Concept Release on Foreign Private Issuer Eligibility

Document 2025-10428 is a Proposed Rule published by the Securities and Exchange Commission in the Federal Register on June 9, 2025. The Securities and Exchange Commission ("Commission") is publishing this concept release to solicit comments on the definition of a foreign private issuer ("FPI"). There have been several developments within the FPI population since the Commission last conducted a broad review of reporting FPIs and the eligibility criteria for FPI status. These developments have prompted us to consider whether the current FPI definition should be revised so that it better represents the issuers that the Commission intended to benefit from current FPI accommodations while continuing to protect investors and promote capital formation. View the original at https://www.federalregister.gov/documents/2025/06/09/2025-10428/concept-release-on-foreign-private-issuer-eligibility.

No. Document 2025-10428 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.