SUSMISubstantial United States Market Interest
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Talking about the summer camp, 13-year-old Susmi said, "We have been learning dance and beautiful music.
market interest" ("SUSMI"), it will be subject to offering restrictions [72] and may be subject to transfer restrictions that apply during a "distribution compliance period." There is no SUSMI in a foreign company's equity securities if the issuer reasonably believes that in its most recent fiscal year, the United States did not constitute the single largest market for the class of equities, and that either less than 20% of the trading in the class took place in the United States or more than 55% of the trading took place in a single foreign country.
So-called Category I securities (those that are distributed in only one foreign country or have no SUSMI) have no distribution compliance period, and therefore no offering conditions or transfer restrictions.