In evaluating the severity of identified deficiencies, how should a foreign private issuer apply the reference to “interim financial statements” in the definition of material weakness?
Since home country requirements regarding the preparation of interim financial information vary significantly and there are no uniform requirements under the Exchange Act for foreign private issuers to file periodic interim financial information with the Commission, the reference to “interim financial statements” in that definition is not applicable to foreign private issuers. However, foreign private issuers filing on domestic forms are subject to the same requirements with respect to interim information as domestic issuers.
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