On December 18, 2025, as part of the National Defense Authorization Act for fiscal year 2026, the Holding Foreign Insiders Accountable Act (HFIAA) was signed into law. The HFIAA amends Section 16(a) of the Securities Exchange Act of 1934 to require directors and executive officers of foreign private issuers with a class of equity securities registered under Section 12 of the Exchange Act to comply with the same insider reporting rules that apply to U.S. domestic issuers. Beginning in March 2026, covered FPI insiders must publicly disclose their equity ownership and transactions on the same forms used by U.S. issuers—Forms 3, 4, and 5.

New York recently expanded its algorithmic pricing laws, now requiring retailers to disclose when prices are set with algorithmic software based on consumers’ personal data.The so-called practice of surveillance pricing entails adjusting prices charged for goods and services according to monitored personal data.

On December 15, 2025, the Nasdaq Stock Market LLC (Nasdaq) announced that it intends to formally seek Securities and Exchange Commission (SEC) approval to expand its weekday trading schedule to 23 hours per day, a significant increase from the current 16-hour framework. The proposal builds on earlier statements by Nasdaq President , Tal Cohen, indicating that Nasdaq has begun discussions with regulators regarding the expanded trading schedule and is targeting a potential launch in the second half of 2026.