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119-s-1089119th CongressWALLET

Holding Foreign Insiders Accountable Act

Sponsored By: Senator Kennedy, John [R-LA]

Introduced

Summary

Expands insider reporting to cover securities of foreign private issuers. It would extend Section 16(a)(1) reporting obligations to include securities of firms that meet the "foreign private issuer" definition in 17 C.F.R. 240.3b-4 and order rapid regulatory action to implement the change.

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  • Insiders: Corporate insiders subject to Section 16 would have to report transactions in securities of foreign private issuers the same way they report domestic securities.
  • Foreign private issuers: Securities of companies defined by reference to 17 C.F.R. 240.3b-4 would fall under Section 16 reporting requirements.
  • SEC and rules: The Securities and Exchange Commission would have 90 days to issue final regulations or amend existing rules to carry out the change. If any provision of 17 C.F.R. 240.3a12-3(b) is inconsistent with the amendment, that provision would have no force or effect.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 0 costs, 1 mixed.

New insider reporting for foreign issuers

If enacted, this bill would make insiders of foreign private issuers file the same SEC reports as U.S. insiders. The SEC would have 90 days after enactment to write or update rules. Any existing SEC rule that conflicts with the change would have no force to that extent. Investors could get more information, but foreign issuers and their officers could face new reporting costs.

Sponsors & CoSponsors

Sponsor

Kennedy, John [R-LA]

LA • R

Cosponsors

  • Sen. Van Hollen, Chris [D-MD]

    MD • D

    Sponsored 3/24/2025

Roll Call Votes

No roll call votes available for this bill.

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