The United States Securities and Exchange Commission (SEC) has decided to exempt directors and officers of European Economic Area (EEA) foreign private issuers (FPIs) from the reporting requirements under Section 16(a) of the US Securities Exchange Act of 1934.
The SEC’s decision means that directors and officers of EEA FPIs will not be required to comply with these specific US reporting obligations. The announcement ensures continued alignment with the EU regulatory framework, which already provides for substantially similar disclosure requirements for persons discharging managerial responsibilities set in the Market Abuse Regulation (MAR)
The details of the SEC decision can be consulted here.
