Tower Semiconductor Section 16(a) Extension to May 29
Summary
SEC Division of Corporation Finance has extended no-action relief permitting directors and officers of Tower Semiconductor Ltd. and other qualifying foreign private issuers in conflict-affected regions to file Exchange Act Section 16(a) reports by May 29, 2026, instead of the original March 18, 2026 deadline. The extension applies to foreign private issuers organized and headquartered in Israel or other jurisdictions in the geographical region directly affected by the referenced conflict.
What changed
The SEC Division of Corporation Finance has extended the no-action relief originally granted on March 13, 2026, pushing the Section 16(a) filing deadline from March 18, 2026 to May 29, 2026 for directors and officers of Tower Semiconductor Ltd. The extension also extends this relief to any other foreign private issuer with equity securities registered under Exchange Act Section 12 that is organized and headquartered in Israel or other foreign jurisdictions in the geographical region directly affected by the conflict, provided they can represent that their ability to comply has been materially affected.
Directors and officers of affected foreign private issuers should ensure they rely on this safe harbor by filing required Section 16(a) reports by the extended May 29, 2026 deadline. Companies in Israel or other conflict-affected regions that believe their compliance has been materially impacted should work with counsel to document their eligibility for this relief.
Archived snapshot
Apr 18, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
Tower Semiconductor Ltd.
Response of the Office of International Corporate Finance
Division of Corporation Finance
April 17, 2026
Brian V. Breheny
Skadden, Arps, Slate, Meagher & Flom LLP
1440 New York Avenue, N.W.
Washington, DC 20005-2111
Re: Tower Semiconductor Ltd.
Incoming letter dated April 15, 2026
Dear Mr. Breheny:
Based on the facts presented in your letter, the Division of Corporation Finance will not recommend enforcement action to the Commission if the directors and officers of Tower Semiconductor file the reports required under Exchange Act Section 16(a) by May 29, 2026. This position represents an extension of the relief granted in our letter to you dated March 13, 2026. It is based on the facts and representations made to the Division in your letter. Any different facts or conditions might require the Division to reach a different conclusion.
This no-action position is available for directors and officers of any other foreign private issuer with a class of equity securities registered under Exchange Act Section 12 that is organized and headquartered in Israel or any other foreign jurisdiction in the geographical region directly affected by the conflict described in your letter, provided they can represent that their ability to comply with the March 18, 2026 filing deadline mandated by the Holding Foreign Insiders Accountable Act has been materially affected by the direct effects of the conflict.
Sincerely,
/s/ Michael Coco
Michael Coco
Chief, Office of International Corporate Finance
Division of Corporation Finance
Last Reviewed or Updated: April 17, 2026
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