Bill Details
S.1089 - 119th Congress
Status
Latest action
2025-03-24 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced Date
2025-03-24
Policy Area
Finance and Financial Sector
Committees
View committees (1)
Sponsors
Cosponsors
View cosponsors (1)
7
0
0
AI Summary This summary was generated by AI from the bill text. AI can get information wrong.
This bill would make directors, officers, and major stockholders of foreign companies that trade in U.S. markets follow the same insider ownership reporting rules that apply to many other public company insiders. In simple terms, it aims to improve transparency by making sure people with top-level access and influence at foreign private issuers must disclose their securities holdings and related changes to the Securities and Exchange Commission. It also tells the SEC to update its rules quickly so the new requirement takes effect.
- It changes existing securities law so the reporting rules cover securities of foreign private issuers, not just domestic companies.
- If any current SEC rule conflicts with this change, that older rule would no longer apply.
- The SEC would have to issue final rules, or update current rules, within 90 days after the bill becomes law.
Official Summaries
No summaries available
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 1089 Introduced in Senate (IS)]
<DOC>
119th CONGRESS
1st Session
S. 1089
To amend the Securities Exchange Act of 1934 to address disclosures by
directors, officers, and principal stockholders of foreign private
issuers, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
March 24, 2025
Mr. Kennedy (for himself and Mr. Van Hollen) introduced the following
bill; which was read twice and referred to the Committee on Banking,
Housing, and Urban Affairs
_______________________________________________________________________
A BILL
To amend the Securities Exchange Act of 1934 to address disclosures by
directors, officers, and principal stockholders of foreign private
issuers, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Holding Foreign Insiders Accountable
Act''.
SEC. 2. DISCLOSURES BY DIRECTORS, OFFICERS, AND PRINCIPAL STOCKHOLDERS.
(a) In General.--Section 16(a)(1) of the Securities Exchange Act of
1934 (15 U.S.C. 78p(a)(1)) is amended by inserting ``(including any
such security of a foreign private issuer, as that term is defined in
section 240.3b-4 of title 17, Code of Federal Regulations, or any
successor regulation)'' after ``pursuant to section 12''.
(b) Effect on Regulation.--If any provision of section 240.3a12-
3(b) of title 17, Code of Federal Regulations, or any successor
regulation, is inconsistent with the amendment made by subsection (a),
that provision of such section 240.3a12-3(b) (or such successor) shall
have no force or effect.
(c) Issuance or Amendment of Regulations.--Not later than 90 days
after the date of enactment of this Act, the Securities and Exchange
Commission shall issue final regulations (or amend existing regulations
of the Commission) to carry out the amendment made by subsection (a).
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