On September 19, 2008, the United States Securities and Exchange Commission (the ?SEC?) published its final rule and interpretive guidance regarding changes to its cross-border transaction rules and beneficial ownership reporting requirements for non-U.S. institutions.[1] The rule changes are intended to expand the scope of exemptions for cross-border transactions involving foreign private issuers[2] from SEC regulation and to allow certain non-U.S. institutions to report ownership on short-form Schedule 13G to the same extent as would be permitted for their U.S. counterparts. Some of the rule changes and guidance also apply to U.S. tender offers and exchange offers. The amended rules will become effective December 8, 2008.

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