Disclosure Letter

Definition:

In a cross-border offering where a substantial portion of the Due Diligence has been conducted by local lawyers, a Disclosure Letter or 10b-5 “look-alike” letter may be required to be delivered by the local law firm, which covers substantially similar items as a 10b-5 Letter. This should not be confused with the UK usage of “disclosure letter” being a letter provided by the seller to the buyer on mergers and acquisition transactions setting out exemptions to the warranties.

Return to Glossary