"...an annual survey be undertaken of the changes which could affect multinational offers which have been made in participating jurisdictions.

...each year, each jurisdiction represented on the Technical Committee produces a summary of such changes so that the Working Part can prepare its annual report for distribution at the next annual conference of IOSCO."

The full text of the 1989 recommendations is reprinted in Appendix A to this Annual Survey Report.

Regulatory changes that became effective or that were proposed since April 30, 1994, are described in this Report. The questionnaire for the survey asked participants to consider particularly changes within the following areas:

Regulatory requirements for public offers

Registration procedures

-clearance period
-shelf registration

Listing procedures

-review period

Prospectus requirements

-number of years audited financial statements
-maximum period since last balance sheet
-reconciliation to local auditing standards
-reconciliation to local accounting standards

In particular, details of any new concessions given to foreign issuers and any new reciprocal agreements entered into with other jurisdictions.

Continuing reporting obligations

Deadline for filing financial statements
Frequency of interim statements
Deadline for filing interim statements
Requirements for reports by insiders and reports of material changes

In particular, descriptions of any new concessions granted to foreign issuers.

Restrictions applying to private placement

Factors precipitating a public offer Documentation for private placements Restrictions on resale

Stabilization and other controls on dealings

Any other issues bearing on international equity offers

Survey participants

Australia
Belgium
Canada
France
Germany
Hong Kong
Italy
Japan
Luxembourg
Mexico
Spain
Sweden
Switzerland
The Netherlands
United Kingdom
United States