Pass uponには、
allow
sanction
make provision of/for
と言った意味もあります。

が、上の文脈The Securities and Exchange Commission has not in any way passed upon the merits of the securities.では、おっしゃっているように　pass onの、情報を他に回す、という意味が適切のようにも思えます。

Meritsについて調べると、《法律》（請求｛せいきゅう｝の）実体
と言う意味があります。
ですから、情報というよりも、実体としたほうがいいかもしれません。

いずれにしろ、この前の文章次第です。
最後の言葉the securitiesが実際に何を示しているかによります。

ですが、一応Pass uponということですので、上のような答えを上げてみました。

pass uponが、sanction, allow, make provision of,のような意味を持つ例として；

The Court developed, for its own governance in the cases confessedly within its jurisdiction, a series of rules under which it has avoided passing upon （＝sanctioning) a large part of all the constitutional questions pressed upon it for decision. They are:

1. The Court will not pass upon (=allow) the constitutionality of legislation in a friendly, non-adversary, proceeding, declining because to decide such questions is legitimate only in the last resort, and as a necessity in the determination of real, earnest, and vital controversy between individuals. It never was the thought that, by means of a friendly suit, a party beaten in the legislature could transfer to the courts an inquiry as to the constitutionality of the legislative act.
...

4. The Court will not pass upon (= allow) a constitutional question although properly presented by the record, if there is also present some other ground upon which the case may be disposed of… If a case can be decided on either of two grounds, one involving a constitutional question, the other a question of statutory construction or general law, the Court will decide only the latter.

以上