U.S. Securities and Exchange Comisión
450 Fifth Street, N.W
Washington, D.C. 20549
November 30, 2001
Re: Proposed Rule "Mandated Edgar Filing for Foreign Issuers"
Release No. 33-8016. File No. S7-18-01
On behalf of Promotora de Informaciones, S.A., with File Nº 82-5213 (hereinafter called PRISA), that is a foreign issuer granted with the Rule 12g3-2(b) exemption, we hereby want to comment certain aspects of the proposed amendments to Regulation S-T:
1) EDGAR system.
PRISA, as other companies, has the responsibility of submitting the same corporative documentation to different controlling bodies. Such documentation is normally sent following the same system, that is in paper form and by fax or mail.
We believe that any issuer should be free to chose the more efficient system through which it will submit its documentation to the SEC and other controlling bodies.
Furthermore, the particular system proposed by the SEC (the electronic EDGAR system) will require set up and learning costs as well as additional burden of work of such electronic program to the employees of the issuers, which suppose an important burden. Therefore, we consider that if the SEC imposes the EDGAR system as a mandatory system to use, such decision would make less efficient and would also increase the ordinary work of the issuers.
For all this reasons, and regarding that the companies granted with the Rule 12g3-2(b) exemption i) have a limited access to U.S markets, ii) are not an Exchange Act reporting company, and iii) there is less public interest in them, we believe that the SEC shall permit, but not require, foreign private issuers granted with the Rule 12g3-2(b) exemption to file their documents through the EDGAR system.
2) English summaries of exhibits and other documents.
The documentation that PRISA sends to the SEC is translated into English language:
a) When such documentation has previously been translated into English language as a consequence of a different purpose than its submission to the SEC (such as the distribution of a press release, the celebration of the general Shareholder meeting ....etc), we take advantage of such translations and we send the same to the SEC.
b) If we do not have an English translation of a particular document, we prepare an English summary of such document (as currently permitted by the SEC) with the sole purpose of its submission to the SEC.
We note that as the aforementioned translations are unofficial, the amendments proposed by the SEC in order to require full translations of all documents and the corresponding representation given by a designated official stating that the English version is a fair an accurate translation, will have the effect of imposing the hiring of translation services by the issuers which means an increase of their expenses.
We deem that the unofficial English translations as well as the English summaries of the documents are sufficient for the publicity of the information filed by the issuers and therefore the amendment proposed by the SEC should not be binding for the foreign private issuers granted with the Rule 12g3-2(b) exemption.
Miguel Satrústegui Gil Delgado