The European Securities and Markets Authority has published an update noting that the United States Securities and Exchange Commission has decided to exempt directors and officers of European Economic Area foreign private issuers from the reporting requirements under Section 16(a) of the US Securities Exchange Act of 1934. The exemption means these directors and officers will not be required to comply with the relevant US reporting obligations. ESMA frames the decision as maintaining alignment with the EU regulatory framework, pointing to the Market Abuse Regulation’s substantially similar disclosure requirements for persons discharging managerial responsibilities.
European Securities and Markets Authority 2026-03-18
European Securities and Markets Authority notes US SEC exemption for EEA foreign private issuer directors and officers from Section 16(a) reporting
The European Securities and Markets Authority announced that the United States Securities and Exchange Commission will exempt directors and officers of European Economic Area foreign private issuers from Section 16(a) reporting requirements of the US Securities Exchange Act of 1934. This exemption aligns with the EU's Market Abuse Regulation, which has similar disclosure requirements for managerial personnel.