substantial US market interest
- substantial US market interest
-
Under Regulation S of the Securities Act of 1933, there is deemed to be substantial US market interest in an issuer's shares, if in the issuer's prior fiscal year:
• Securities exchanges and interdealer quotation systems in the US in the aggregate constituted the single largest market for the issuer's shares; or
• 20% or more of all trading in such shares took place in or through the facilities of securities exchanges and interdealer quotation systems in the US and less than 55% of such trading took place in or through the facilities of securities markets of any other single country.
In relation to debt, there will be a substantial US market interest in an issuer's debt securities where:
• The issuer's debt securities are held by 300 or more US persons;
• Such persons hold $1 billion or more in aggregate principal amount of its debt securities; and
• Such persons hold 20% or more of its debt securities.
+ Substantial US market interest (SUSMI)
USA
As defined under Regulation S, a substantial US market interest for equity securities occurs if, during the issuer's past fiscal year, one of the following two criteria is met:
• The US securities exchanges and inter-dealer quotation systems constituted, in the aggregate, the largest market for the securities.
• 20% or more of all trading in the securities took place via the US securities exchanges and inter-dealer quotation systems and less than 55% of all trading in the securities took place via another country's securities markets.
A substantial US market interest for debt securities occurs if:
• The issuer's debt securities are held of record by 300 or more US persons.
• $1 billion or more of the outstanding principal amount of the issuer's debt securities are held of record by US persons.
• 20% or more of the outstanding principal amount of the issuer's debt securities are held of record by US persons.
Practical Law Dictionary. Glossary of UK, US and international legal terms.
www.practicallaw.com.
2010.
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