Holding Foreign Insiders Accountable Act

II 118TH CONGRESS 1ST SESSION S. 1169 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 APRIL 17, 2023 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 stock- holders of foreign private issuers, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Holding Foreign Insid- 4 ers Accountable Act’’. 5 SEC. 2. DISCLOSURES BY DIRECTORS, OFFICERS, AND 6 PRINCIPAL STOCKHOLDERS. 7 (a) IN GENERAL.—Section 16(a)(1) of the Securities 8 Exchange Act of 1934 (15 U.S.C. 78p(a)(1)) is amended 9 VerDate Sep 11 2014 03:13 Apr 18, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S1169.IS S1169 pbinns on DSKJLVW7X2PROD with $$_JOB 2 •S 1169 IS by inserting ‘‘(including any such security of a foreign pri- 1 vate issuer, as that term is defined in section 240.3b–4 2 of title 17, Code of Federal Regulations, or any successor 3 regulation)’’ after ‘‘pursuant to section 12’’. 4 (b) EFFECT ON REGULATION.—If any provision of 5 section 240.3a12–3(b) of title 17, Code of Federal Regula- 6 tions, or any successor regulation, is inconsistent with the 7 amendment made by subsection (a), that provision of such 8 section 240.3a12–3(b) (or such successor) shall have no 9 force or effect. 10 (c) ISSUANCE OR AMENDMENT OF REGULATIONS.— 11 Not later than 90 days after the date of enactment of this 12 Act, the Securities and Exchange Commission shall issue 13 final regulations (or amend existing regulations of the 14 Commission) to carry out the amendment made by sub- 15 section (a). 16 Æ VerDate Sep 11 2014 03:13 Apr 18, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\S1169.IS S1169 pbinns on DSKJLVW7X2PROD with $$_JOB