Regulation S-XのRules 3-05及び Article 11の改正提案

The Securities and Exchange Commission proposed amendments to the financial disclosure requirements in Rules 3-05, 3-14, and Article 11 of Regulation S-X, as well as related rules and forms, for financial statements of businesses acquired or to be acquired and for business dispositions. The Commission also proposed new Rule 6-11 of Regulation S-X and amendments to Form N-14 for financial reporting of acquisitions involving investment companies.

When a registrant acquires a significant business, other than a real estate operation, Rule 3-05 of Regulation S-X generally requires a registrant to provide separate audited annual and unaudited interim pre-acquisition financial statements of that business. The number of years of financial information that must be provided depends on the relative significance of the acquisition to the registrant. Similarly, Rule 3-14 of Regulation S-X addresses the unique nature of real estate operations and requires a registrant that has acquired a significant real estate operation to file financial statements with respect to such acquired operation.

 わが国で米国証券取引委員会への登録が強制されるのは、様式F–4による組織再編に関するものだというワーキング・ペーパーを書いたことがありますが、それとの関係で、今回の規則提案は、実務に影響を与えるように思えます。

外形基準に対する規則提案

証券取引委員会による規則制定権限

新興企業活性化法503条は,取引所法12条(g)項(5)項1 に基づき「名義保有者」(held of record)という定義を,新興企業活性化法502条を反映するために,修正しなければならない旨,定めてます2 。証券取引委員会は,更に,証券法5条の登録義務の対象にならない従業員報酬プランとして受け取った証券が,証券保有者に該当するか否かについてのセーフハーバーを策定しなければなりません3 。同様に,新興企業活性化法602条4 は,証券取引委員会が同法601条について,同法成立後1年以内に規則を制定しなければならないと定めています。

証券取引委員会による規則提案

2014年12月18日,証券取引委員会は,新興企業活性化法の第5編および第6編に関する規則を提案しました5

同規則提案の詳細は省略しますが,証券法規則405条(17 C.F.R. Section 230.405)の外国民間発行者(foreign private issuer)における議決権割合の計算方法,取引所法規則3b–4 (17 C.F.R. Section 240.3b–4)における議決権割合の計算方法,取引所法12条(b)項および(g)項の詳細を定める同法規則12g–1 (17 C.F.R. Section 40.12g–1),同規則12g–2 (17 C.F.R. Section 240.12g–2),同規則12g–3 (17 C.F.R. Section 240.12g–3),同規則12g–4 (17 C.F.R. Section 240.12g–4),同規則12g5–1 (17 C.F.R. Section 240.12g5–1),取引所法15条(d)項に基づく継続開示義務の停止に関する同法規則12h–3 (17 C.F.R. Section 240.12h–3)が改正提案の対象となっています。

  1. 証券取引委員会に対して,規則を以て,名義保有者の定義をする権限を与える。 []
  2. JOBS Act, Section 503 (“SEC. 503. COMMISSION RULEMAKING. The Securities and Exchange Commission shall revise the definition of “held of record” pursuant to section 12(g)(5) of the Securities Exchange Act of 1934 (15 U.S.C. 78l(g)(5).) to implement the amendment made by section 502. The Commission shall also adopt safe harbor provisions that issuers can follow when determining whether holders of their securities received the securities pursuant to an employee compensation plan in transactions that were exempt from the registration requirements of section 5 of the Securities Act of 1933.”). []
  3. JOBS Act, Section 503. []
  4. JOBS Act, Section 602 (“SEC. 602. RULEMAKING. Not later than 1 year after the date of enactment of this Act, the Securities and Exchange Commission shall issue final regulations to implement this title and the amendments made by this title.”). []
  5. Proposed Rule, Changes to Exchange Act Registration Requirements to Implement Title V and Title VI of the JOBS Act, Securities Act Release No. 9,693 (Dec. 18, 2014). []