The staff of the US Securities and Exchange Commission has issued no-action letters to certain foreign issuers that are subject to the SEC’s proxy rules. These issuers have been allowed to avoid filing preliminary proxy statements with the SEC where the only proposals being acted upon at the stockholders’ meetings are matters required by applicable foreign law or matters specifically exempted from preliminary proxy filing requirements by Rule 14a-6 under the Securities Exchange Act of 1934. While the no-action relief is limited to the foreign jurisdictions and proposals discussed, these no-action letters may evidence the Staff’s willingness to grant such relief to comparable requests from other foreign issuers.

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