F-3
SEC Form F-3 is a regulatory short form to register securities that is used by foreign private issuers who meet certain criteria.
Definition:
F-3 Registration Statement (Simplified Version): Foreign companies issuing securities in the United States can use Form F-3 for a simplified registration statement if they have previously filed Form F-1 or S-1. Form F-3 is primarily used by companies with an established history in the U.S. market, simplifying disclosure requirements.
Origin:
The use of Form F-3 originates from the regulations of the U.S. Securities and Exchange Commission (SEC), aimed at simplifying the securities issuance process for foreign companies with an established history in the U.S. market. The introduction of this form was intended to enhance market efficiency and reduce the burden of repetitive disclosures.
Categories and Characteristics:
1. Form F-1: Used by foreign companies making their initial securities offering in the U.S. market, requiring detailed disclosures.
2. Form S-1: Used by domestic U.S. companies for their initial public offering (IPO), also requiring detailed disclosures.
3. Form F-3: Used by foreign companies that have previously filed Form F-1 or S-1, simplifying disclosure requirements for subsequent securities offerings.
Specific Cases:
1. Case 1: A foreign company A made its initial securities offering in the U.S. market in 2018 using Form F-1. In 2022, Company A issued securities again, this time using Form F-3, simplifying the disclosure process and saving time and costs.
2. Case 2: Foreign company B conducted its initial public offering (IPO) in the U.S. market in 2015 using Form S-1. In 2023, Company B planned to issue additional shares and used Form F-3, simplifying the registration statement process.
Common Questions:
1. Q: Which companies can use Form F-3?
A: Foreign companies with an established history in the U.S. market that have previously filed Form F-1 or S-1 can use Form F-3.
2. Q: What are the advantages of using Form F-3?
A: Form F-3 simplifies disclosure requirements, reduces repetitive information submissions, and saves time and costs.
