SEC Grants Exemptive Relief to Spanish Bank from Certain Tender Offer Requirements

The SEC Division of Corporate Finance granted a Spanish bank exemptive relief from certain requirements under SEA Rule 14e-1 ("Unlawful Tender Offer Practices"), Rule 14d-10 ("Equal Treatment of Security Holders") and Rule 14e-5 ("Prohibiting Purchases outside of a Tender Offer"). The request for relief concerned transactions involving exchange offers under U.S., Spanish, and Mexican law.