf.

 One of the proposals would permit contact with ‘qualified investors’, defined to mean anyone who owns or invests at least US$25 million. This would be a relaxation of the current US$100 million requirement. Also proposed is a removal of the requirement of ‘chaperoning’ of contact with US investors.  

 The SEC has sought comment on the proposals including the new conditions that the relief will be subject to. If members have any queries or comments, please contact Peter Stepek, Policy Executive at pstepek@sdia.org.au