U.S. Securities Law Briefing: SEC Facilitates Cross-Border Tender Offers with New Guidance

In another market friendly step, the U.S. SEC recently updated its guidance, in the form of Compliance and Disclosure Interpretations (“C&DIs”), that will facilitate the tender offer process for non-U.S. companies. The new C&DIs comprise the SEC’s Division of Corporation Finance’s interpretations of the cross-border exemptions, replacing guidance previously issued in the so-called Telephone Interpretations. Many of the changes to the prior guidance are technical revisions or non-substantive,