The staff of Corp Fin have posted a revised set of CDIs interpreting the cross-border exemptions. The new CDIs replace the 17-year old interpretations that were contained in Section II of the July 2001 Interim Supplement to the antediluvian Telephone Interpretations Manual. (You may even have a copy in a three-hole binder somewhere.) Some of the CDIs reflect only technical revisions, some are substantive and some are entirely new interps.
Notably, the introduction to all of the CDIs indicates that Corp Fin is currently in the process of updating and reformatting the CDIs generally. Also, consistent with the Chair’s September statement—which emphasized that staff guidance is nonbinding and not enforceable by the SEC or others (see this PubCo post)—the risk factor-like introduction states that the CDIs are not rules or statements of the SEC, have not been approved or disapproved by the SEC, reflect only the views of the Corp Fin staff, are not binding, are intended only as general guidance, should not be relied on as definitive, may not be current and may change without notice.
