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OGC-00-12 1 (1999-11-19)

handle is hein.gao/gaobabmbc0001 and id is 1 raw text is: tG A O__ _ _ _ __ United States General Accounting Office Office of the General Counsel Washington, DC 20548 B-284106 November 19, 1999 The Honorable Phil Gramm Chairman The Honorable Paul S. Sarbanes Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Thomas J. Bliley, Jr. Chairman The Honorable John D. Dingell Ranking Minority Member Committee on Commerce House of Representatives Subject: Securities and Exchange Commission: Regulation of Takeovers and Security Holder Co mmunic atio ns Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission, entitled Regulation of Takeovers and Security Holder Communications (RIN: 3235-AG84). We received the rule on October 26, 1999. It was published in the Federal Register as a final rule on November 10, 1999. 64 Fed. Reg. 61408. The final rule revises the regulations applicable to takeover transactions (including tender offers, mergers, acquisitions, and similar extraordinary transactions) to permit significantly more communications before the time a mandated disclosure document must be publicly filed with the SEC. In addition, the rule balances the treatment of cash and stock tender offers, simplifies and centralizes current disclosure requirements, and eliminates existing regulatory inconsistencies in merger and tender offers. Enclosed is our assessment of the SEC's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our review indicates that the SEC complied with the applicable requirements. If you have any questions about this report, please contact James W. Vickers, Assistant General Counsel, at (202) 512-8210. The official responsible for GAO GAO/OGC-00-12

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