SEC Proposes Amendments to the Cross-Border Tender Offer, Exchange Offer and Business Combination Rules and Beneficial Ownership Reporting Rules for Certain Foreign Institutions
14 May 2008
George Karafotias,
Stephen M. Besen,
David J. Beveridge,
George A. Casey,
Creighton O'M. Condon,
Christa A. D'Alimonte,
Stephen T. Giove,
W. Jeffrey Lawrence,
Alberto Luzárraga,
Peter D. Lyons,
John J. Madden,
John A. Marzulli, Jr.,
Clare O'Brien,
Scott Petepiece,
Antonia E. Stolper,
Manuel A. Orillac,
Robert C. Treuhold,
Michael S. Bosco,
Andrew Béla Jánszky,
Kenneth J. Lebrun,
Abigail Arms,
Lee Edwards,
Paul Strecker
On May 6, 2008, the U.S. Securities and Exchange Commission (the “SEC”, or the “Commission”) proposed amendments to the exemptions for cross-border tender offers, exchange offers and business combinations adopted in 1999 (the “Cross-Border Rules”) in an effort to expand and enhance the usefulness of the Cross-Border Rules. The proposed amendments are contained in Release No. 33-8917 (34-57781), entitled “Revisions to the Cross-Border Tender Offer, Exchange Offer, and Business Combination Rules and Beneficial Ownership Reporting Rules for Certain Foreign Institutions” (May 6, 2008) (the “Release”). A copy of the Release is available on the Commission’s website at http://www.sec.gov/rules/proposed/2008/33-8917.pdf.
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