Category 2 Reg S
Regulation S Category 2 securities are securities of foreign issuers that do not qualify for Regulation S Category 1, including equity securities of reporting foreign issuers and debt securities of foreign issuers (reporting and non-reporting). Regulation S Category 2 securities are subject to more restrictions under Regulation S, including a distribution compliance period, as a result of the greater danger of flow back into the United States. The full definition of Regulation S Category 2 can be found under Section 903 of Regulation S.