On February 27, 2026, the U.S. Securities and Exchange Commission adopted a final rule that amended the Holding Foreign Insiders Accountable Act (“HFIA Act”), an act enacted on December 18, 2025 that requires directors and officers of certain foreign private issuers (“FPIs”) to disclose their beneficial ownership positions and any trades made on those holdings to the public. Under the rule, all disclosures must be made electronically and in English. The only exception applies to executives who beneficially own more than 10 percent of any class of equity securities. The rule takes effect on March 18, 2026.
SEC Press Release | HFIA Act Final Rule