The FSC amended the “Regulations Governing Public Tender Offers for Securities of Public Companies” on November 18, 2016.  Major amendments include: (1) in principle, the time, manner and location of the payment of consideration shall not be modified; (2) irrespective of whether the consideration is to be paid in cash, an offeror shall provide proof of ability to pay the consideration; (3) the upper limit for extending the period of a tender offer is increased from 30 days to 50 days; (4) where the offeror does not pay the consideration by the time stipulated in the tender offer prospectus, those accepting the offer may withdraw their acceptance without notice, and the appointed institution shall return the deposited securities to the such persons on the following business day;(5) the reporting documents of a tender offer shall be reviewed by an attorney and be accompanied by a legal opinion.