To address disclosures by directors, officers, and principal stockholders of foreign private issuers.

SA 3703. Mr. KENNEDY (for himself and Mr. Van Hollen) submitted an
amendment intended to be proposed by him to the bill S. 2296, to
authorize appropriations for fiscal year 2026 for military activities
of the Department of Defense, for military construction, and for
defense activities of the Department of Energy, to prescribe military
personnel strengths for such fiscal year, and for other purposes; which
was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. ___. DISCLOSURES BY DIRECTORS, OFFICERS, AND PRINCIPAL
STOCKHOLDERS.

(a) Short Title.--This section may be cited as the
``Holding Foreign Insiders Accountable Act''.
(b) Disclosures.--
(1) Amendments.--Section 16(a) of the Securities Exchange
Act of 1934 (15 U.S.C. 78p(a)) is amended--
(A) in paragraph (1), by inserting ``(including, solely for
the purposes of this subsection, every person who is a
director or an officer of a foreign private issuer, as that
term is defined in section 240.3b-4 of title 17, Code of
Federal Regulations, or any successor regulation)'' after
``an officer of the issuer of such security'';
(B) in paragraph (2)--

[[Page S5637]]

(i) in subparagraph (C), by striking the period at the end
and inserting ``; or''; and
(ii) by adding at the end the following:
``(D) with respect to a foreign private issuer, the
securities of which are, as of the date of enactment of the
Holding Foreign Insiders Accountable Act, registered pursuant
to subsection (b) or (g) of section 12, on the date that is
90 days after that date of enactment.''; and
(C) in paragraph (4)(A), by inserting ``and in English''
after ``electronically''.
(2) Effective date.--The amendments made by paragraph (1)
shall take effect on the date that is 90 days after the date
of enactment of this Act.
(c) Effect on Regulation.--If any provision of section
240.3a12-3(b) of title 17, Code of Federal Regulations, or
any successor regulation, is inconsistent with the amendments
made by subsection (b), that provision of such section
240.3a12-3(b) (or such successor) shall have no force or
effect beginning on the effective date described in
subsection (b)(2).
(d) Issuance or Amendment of Regulations.--
(1) In general.--Not later than 90 days after the date of
enactment of this Act, the Securities and Exchange Commission
shall issue final regulations (or amend or rescind, in whole
or in part, existing regulations of the Commission) to carry
out the amendments made by subsection (b).
(2) Additional rulemaking.--The Securities and Exchange
Commission may issue such additional regulations (or amend or
rescind, in whole or in part, existing regulations of the
Commission) as necessary to implement the intent of this
section.
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