Legal Definitions - non-reporting issuer

A non-reporting issuer is a type of company that is not required to file periodic reports. This means that they do not have to provide regular updates on their financial performance to the public.

Examples of non-reporting issuers include:

• U.S. private companies
• Non-U.S. private companies
• Non-U.S. companies that are public in their home countries but are not reporting companies in the U.S.

For instance, a small family-owned business in the U.S. would be considered a non-reporting issuer because it is not required to file periodic reports with the Securities and Exchange Commission (SEC). Similarly, a privately held company in Japan that is not listed on a U.S. stock exchange would also be a non-reporting issuer.

Overall, non-reporting issuers are not subject to the same level of regulatory oversight as reporting issuers, which can make them more attractive to certain investors but also carries greater risk.