The sentence is correct. You are not dealing, however, with a subordinate clause (a clause must have a subject and a verb); you have an adjectival phrase modifying it .
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AnonymousHi,
Why it the example sentence not in the usual form/place?
Completely updated to reflect the current standards, it is the bestseller.
Why not in its usual place?
It is the bestseller which is completely updated to reflect the current standards.
Is it common to front the adjectival phrase??
AnonymousCan we use an adverb with either of the participles?Yes! Why not?