Amendments to Regulation S: New Restrictions on Offshore Equity Offeringsby U.S. Issuers
                    
                    
                
                
             
         
        
            This memorandum discusses amendments to Regulation S adopted by the U.S. Securities and Exchange Commission which, in effect, significantly restrict the ability of U.S. issuers to offer and sell equity securities outside the United States in reliance upon the Regulation.