SEC Expands Exemptive Relief to Additional Foreign Private Issuer Jurisdictions

On May 20, 2026, the Securities and Exchange Commission issued a new exemptive order (Release No. 34-105517) adding Australia, India, and Singapore to the list of “Qualifying Jurisdictions.”

Directors and officers of foreign private issuers (“FPIs”) incorporated in these jurisdictions may, subject to specified conditions, be exempt from the Section 16(a) reporting requirements of the Securities Exchange Act of 1934. The new order builds directly on, and incorporates the conditions of, the SEC’s March 5, 2026 order that we addressed in our prior alert memo, which we encourage readers to consult for background on the Holding Foreign Insiders Accountable Act (“HFIAA”) framework and the detailed conditions of the relief.

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