Updates to Section 16(a) Filing Requirements

In light of the unusually large number of Form ID applications submitted as a result of the HFIA Act, the SEC indicated that it would not recommend enforcement action against a director or officer of a foreign private issuer for the untimely filing of a Section 16(a) report caused by lack of EDGAR access as long as:

The SEC stated that enforcement action will not be recommended where:

• The individual submitted a completed Form ID application and required supporting documentation before March 18, 2026;
• The individual did not receive EDGAR access by March 18, 2026; and
• The individual files the required Section 16(a) report promptly after receiving EDGAR access, but no later than April 1, 2026.

Reminder that companies MUST post Section 16 filings onto their websites. The SEC tweaked Edgar so that companies can link directly to their insider’s Section 16 reports to facilitate compliance with this requirement. This is important because if companies decide to link to their Section 16 reports, it must be a separate link only for the Section 16 filings – not a link to all of the company’s filings. 

The link must be clearly captioned to indicate that it is a link to the Section 16 filings.

Related Carter Ledyard Advisories

For additional guidance, please see our recent publications:

• Reminder About Form 3 Obligation Effective March 18 and Going Forward
• Foreign Private Issuers Must Report All Insider Trades Under Section 16(a) Beginning March 2026
• EDGAR Next Updates and What You Should Know Next

Authors:

Guy Ben-Ami (benami@clm.com)