Foreign Private Issuers are now Subject to Insider Reporting Obligations under U.S. Securities Laws

On December 18, 2025, President Trump signed the National Defense Authorization Act for Fiscal Year 2026 (the “NDAA”), which contains an amendment to Section 16(a) of the Securities Exchange Act of 1934 (the “Exchange Act”). As a result of this amendment, effective March 18, 2026, directors and officers of foreign private issuers (“FPIs”) will be subject to Section 16(a) beneficial ownership reporting obligations.

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