Portfolio 58-3rd: Regulation S: The Safe Harbor for Offshore Securities Transactions

I. Introduction; The Need for Regulation S

II. Summary of Regulation S
. Introductory Material
A. Preliminary Notes
B. The General Statement
C. Definitions
D. Safe Harbors
1. General conditions
a. Offshore transactions
b. No directed selling efforts in the United States
(i). Activities
(ii). Advertisements
(iii). Press conferences
2. Primary offering safe harbors 53
a. Category One
b. Category Two
c. Category Three
3. Equity securities
a. Category One safe harbor for equity
b. Category Two safe harbor for equity
c. Category Three safe harbor for equity
4. Debt securities
a. Category One safe harbor for debt
b. Category Two safe harbor for debt
c. Category Three safe harbor for debt
5. Guaranteed securities
6. Resale safe harbor
7. Abusive practices and resale limitations
8. Safe harbor protections
9. Reporting of Regulation S sales

III. Practical Application of Regulation S
. Introductory Material
A. Prior Procedures for Debt Securities 4
B. Prior Procedures for Equity Securities 9
C. Convertible Securities
D. Options
E. Flow-Back Registration Statements
F. Employee Stock Plans
G. Private Placements and Offshore Offerings (Interaction of Regulation S and Rule 144A)
H. American Depositary Receipts
I. Acquisitions
J. Issues Raised by Non-U.S. Exchanges and Trading Systems
K. Interaction with Tax Regulations
1. TEFRA D restrictions on offers and sales
2. TEFRA D restrictions on delivery
3. TEFRA D certification requirements