Summary

GAO reviewed the Securities and Exchange Commission's new rule on commission guidance and revisions to the cross-border tender offer, exchange offer, rights offerings, and business combination rules and beneficial ownership reporting rules for certain foreign institutions. GAO found that (1) the rule expands certain exemptions for cross-border tender offers, exchange offers, rights offerings, and business combinations; and (2) GAO found that the Securities and Exchange Commission complied with applicable requirements in promulgating the rule.