In the past, U.S. regulators have conducted "selected reviews" of foreign listing applications because of limited resources.

CENTERFORSECURITYPOLICY: Center For Security Policy

The urge to seek a foreign listing will disappear when all exchange controls are abolished, which the government hopes will be within a few years.

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During the turbulent 1990s, Brazilian firms sought to float on exchanges abroad, calculating that a foreign listing would give them access to deeper pools of money and an implicit stamp of approval in the eyes of investors.

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Now, the Securities and Exchange Commission plans to require foreign companies listing in the US to disclose their business interests in those countries.

CENTERFORSECURITYPOLICY: Center For Security Policy

Regulators want to eliminate the costly requirement that foreign companies listing their shares on American markets reconcile their financial statements with U.S. accounting guidelines.

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Many foreign companies listing in the US, particularly energy companies, have operations in countries under US embargo and will be affected by the new requirements.

CENTERFORSECURITYPOLICY: Center For Security Policy

Mr Pitt, who was nominated yesterday by President George W. Bush to head the SEC, will be given the task of implementing a decision that significantly expands the SEC's role in ensuring that foreign companies listing in the US do not run foul of US sanctions policy.

CENTERFORSECURITYPOLICY: Center For Security Policy

The Sarbanes-Oxley legislation, passed after the collapse of Enron in order to stiffen up corporate governance, has put off foreign companies from listing there.

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The SEC also plans to amend its rules to require all foreign firms to file listing documents electronically.

CENTERFORSECURITYPOLICY: Center For Security Policy

For example, India prohibits companies from listing their shares at home and on a foreign exchange.

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Some British firms, such as Rank, an entertainment group with only a minority of foreign shareholders, are wondering whether the costs of an American listing now outweigh the benefits.

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In response, regulators have cut trading costs, are reforming new listing rules and are encouraging long-term institutional investors such as pension funds, both local and foreign, to enter the market.

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