Regulation D Comment Letter (October 2007)
Annual Report 2008
The comment letter generally supports the SEC’s attempt to modernize the exemption regime under Section 12(g) for foreign private issuers.

However, there were again some areas where we suggested modifications or alternative approaches to the Proposals. The letter includes comments for the SEC in the following areas:

a) ADTV Test Combined with Affirmative Act by Issuer;
b) Permanence of Exemption or Cure Period;
c) Impact on ADR Facilities;
d) Calculation of ADTV and Off-Market Trades;
e) Safe Harbor Status for Compliance in Follow-On Public Offering;
f) Timing for Retention of Documents;
g) Consideration of Public Statement of Use of Exemption; and
h) Mutual Recognition.

View Comment Letter:
http://tffuslil.com/wp-content/uploads/2012/06/Rule-12g3-2b-Comment-Letter-April-2008.pdf

For the proposed rule, please visit the following page:http://www.sec.gov/rules/proposed/2008/34-57350.pdf

For the final rule, please visit the following page:http://www.sec.gov/rules/final/2008/34-58465.pdf