Overview

On December 18, 2025, the Holding Foreign Insiders Accountable Act (HFIAA) was signed into law as part of the National Defense Authorization Act for Fiscal Year 2026. Effective March 18, 2026, the HFIAA requires directors and officers of foreign private issuers (FPIs) to report their equity ownership and transactions to the U.S. Securities and Exchange Commission (SEC) under Section 16(a) of the Securities Exchange Act of 1934, as amended (the Exchange Act), on Forms 3, 4, and 5.

Background: The Section 16 Framework

Section 16 of the Exchange Act imposes reporting and liability requirements on “insiders” of companies with equity securities registered under Section 12 of the Exchange Act (typically companies listed on exchanges such as the New York Stock Exchange or the Nasdaq Stock Market). Under Section 16, “insiders” include directors, officers, and beneficial owners of more than 10% of any class of an issuer’s registered equity securities. The statutory framework consists of three principal components:

• Section 16(a) requires insiders to file reports disclosing their ownership and transactions in the issuer’s securities;
• Section 16(b) mandates disgorgement of “short-swing” profits from any purchase and sale (or sale and purchase) of the issuer's equity securities within a six-month period; and
• Section 16(c) prohibits insiders from engaging in short sales of the issuer's equity securities.

Until the HFIAA’s enactment, FPIs were expressly exempt from these requirements under Exchange Act Rule 3a12-3(b).

Key Requirements of the HFIAA

The HFIAA amends Section 16(a) to eliminate the exemption for FPI directors and officers. Importantly, the HFIAA does not extend Section 16(b) short-swing profit liability or Section 16(c) short sale prohibitions to FPI insiders. Additionally, 10% beneficial owners of FPIs remain entirely exempt from all Section 16 requirements.

1. Covered Persons

The reporting requirements apply only to directors and officers of FPIs. “Officers” are defined in Rule 16a-1(f) and generally include the president, principal financial officer, principal accounting officer (or controller), any vice president in charge of a principal business unit, division or function, and any other person who performs similar policy-making functions.

2. Reporting Obligations

Directors and officers of FPIs will now be required to file the following reports with the SEC:

• Form 3 (Initial Statement of Beneficial Ownership): Typically, an initial ownership report on Form 3 must be filed (i) at the time of an issuer's Section 12 registration, or (ii) within 10 days after becoming a director or officer. Existing FPI directors and officers as of the HFIAA's effective date on March 18, 2026, must file a Form 3 by 10 p.m. Eastern Time on that date. This form discloses an insider's beneficial ownership of all equity securities, including derivative securities such as options, warrants, restricted stock units, and convertible instruments, even if the insider owns no securities.
• Form 4 (Statement of Changes in Beneficial Ownership): FPI directors and officers must file a Form 4 to report changes in beneficial ownership (that are not otherwise exempt or excludable) before the end of the second business day following the relevant transaction. Reportable transactions include purchases, sales, option exercises, vesting and settlement of restricted stock units, equity award grants, and other acquisitions and dispositions of the issuer's securities.
• Form 5 (Annual Statement of Changes in Beneficial Ownership): In certain cases, an annual catch-up Form 5 may be required within 45 days of the issuer's fiscal year-end to report transactions eligible for deferred reporting if the filer has not voluntarily elected to report them earlier on Form 4 (such as acquisitions by bona fide gifts and inheritance, and small acquisitions under $10,000 that are not from the issuer) and any previously unreported transactions.

For FPIs that list American depositary receipts (ADRs) (but not the underlying equity securities) in the United States, the ADRs are the registered securities subject to Section 16. Directors and officers must report their beneficial ownership of and transactions in the issuer's equity on Forms 3, 4, and 5, whether held as ADRs or as underlying ordinary shares.

3. Filing Procedures and Compliance

All Section 16 reports must be filed electronically through the SEC’s EDGAR Next system by 10:00 p.m. Eastern Time on the due date. Each insider must obtain filing codes via Form ID.

While the HFIAA does not currently specify disclosure requirements for delinquent Section 16(a) filings by FPIs, the SEC may require FPIs to disclose such delinquencies in their annual reports on Form 20-F, similar to the requirement for domestic issuers to disclose delinquencies in their Form 10-K or proxy statements. Failure to timely comply with Section 16(a) obligations may subject insiders to SEC enforcement action, including civil penalties.

4. Potential SEC Exemptions

The HFIAA grants the SEC discretionary authority to exempt certain persons, securities, or transactions from Section 16(a) requirements if the SEC determines that foreign law imposes "substantially similar" obligations. However, the SEC has not yet issued guidance on how it will evaluate comparability or whether exemptions will be granted on a jurisdiction-wide, company-specific, or transaction-specific basis. Jurisdictions such as the UK, EU, and Canada, which maintain robust insider reporting regimes, may be candidates for relief.

Implications for Foreign Private Issuers

The HFIAA will require FPIs to undertake significant compliance efforts, including:

1. Identify Covered Directors and Officers

FPIs must determine which individuals qualify as “officers” under Rule 16a-1(f), as described above. This definition extends beyond executive titles to include anyone performing policy-making functions. FPIs subject to clawback rules mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 may have already completed this analysis, as the clawback rules use the same definition. However, a fresh review is advisable to ensure all policy-making officers are captured, particularly vice presidents in charge of principal business units.

2. Obtain EDGAR Filing Codes

Each covered insider must obtain SEC filing codes by filing a Form ID through EDGAR Next reporting system. This process can take several weeks, requiring immediate action to meet the March 18, 2026, deadline.

3. Gather Beneficial Ownership Information

Insiders must disclose all beneficial ownership, including indirect holdings through family members, trusts, controlled entities, and spouses and minor children sharing the same household. This also includes all derivative securities such as stock options (vested or unvested), restricted stock units, performance shares, and warrants. For FPIs with ADR programs, insiders must report both ADR and underlying share holdings.

4. Implement Ongoing Compliance Procedures

The two-business-day Form 4 deadline requires robust internal processes. Insiders should receive training on reporting obligations, particularly for equity compensation events such as option exercises, vesting, and tax withholding.

Effective Date

The HFIAA becomes effective on March 18, 2026. Directors and officers serving as of March 18, 2026, must file their initial Form 3 on that date. Directors and officers appointed after the effective date must file Form 3 within 10 days of their appointment. The HFIAA directs the SEC to issue final regulations, or amend existing regulations, to carry out the statute's requirements by this date. FPIs should monitor for SEC rulemaking or interpretive guidance.

Conclusion

The HFIAA represents a fundamental change in the regulatory obligations of FPIs and their directors and officers. Foreign companies with securities listed on U.S. exchanges should begin immediately assessing the impact of this legislation and develop comprehensive compliance programs to ensure timely and accurate reporting when the HFIAA's provisions become effective on March 18, 2026.

Our Capital Market + Securities group is monitoring developments related to the HFIAA and is available to assist clients with compliance planning and implementation.

《外国内幕人士问责法案》下新规要求外国发行人董事及高管作持股申报

作者：周尔、汪津桦、王晨忆

概述

2025年12月18日，《外国内幕人士问责法案》（Holding Foreign Insiders Accountable Act, “HFIAA”）作为《2026财年国防授权法案》的一部分签署成为法律。HFIAA自2026年3月18日起生效，要求外国私人发行人（Foreign Private Issuer, “FPI”）的董事和高管根据经修订的《1934年证券交易法》（“《交易法》”）Section 16(a)的规定，通过Form 3、Form 4和Form 5向美国证券交易委员会（“SEC”）报告其持有的股权及相关交易。

背景：Section 16申报框架

《交易法》Section 16对根据Section 12注册股票证券的公司（一般指在纽约证券交易所或纳斯达克等交易所上市的公司）的“内幕人士”设定了报告和责任义务。根据Section 16，“内幕人士”包括董事、高管以及持有发行人任何类别已注册股票证券10%以上的实益所有人。该法定申报框架由以下三个主要部分组成:

• Section 16(a) 要求内幕人士提交报告，披露其对发行人证券的持有和交易情况；
• Section 16(b) 规定内幕人士在六个月内就发行人股票证券进行买入并卖出（或卖出并买入）所获得的“短线交易”利润应予以返还；以及
• Section 16(c) 禁止内幕人士做空发行人的股票证券。

HFIAA颁布前，FPI根据Rule 3a12-3(b)明确豁免于上述要求。

HFIAA的核心要求

HFIAA修订了Section 16(a)，取消了对FPI董事和高管的豁免。需要注意的是，HFIAA并未将Section 16(b)的短线交易利润责任或Section 16(c)的做空禁令扩展至FPI内幕人士。此外，FPI的10%实益所有人仍完全豁免于Section 16项下的所有要求。

1. 适用人员

HFIAA项下的报告要求仅适用于FPI的董事和高管。根据Rule 16a-1(f) 中的定义，“高管” 包括总裁、首席财务官、首席会计官（或财务总监）、负责主要业务单位、部门或职能的任何副总裁，以及履行类似决策职能的任何其他人员。

2. 报告义务

FPI的董事和高管现需向SEC提交以下报告:

• Form 3（实益所有权初始声明）: 通常，申报人需在以下时间提交Form 3初始持股报告:（i）发行人进行Section 12注册时，或（ii）成为董事或高管后10日内。截至HFIAA生效日（2026年3月18日）已在任的FPI董事和高管需在当天美东时间晚上10点前提交Form 3。该表格需披露内幕人士对所有股票证券的实益所有权，包括期权、权证、限制性股票单位和可转换工具等衍生证券，即使其并不持有任何证券。

• Form 4（实益所有权变动声明）: FPI董事和高管需在最迟不晚于相关交易后第二个工作结束前提交Form 4，报告实益所有权的变动（且该等变动不属于任何豁免或排除情形）。需报告的交易包括购买、出售、期权行使、限制性股票单位的归属和结算、股权奖励授予，以及发行人证券的其他取得和处置。

• Form 5（实益所有权变动年度声明）: 在特定情形下，相关申报人需在发行人财年结束后45日内提交年度报告Form 5，以报告可延后申报的且申报人未自愿选择提前在 Form 4 上申报的交易（如通过真实善意赠与和继承取得的股份，以及非从发行人处取得、金额低于10,000美元的小额收购），并补充申报此前未申报的任何交易。

对于在美国挂牌交易美国存托凭证（“ADR”）、但未挂牌交易相关股票的FPI，ADR即为受Section 16约束的注册证券。FPI董事和高管需在Form 3、4和5中报告其对发行人股票的实益所有权和交易情况，无论是以ADR形式还是以相关股票形式持有。

3. 提交流程与合规事项

所有依据 Section 16 提交的申报文件，均须在到期日美东时间晚上10:00前通过SEC的EDGAR Next系统以电子方式提交。每位申报人需通过提交Form ID获取用于申报的代码。

目前，HFIAA 尚未就FPI在 Section 16(a) 项下出现逾期申报时应如何进行披露作出明确规定,但 SEC 可能会要求 FPI 在其 Form 20-F 年度报告中披露此类逾期情况，类似于美国境内发行人需在 Form 10-K 或股东大会委托投票说明书中披露逾期申报的要求。若未能按时履行 Section 16(a) 的申报义务，相关申报人有可能面临 SEC 的惩罚措施，包括民事罚款。

4. 潜在的SEC豁免

HFIAA 赋予了SEC 一定的自主决定权：如果 SEC 认定相关外国法律对内幕申报已设定与美国 Section 16(a) “实质相似”的义务，SEC 可将特定人员、证券或交易从 Section 16(a) 的要求中予以豁免。 但截至目前， SEC 尚未发布指引，说明其将如何评估“实质相似”，也未明确豁免将按何种口径授予——是按某一司法管辖区整体、按单一公司，还是按具体交易逐项决定。英国、欧盟和加拿大等已建立较为完善内幕人士申报制度的司法管辖区，未来可能成为获得相关豁免的潜在对象。

对外国发行人的影响

HFIAA将要求FPI开展大量合规工作，包括:

1. 识别适用的董事和高管

FPI需根据上述Rule 16a-1(f) 确定哪些人员落入“高管”的范畴，“高管”不限于高管头衔，而是涵盖履行决策职能的任何人员。受《Dodd-Frank法案》所要求的薪酬追索规则约束的FPI可能已进行过分析，因为薪酬追索规则采用相同的定义。不过，仍建议公司进行全面复核以确保涵盖所有决策层高管，特别是负责主要业务单位的副总裁。

2. 获取EDGAR申报代码

每位纳入适用范围的申报人，均需通过 EDGAR Next 申报系统提交 Form ID，以获取向 SEC 申报所需的提交代码。该流程可能耗时数周，因此为确保赶上 2026 年 3 月 18 日的截止时间，应尽快启动相关准备工作。

3. 收集实益所有权信息

FPI董事和高管需披露全部实益所有权，包括通过家庭成员、信托、受控实体以及同住的配偶和未成年子女间接持有的股份，还包括所有衍生证券，如股票期权（已归属或未归属）、限制性股票单位、绩效股份和权证。对于有ADR的FPI，相关申报人需同时报告ADR和相关股份的持有情况。

4. 建立持续合规程序

Form 4的两个工作日截止期限要求公司建立严格的内部流程。同时，应对相关申报人开展申报义务培训，尤其覆盖股权激励相关事项（如期权行权、归属以及税款代扣等）所触发的申报要求。

生效时间

HFIAA将于2026年3月18日生效。截至当日在任的FPI董事和高管需在该日提交初始Form 3。当日之后任命的董事和高管需在任命后10日内提交Form 3。HFIAA同时要求SEC在该日期前出台最终实施规则，或对现行规则作出修订，以落实该法案的相关要求。FPI应密切关注SEC后续的规则制定进展或解释性指引。

结论

HFIAA 将对FPI及其董事和高管所承担的监管义务带来重大变化。在美国交易所上市的外国公司应立即着手评估新规可能带来的影响，并制定全面的合规方案，以确保在 HFIAA 的相关规定于 2026 年 3 月 18 日生效后，能够及时准确地完成申报。

本所资本市场与证券业务团队将密切关注HFIAA的相关进展，并可协助客户开展合规规划及落地实施工作。