Who may rely on Regulation S?
Members of the offering party, including:
• U.S. issuers – both reporting and non-reporting issuers may rely on the Rule 901 general statement or the Rule 903 issuer safe harbor;
• Foreign issuers – both reporting and non- reporting foreign issuers may rely on the Rule
901 general statement or the Rule 903 issuer
safe harbor;
• Distributors (underwriters and broker-dealers)
– both U.S. and foreign financial intermediaries may rely on the Rule 901 general statement or the Rule 903 issuer safe harbor;
• Affiliates of the issuer – both U.S. and foreign;