Several recent developments in the U.S. Securities and Exchange Commission’s regulation of foreign private issuers (FPIs), including rule changes and disclosure trends that impact the annual report on Form 20-F for fiscal year 2025, are key considerations for this annual reporting season.
Our latest annual guide discusses, among other things, disclosure trends on topics including AI, cybersecurity and trade policy; new Section 16 reporting for FPIs; SEC rulemaking activity, including a concept release that solicits public comment on the definition of FPIs; and other areas of SEC staff focus.
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