The U.S. Securities and Exchange Commission’s Division of Corporation Finance announced that it has completed its review of its cross-border tender, exchange offer and business combination rules, and has prepared recommendations for consideration by the commission.

The goal of the review of the current rules, which were adopted by the commission in 1999, was to determine whether changes could be made that would further facilitate the ability of U.S. investors to exercise their rights in connection with cross-border mergers and acquisitions. The review included looking at areas of conflict and inconsistency with foreign regulations and practice that are frequently encountered in cross-border business combinations and that result in U.S. investors being excluded from these transactions.

The cross-border tender offer rules apply to offers for the securities of foreign companies that have U.S. security holders. They do not apply to offers for U.S. companies.