Washington, D.C., May 20, 2008 (lawfuel) – The Securities and Exchange Commission announced today’s conclusion of an international meeting of regulators to discuss cross-border takeovers of public companies. The meeting was attended by more than 40 officials (from 28 countries) who are responsible for regulating transactions related to attempts to gain control of public companies by acquiring outstanding shares held by investors.
The primary goal of the two-day meeting at the SEC’s Washington, D.C., headquarters was to identify ways to increase the effectiveness of the role of regulators in takeover transactions implicating more than one regulatory scheme. Topics discussed at the meeting included ways to increase the inclusion of U.S. and non-U.S. investors in global takeover transactions and steps that can be employed to identify abusive takeover practices.
John White, Director of the SEC’s Division of Corporation Finance, said, “Following prior meetings in Australia and South Africa, we are very pleased to have had the opportunity to host this meeting and to communicate with our fellow regulators on issues we commonly face. As our securities markets become increasingly globalized, such contacts become increasingly important as a means to meet our goals of protecting U.S. investors and promoting best practices for effective cross-border transaction oversight.”
The meeting follows the May 6 publication by the SEC of proposed rules applicable to cross-border business combination transactions. The proposed rule amendments are intended to facilitate participation by U.S. investors in cross-border business combination transactions.
Jurisdictions represented at the meeting were Austria, Australia, Belgium, Brazil, Canada, Chile, Colombia, Denmark, France, Germany, Hong Kong, India, Ireland, Israel, Italy, Japan, The Netherlands, New Zealand, Norway, Peru, Portugal, Spain, Switzerland, South Africa, Thailand, Trinidad and Tobago, United States and United Kingdom.