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What does Exchange Act Rule 12g3-2(b) mean?

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Exchange Act Rule 12g3-2(b)
Noun

The US Exchange Act rule that permits foreign private issuers to have their equity securities traded on the US over-the-counter market without registration under Section 12 of the Exchange Act and, thus, without being subject to the Exchange Act reporting requirements – it is automatic for foreign issuers that meet its requirements.

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