S. 1089 — Holding Foreign Insiders Accountable Act

This section expands Section 16(a)(1) of the Securities Exchange Act of 1934—which requires directors, officers, and beneficial owners of more than 10% of any class of equity securities registered pursuant to section 12 of that Act (other than exempted securities) to file statements disclosing their ownership and changes therein with the SEC—to explicitly include securities of foreign private issuers (previously exempt under 17 CFR 240.3a12-3(b)). It nullifies any inconsistent regulatory provisions and directs the SEC to issue or amend regulations to implement the amendment within 90 days of enactment.