The SEC issued a final rule in Release No. 34-58597, Revisions to the Cross-Border Tender Offer, Exchange Offer, and Business Combination Rules and Beneficial Ownership Reporting Rules for Certain Foreign Institutions, on September 19, 2008.

The final rule will become effective 60 days after its publication in the Federal Register, which normally occurs a few days after publication on the SEC?s website.

Citing the globalization of markets as a force behind the changes, the SEC said the final rule would allow U.S. security holders to participate in cross border transactions and business combinations to the same extent as foreign investors.