Revisitig Multinational Securities Offerings After the Frehnch Privatization No-Action Letters

Abstract

This Note argues that the SEC must clarify and modernize its present approach to facilitate participation by U.S. institutional investors in global offerings. Part I examines the French privatization program. Part II analyzes the Act\u27s relevant provisions and the SEC\u27s no-action letters addressing the application of these provisions to involvement by U.S. investors in the initial French offerings. Part III proposes alternatives to the SEC procedures that currently apply to simultaneous multinational offerings. This Note concludes that the SEC must eliminate unnecessary barriers to participation by U.S. investors in global securities offerings and adopt a new approach that recognizes and promotes the interests of U.S. institutional investors