Welcome to the McGuireWoods Quarterly Securities & Capital Markets Update, a series of updates that reviews important securities law developments from the previous quarter and alerts readers of significant considerations for...more
On February 27, 2026, the Securities and Exchange Commission (the SEC) adopted final rule and form amendments to reflect the requirements of the Holding Foreign Insiders Accountable Act (the HFIA Act), which was enacted on...more
Shareholder activism has been on the rise globally over the past decade. Bermuda has not been immune from that trend. Shareholder activism in Bermuda often involves differing considerations unique to offshore jurisdictions....more
Welcome to the latest edition of Fenwick’s Securities Law Update. This issue contains updates and important reminders on the following topics...more
Effective March 18, 2026, directors and officers (“D&Os”) of foreign private issuers (“FPIs”) with a class of equity securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange...more
"Foreign private issuers" under US securities laws have long been exempt from the insider reporting requirements of Section 16(a) of the US Securities Exchange Act of 1934, as amended (the Exchange Act). That looked set to...more
On March 6, 2026, the United States Securities and Exchange Commission (SEC) issued several new and revised Compliance and Disclosure Interpretations (C&DIs). Most of the C&DIs provide clarification on the requirements for...more
The staff of the Division of Corporation Finance (Staff) of the U.S. Securities and Exchange Commission (SEC) has published two FAQs that provide temporary, short-term, no-action relief for directors and officers of foreign...more
On March 5, 2026, the U.S. Securities and Exchange Commission issued an order providing targeted relief from Section 16 insider reporting obligations for directors and officers of foreign private issuers incorporated or...more
The U.S. Securities and Exchange Commission (the “SEC”) adopted final rules to implement the Holding Foreign Insiders Accountable Act (the “HFIAA”) on February 27, 2006, which take effect on March 18, 2026. The SEC then...more
On March 13, 2026, the Securities and Exchange Commission ("SEC") granted a no-action request giving directors and officers of foreign private issuers ("FPIs") organized and headquartered in Israel or any other country in the...more
The reporting obligations for directors and officers of certain foreign private issuers (FPIs) are set to take effect starting on March 18, 2026. Recent developments from the Division of Corporation Finance, however, indicate...more
On March 5, 2026, the Securities and Exchange Commission (SEC) issued an order granting conditional relief from Section 16(a) reporting requirements for directors and specified officers (Section 16 Officers) of certain...more
On March 12, 2026, the SEC staff granted no-action relief to directors, officers, and beneficial owners of domestic issuers, as well as directors and officers of foreign private issuers (FPIs) who are unable to timely file...more
On February 27, 2026, the Securities and Exchange Commission (SEC) announced the adoption of final rule and form amendments to reflect the requirements of the Holding Foreign Insiders Accountable (HFIA) Act....more
This alert highlights recent relief measures available to certain directors and officers of foreign private issuers (FPIs) subject to Section 16(a) reporting obligations under the Holding Foreign Insiders Accountable Act...more
On March 13, 2026, the Securities and Exchange Commission’s (the “SEC”) Division of Corporation Finance (the “Division”) stated in a no-action letter to an Israeli company that it would not recommend enforcement action to the...more
On March 12, 2026, the Securities and Exchange Commission’s Division of Corporation Finance (the “Division”) published two new FAQs on the application of the Holding Foreign Insiders Accountable Act to officers and directors...more
On Friday, Corp Fin granted global no-action relief to insiders of foreign private issuers in countries impacted directly by the war going on in Iran – so that the compliance deadline for those insiders is April 20th (rather...more
On March 5, 2026, the United States Securities and Exchange Commission (SEC) issued an order (Order) granting an exemption from insider reporting requirements under Section 16(a) of the Securities Exchange Act of 1934...more
On March 13, 2026, in response to a no-action request submitted by Skadden on behalf of a client, the staff of the Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance issued a no-action letter...more
As we explained in our recent article, under the Holding Foreign Insiders Accountable Act (HFIAA), directors and officers of foreign private issuers (FPIs) become subject to Section 16(a) reporting requirements on March 18,...more
On Friday, March 13, 2026, the SEC staff granted no-action relief to directors and officers of any foreign private issuer with a class of equity securities registered under Exchange Act Section 12 that is organized and...more
On March 5, 2026, the U.S. Securities and Exchange Commission (“SEC”) issued an order (the “Order”) granting directors and officers of certain foreign private issuers (“FPIs”) an exemption from the insider reporting...more
On February 27, 2026, the SEC adopted final amendments to its rules and forms under the Exchange Act to implement the HFIA Act. As we discussed in our December 2025 alert, the HFIA Act was enacted on December 18, 2025, as...more