美国证券交易委员会通过《追究外国内部人士责任法案》最终规则

美国证券交易委员会今天通过了最终规则和表格修正案，以反映最近颁布的《外国内部人士责任法案》(HFIA) 的要求，该法案将提高外国私人发行人 (FPI) 董事和高级管理人员的持股和交易的透明度。
拥有根据 1934 年《证券交易法》（《交易法》）第 12 条注册的一类股本证券的 FPI 的董事和高级管理人员必须于 2026 年 3 月 18 日（HFIA 法的生效日期）开始披露其在 FPI 股本证券中的持有和交易。
2025 年 12 月 18 日颁布的《HFIA 法案》修订了《交易法》第 16(a) 条，要求报告 FPI 的交易法中的每位董事或高级职员（但不包括实益拥有此类 FPI 任何类别股本证券 10% 以上的“10% 持有人”）以电子方式和英文提交第 16 条报告。 HFIA 法案要求委员会在颁布之日起 90 天内发布最终法规（或全部或部分修改或废除现有法规），以执行 HFIA 法案所做的修订。
SEC 的最终规则修正案修改了以下规则和表格，以反映 HFIA 法案所做的更改：
规则 3a12-3(b) 完全取消第 16 条中的当前豁免，并代之以第 16(b) 条短期波动利润规则和第 16(c) 条卖空禁令的豁免
规则 16a-2 确定了受第 16 条约束的个人和交易，将 10% 的 FPI 股本证券持有人排除在第 16(a) 条和相关规则的要求之外
第 16 条报告
采用的新闻稿将发布在 SEC 网站上，并将发布在《联邦公报》上。

The Securities and Exchange Commission today adopted final rule and form amendments to reflect the requirements of the recently enacted Holding Foreign Insiders Accountable Act (HFIA), which will increase transparency into the holdings and transactions of directors and officers of foreign private issuers (FPIs).
Directors and officers of FPIs with a class of equity securities registered under Section 12 of the Securities Exchange Act of 1934 (Exchange Act) must begin disclosing their holdings and transactions in the FPI’s equity securities on March 18, 2026, the effective date of the HFIA Act.
The HFIA Act, enacted on Dec. 18, 2025, amended Section 16(a) of the Exchange Act to require every person who is a director or an officer of an Exchange Act reporting FPI (but not “10 percent holders” who beneficially own more than 10 percent of any class of equity securities of such FPIs) to file Section 16 reports electronically and in English. The HFIA Act mandates that the Commission issue final regulations (or amend or rescind existing regulations in whole or in part) to carry out the amendments made by the HFIA Act no later than 90 days after the date of enactment.
The SEC’s final rule amendments revise the following rules and forms to reflect the changes made by the HFIA Act:
Rule 3a12-3(b) to remove the current exemption from Section 16 in its entirety and replace it with exemptions from the Section 16(b) short-swing profit rules and Section 16(c) short selling prohibition only
Rule 16a-2, which identifies persons and transactions subject to Section 16, to exclude 10 percent holders of FPIs’ equity securities from the requirements of Section 16(a) and related rules
Section 16 reports
The adopting release is published on the SEC website and will be published in the Federal Register.