Nonreporting Issuer Law and Legal Definition
Nonreporting issuer refers to an issuer that is not subject to the reporting requirements of the Exchange Act because of the following reasons:
1.The issuer has not voluntarily become subject to the reporting requirements;
2.The issuer has not had an effective registration statement under the Securites Act within the fiscal year;and
3.The issuer did not, at the end of its last fiscal year, meet the shareholder or asset tests under the Exchange Act registration requirements.
Nonreporting issuers can also seek to take advantage of the new rule to omit certain non-material information, to condense certain material, and to omit financial statements of the sort required by a registration statement.[Woolf v. S. D. Cohn & Co., 521 F.2d 225, 228 (5th Cir. Fla. 1975)].