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olteirox, was app ma y675 milli
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fthe1st
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i
1 General Comments on the Proposed Changes
2 General Comments on the first four SEC key proposals
A.
B.
C.
D.
2 1
, —an FPI is any foreign issuer other than a foreign government, except for
tecen
tccepance
it
o
lna
o
o
on
o
nitra o
ssay b rri d f
irnetoi st s byp mo gi strp , a d(3)b gsomec mmo yinr
wend mestcc mp s a
n
Ma sh ev ws gist n a d c mp er
ion
mi nb -ter eso -c mea
t troeconveitn
n
ro
iane
an
ie
or
o
a
nve
i
r
o
io
unnece
ilblava a
b te e
il te na
fdtu
doar
ignh
hg
d dan ar
verng
intccoun
i tnzaio
oner
ar
lUSGAAPa dIFRS(ASB v si )a gst s, tema eo
n
I
sh t d h si t bst owa n a mo n amo siotcooperan
o hte
tausei tvaireg
)c
osnua
Pe
A.An lTetfrFo nPr eIssu rSt
rSEC Rule3b-4(
an issuer that (1)has more than 50% of its outstanding voting securities heldof recordby U.S.
residents and(2)any of the following:(i)a majority of its officers anddirectors are citizens or
residents of the UnitedStates, (ii)more than 50percent of its assets are locatedin the United
he
he
k
toin
dre
inuou
I
ton
iac
an
no
no rtoma et
s an FPI, ac mp y mustc sly mo rt
ee dofe hfsclq
hc
tna
iton
‘
i
fnor
l
o
‘
intepor
hn anc
h in ancn
an
itap a
loainhverarc
til
fe g frFPIs whig g s o g r
kbi ftheUS c lma o FPIs b mits trey o y e
d (2)e he ie t ma
ing
ingtepor
dropo‘hlolayeavtn
ii tongain
e d
yt
leveopme fn w t gis, a dma td me s h ep dar einteSEC s p sekre
trepors tor s a df ms g gFPI gobl s.
ne
iovernn
h lec noo
or
e
n
tn o
lue
h
d leveop
hc ange
b
ht
nlueehfeerencerot
llo
itc o
r
ran
or
‘
i trva
itra o
wihin120d FYEf llos a
c
l
a
ion
ere
TheSEC is makigf yp sas:
in
tn
kour e ropo
AllwigFPIs totste
l tcceerae
fter or
i dtop n e
t tae n
lteae
tepor n
co
‘
‘
ay
h
lue
n
n
iiRe gFPIqurn
s)frlo eaarg
itna n
i ilnanca
n
itna o
zar
n
o
day
t
i
ter
r
Elmi gteo nu rwhihFPIs aea
lo
GAAPf st me s;
Ame dig r s r d to g g p et sa n wih c ss-r s to ten w r s o
mi nofr ga dd gist nf
Be w aeMa s‘ mme
earncllbaiva eo eay
0rodotefaytrtepornnuas toissuea lr s (Fom 20-F)wihin90d s a rFYE ( wnf m 18
h ierotangldxcuwedtoe ese me td af m t rUS
>$75M - >$700M Cap) a dtonieroitoraneatefs (<$75M Cap), a ra2-y rt si np d;
ht
;
,iancel
luenorntouseFPIf ms a dr s a
leril tcceeraend(>$700M Cap)a da df s (
g c ss-b rc lf wloitap adoreroitta niliac
eec stofSEC roivitbihro
lropokeir‘s ontheSEC s f st yp sas.
‘FPIs.
erihert ssu
tuThis p s a
llow
tuareraconh ieranebua
gtoa
nthelst si ss d yoft se dfsclq .
.tuarera
htniequrentoUSGAAPr me , tioitalieconc
.States, or (iii)its business is principally administeredin the UnitedStates“
si TheSEC i sis p nropo.)on
ng , Ma s a s wihteSEC o
ma y wo ea ssicce
htgreezar
lu
lenera
lte
I
litu d: (1)imp ethrov
dFPIs. ‘
hs as FPIatt
fonunit tunceran
ea
or
nc
nve
tau
n‘
h ie
dureheav
‘
yb nonFPIs a di st s ( ya dc
FPIs toassess t rFPIst s o eay ro
iefilua s ahte en as to wh ritq
tthephta
tautdassess is st
drs
ad dasc eanbovbe
itna o
ie r
d teer
i itcrer
mi
ioi tcafilquah iert
ser
htytheSEC ofth
eSEC ofthed
st he p
ua
uting,ile
sareszar
2
dn
txra
Th lp lb dr : (1)r fus toteaese s p se ec no ya
si , (2)p mi feee no
(
it tnceran
itna o
o
il
iod te uc
hnc angewok r d if a g a d r g r me sty u d fr a y 3)a
hangelu
iequre
ropo
in
i
tepor
hit
n
fene
in
it toen a
tccoun
vera
o
iequre
r
on
er
fconu
simpli
r
u
o
i il t tnanca conen
tae
arge
in
n
li
ear
inu
e
‘t
a
ear
tpors
ton
ilde
l tcceera
i‘
B.Ac heRe gDe dl efrFo m 2 -F An lRegt a
‘TheSEC a dFom 20-F mo n29y To s FPIet s a s c
lr doft rf ly s d spiet rt asea s u s a ee sc
iee
du oi gdTh hef edts st gt etss t st as. ea se oa
lr s f donFom 20-F towihin90d heFPIs f ly dfrlrtra s a sc -e
nua
‘day
ih ie
r
fte
0
n
ay
i
r
ear
h
h
o
fte
t
in
ha
has. th s b nc mmo ysadt tbytetme, aFom 20-F is f , is f
r
in
ln
or
r
tpor
r
tepor
o
nve
lei
le
in
d tope
nnua
a
tepor
I
l tceera
da vance
nnua
n
he
la
lif
i
fo
ob dtet er oiequreTtealloftheI
, (2)
llonearai‘tefay
o
t
an
nlerda da df s, a dtowihin120d s a rtheFPIs fscly -e dfrail tcceerae
Theb
kremp e cpi lma teffi d (3)p
terf
ta
nl tacceerae
ri erssu s, a
ifene
rov a
heto
i
h ier
n
re
re
lo
lonteporh ie
tnaccura
taran
aulou
‘
hatn
n
tpar
haacintpor
vein
inanca
trepor
Fi lRe gDe me s t tc dc sei gdisc su s int
ggi nthef tt tma yFPIsdmustt sl et rr s a ddisc su s madei
fitra oereinileealaiot tuaThis si ncnasol dtod st gord gist noiitc oniuroh iet rh mej sdi s toEnglsh
In
nofSEC,ear
hssibler nofa , a di, a dIT f s d etotueentuingtccouniod te uc
dnl tcceeraelargayropoltnuhetgree
gg
glydisa s wiht sec rre yp sed90d s ( ea da
ioi tcaencnofc mpl ewihSEC r s, a d(4)c sist y ofapplonnionlteguatiancoioi tcaf
iontfnori inancaialeloeeh flreeorors tothei st s aet d: (1)sp dthef w ofr blef li manvet
oniecnnveh ieikuc essibly q n t ri stme td si s.
dn
n
dFPIs)a d120d s (llo rFPIs)Fom 20-F d dl er gr me s a
ea
r
tniequre
h la u
txr re
in
io
d
tepor
d ta
lou
iea n
cco
ay
inea
ro
r‘
iteporn
i tequre n
ay
hte
na
r
n
a
ea
lo
ay
de
tren
ine
econ
ea
n
t
in
‘
tccoun
tepor
tn
l tacceerae
heSEC t si bl gd dl dr lly s t nt twourge or rar so er ea mmo
ei hediffe dikt oa sc suer mea
Fom 20-F r gd dl o90a d120d s f m 180d da des tr s c ap ssueo
ingl tceera
tn
t
s
u
g
u
iefilua
se me
dU.S. GAAPa di
se thi
dnu
n
itna o
lou
il
dtuign
hhaiev
h
le
lte
ooe
itan a
zarMa s d s n tb et ttee mi
fwillsubst lly a rtema eorv meofa dita
Co se
sedSECly,tquenfFom 20-F. n o
tn ropolu
r
heeadd dtotec rre yp
tllowedtoomi
.nce
itc oniuros intheFPIh mej sdi s. Ac
r‘
av
o
tteer
n
t
r
io
t
l
trepara
fonor
ntn
tn
o
oe
u
lscosure
n
tae
ha
h ta
i inanca
r
r
t
ropo
tn
n
h ie
intaccoun
zar
dn
Seg
te
ro
a
Pe
d ta
g wok t tg s i o thep n a d submissi
Ma s p ses t ac shi
me me
C. me tDaaDi
ri m 17ofFom 20-F a dinc miywihUSGAAP, FPIs aea
af m t rf lst me s, a dasoaep mi dtoh eaq
ferorb toutacrte
reportas a rsutofte l ohi missi The SEC eon.s hastma d t tfwert n 10 FPIi te ha e
exemp n t Hoito do ay. ver g n teporinwe , se me tr g ha toran ars b mean imp tp tofteco
‘ poleorinveh taiottnatn pretaest me se nt st s r yu ntog moef s a FPIs p ma
zarhcAs su , Ma
‘s
itc oniurotniequrerlottccountnkasoas tot ei oa hedisc suer me s inh mej sdi s.
i ilnancahef
s whytheSEC i sis p nropo‘
neaeormisl di
stn
ayeanofatl st30to45 d s b
.loa
s this p sedSEC r echangeluropotor
tuarvegthis c -o
go.
ions.
zar
ltregua
Ma s supp .
siat rtwo-y npea ideroitoran .
hthi his o nverarct
itna niloavors is inf fe mi
pto6 mo htn
icency,
k treieitcur s ma s.
ltniequreioita
‘ ro
ilreconc
FPIs f m USse
n r me tise
, Ma s wis azar
Ho , Ma s stwe
gree
ronzarver
lgenera
2 2
2 3
..noftheUSGAAP
.
3
4
As d dinSFAS131, p ph1-3, se ad et ytsc me sc suep s mo sp or
hef dsu , ist stme se np ss a mu ee
arencranrdeirov
2 4 D.ExchangeActRule13e-3
lo
b
id ta
h tc
tng
nroceio
aragra
ttnatn pretaebeir
i ilnancae
t
feybytheissu ro
flhiv( )te sae o
Thi ei dwh ft da fsehs t et s ts r gg na yo sa nr ec se ec ss oobeh dbyl n300p dt si mi ft blss t gtetn nso s a s, c no er go
FPIt h a t plte n to t e ttn su sa e c mp y pc
Co mi rExgFPI dl fsi eAc, tot et trre s, r ss o
gi d r bl di feist n a go s r g ac ss o y seon
idi me(ADTV“)f yh s b n5 p ftyt rt rto curgv se ng ese
ed di dwideb sis d t12 mo hp TheSEC iyt gv meonawo gar s
h
hc ang
icur
an
h
in
la
tepor
o
h ie
tercen o
h
h
tna
tn
h
au
ka
er
ha
io
bov
tna
a
ze
itqu
treae
ecen
feerenceh er
ee
iurn
e
la
ioau n
egar
t a
a
tc
n
ran
hu
io
‘
egar
h ta
lr
n
er
ran
i tga
to
e
i
n
ir ere
he a
c
itn eporn
lou —
lra ou
isi ol kb htgtropo n nep ea
lu
le
ltn y
itra o
ra n
ila
ha
t
ncu
re
d ila
averag
h ftereor
tk tretaahixitlhhedirovk tres as itwillp et m teabi ytoe ttecpi lma s a
iontfnorn ori ma
average
iesitcur
.i trvae
'
lcni trvaianeoka‘ieitlib s ofFPIs tot ec mp s p ea dwhihaso
ionei ddi list ts a mafnor
.
t
r
or
henc
nve
eb k(ADTV)ma
iona
itta vituan
l teucance‘de ucleeiwillgit v
lItwillasoh ptor eFPIs r
ion.i tga
sty
iona
3 Specific Comments on Other Matters Submitted for Consideration, with Responses to some of the SEC’s Questions
Addi
itcuritquanfTheSEC Rule13e-3 t sa nis d das ()ap seo ye ysehurc aiinefeitc oran
such se icurty orby an (ii)a t den eroffer,affilitae, iicttaio(iii)a proxy sol
sttaementdistirb tuion in c tonnecion with a merger o tcion,r similar transa
subst taniallyalltheassets ofanissuertoits affilitae, or )areversestocksplit.(v
s iftheU.S.
rmletntaeitra odRegist nSt me s Fi donFo
idero .
ion.d tera
dncourage .
ieitcur
stlon mustdisc se i
llo olpropohert sas as f ws:
;t tcounangAc
condn er
icetrac
tter
vernanc
htehenegar
rence
tn
o
trporatou
ito
co
fnor
zar
rlo
inanca
rlo
D. Disc sueAb Diffe s inCo eGo eP s;
E. Fi lI ma nfrSi
Be w aeMa s‘ mme s r digt seo rSEC ma s u si
iontiquteei tcanfign , Compl dAc si s.
it te cerato
h
he
ir
ier
tor
i
ws FPIs to d gist ft ydon me nqere
o
Ma s st glysupp
ndp tFPIs a dd mestcf ms ontesamef
ronzar
u
lla o
an
ninAn lRe s antpornuaioitaliconc
ing.tooievlelaropos this p sa s web
tnoiniitcl gc mme s ono
heUS cpi lmartoeiconvenence
taa
s.
tne
h ier
t
t
s inaRegi s Ce yist nfitr‘tran
lt lly, theSEC is asoso
teiiqurnA. Re gI m 18Re
20-F;
sngage
C. An lDi eAb ADR Fe dP s; tsc su s a menayne
ange
tou
tou
rlo
rlo
nua
B. Disc sueAb Ch
heSEC i wi, t s n w a nlloo
5
sis as.
3 1
3 2
3 3
dntntaei inanca
A.Re gFPI dt deaU. GAAPrst er op
oItt
Cu di oi m 17ofFom 20-F, anFPImu eis f lsttgt stprre , a me s a
e wih U.S GAAP rIFRS an a ssu
repar
eis
S.
o
irov
,
r
.
iequre
t
h ta ar
te
‘
te
ccor n
dccoranci
iiqurn
pursuan
ltn y
i ilnancafer, theissu
renceinlieconcfr gdiffe s, a
nynea
a
ac
tntaei ilnancattn
rb esh re hy ra da
me, ifanFPIt tp se s is f st me s onab sis orehalaanc
hert
tedn etntaei inancadeirovdbytheIASB p s f lst me s u rI m 18of
h taiiequrntentee
te
te
in
ioi tncrthel ei ms sp
iethis dst nb weni m 17a di m 18byr gt
k tre
r
h
h ie
ifto
t tccounan
hc anghaiequrer
s int rFoms 20-F.
dontheNYSE aer dbyt tEx eton ytema
odnt oso
nioltguaniequreeallthei ma nr dbyU.S. GAAP a dRe nS-X, iitofnorbovefeerenceteiefiec dinI m 17as r da .
ntepornnuain
o
ilirn
o
iuind ton ucfse n an e
houts wi tc gap blcoffe gorf ga lr s oieitcur
lony
llioltguantreporlnnuateiiequrns this p salofr gi m 18ina s a dRe nS-X as weropo
ng
i dequre
fiterh ie
bt eeo
t
av
tn
‘
h ier
gree
o
n
hc angeb tou
hange
n
ito
epor
r
fnor
r
lscos
iequrer
‘
iane
r
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