SoftBank Agrees To Set US Regulator Restrictions

SoftBank Agrees To Set US Regulator Restrictions

Japanese giant SoftBank Group Corp. agreed to a number of conditions and restrictions in order to obtain permission from the regulator to conduct tech business in the US, Reuters reports.

The bank representatives accepted the conditions according to which they are forced to refuse to participate in directors board meetings, are obliged to provide access to confidential data, and also to support various startups less actively.

These conditions are necessary within the framework of a recent US law created to limit foreign investment. The compliance of bank with US law is monitored by the Committee On Foreign Investment in the USA (CFIUS).

According to the chief operating officer of SoftBank Group Corp. Marcelo Klaury, the US authorities intend to reconsider its position as the company has fulfilled all the conditions.