The Securities and Exchange Commission (SEC) on March 5, 2026, issued an order granting directors and officers of foreign private issuers (FPIs) in certain locations—including Canada and most European countries—an exemption from the filing requirements of Section 16(a) of the Securities Exchange Act of 1934. This provision requires directors and top executives who own more than 10% of the company’s stock to disclose their ownership and any changes by filing Forms 3, 4, and 5 with the SEC.
Section 16(a) is intended to promote transparency and limit undisclosed insider trading activity.
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