tailieunhanh - Recent Developments in Cross-Border Investment in Securities

Funds raising money outside the United States often rely on Regulation S under the Securities Act for their exemption from the registration requirements of the Securities Act. Regulation S uses a territorial approach for offers and sales of securities pursuant to which the registration requirements of the Securities Act apply to persons in the United States, regardless of citizenship, but do not apply to persons residing outside the United States. Under Regulation S, funds may engage in any offers and sales of securities to any persons for any amounts without violating the registration requirements of the Securities Act, provided that the requirements of Regulation S are met | 19 Recent Developments in Cross-Border Investment in Securities Carol C. Bertaut and William L. Griever of the Board s Division of International Finance prepared this article. Jillian E. Faucette provided research assistance. Securities have replaced bank lending in recent years as the primary means through which funds are invested internationally and in the process the share of . securities owned by foreigners has grown markedly. For example between December 1974 and June 2002 the proportion of the value of outstanding . equities and long-term debt securities that was foreign-owned increased from about 5 percent to about 12 During the same period the value of these foreign holdings increased from 67 billion to almost 4 trillion. . holdings of foreign long-term securities have also increased over this period although their growth has not matched the rapid growth in foreign holdings of . long-term securities. At trillion the value of . holdings of foreign long-term securities at the end of 2002 was less than half the value of foreign holdings of . securities this difference resulted in a negative net international position in long-term securities of trillion. This disparity is also reflected in the more comprehensive . international investment position which is the value of all . holdings of foreign assets minus the value of all foreign holdings of . assets chart 1 . On this more comprehensive basis the United States has for some years been the world s largest net debtor country. In recent years the path of the net international investment position has closely mirrored that of the net long-term securities position. The . system for measuring cross-border investment in long-term securities consists of annual sur- 1. Net . international investment position and net . long-term securities position 1976-2002 Il I I I I I I I I I I I I I I I I I I I I I I I I I I I I II 1978 1982 1986 1990 1994 1998 2002 Note. Direct .

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