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.
We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.
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.
