Implications of the FAST Act to Foreign Private Issuers
On December 4, 2015, the Fixing America’s Surface Transportation Act (“FAST Act”) was enacted. Although the FAST Act is aimed principally at facilitating highway and transit projects, it includes several U.S. securities law-related provisions, primarily amendments to the Jumpstart Our Business Startups Act (“JOBS Act”). A summary of the FAST Act’s key U.S. securities law-related changes relevant to foreign private issuers is set forth below. Some provisions take effect immediately or in the near future, while others require SEC rulemaking and, in the case of Regulation S-K, a long-term project commitment by the SEC stretching over the next two years.