The Commission is adopting two safe harbors designed to facilitate U.S. press access to offshore press activities. The two safe harbors will clarify the conditions under which journalists may be provided access to offshore press conferences, offshore meetings and press materials released offshore, in which a present or proposed offering of securities or tender offer is discussed, without violating the provisions of Section 5 of the Securities Act of 1933, or the procedural requirements of the tender offer rules promulgated under the Williams Act.