Public hearing on common rules for new financial product offerings

The SEC is seeking public comment on proposed common offering rules for new financial products not falling within a scope of any existing rules. Introducing the common rules aims to facilitate private sector’s issuance of new financial products in response to market needs. Under the proposal, the principle-based set of rules enabling a more flexible coverage of various financial products, either domestic or foreign issues will be drafted, rather than a rule-based one. Also, consideration on suitability of target investors will be addressed. The proposed rules govern offering approval, disclosure and periodic reporting requirement.