SEC Grants Section 16(a) Exemption for Directors and Officers of Foreign Private Issuers Organized in Certain Jurisdictions

The Holding Foreign Insiders Accountable Act ("HFIAA"), which becomes effective on March 18, 2026, removes the historically available exemption from the reporting requirements of Section 16(a) of the Exchange Act ("Section 16(a)") for officers and directors of foreign private issuers ("FPIs"). The HFIAA nevertheless granted the Securities and Exchange Commission ("SEC") exemptive authority in situations where the SEC determines that the laws of a foreign jurisdiction apply substantially similar... By: Jones Day