SEC publishes latest rule interpretation update

(July 13 – 16:50 ET) – The U.S. Securities and Exchange Commission has issued an update to the interpretation manual of its own rules, including those dealing with cross-border mergers and acquisitions.

The SEC’s Division of Corporation Finance has developed a telephone interpretation manual which compiles the responses SEC staff give over the phone to questions from the securities industry and the public. These responses aren’t legally binding, but as they are also informative the SEC publishes them. This manual was begun in 1997 and has been revised twice before. This latest revision deals with new interpretations issued in response to recent telephone inquiries.