The SEC updated Compliance and Disclosure Interpretations ("C&DIs") related to certain cross-border securities offering exemptions. In particular, the SEC updated C&DIs pertaining to rights offerings and tender and exchange offers when the subject company is a Foreign Private Issuer.
Topics covered in the updated C&DIs include:
- the calculation of U.S. ownership of the subject company;
- determination of the subject class;
- the "equal treatment" requirements in a tender or exchange offer;
- the filing, publication, and dissemination of offer materials; and
- withdrawal rights.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
