Affluence Corp (AFFUD)

[oldstocks]

Do Form 4’s need to be filled for these OTCID stocks? Looks like requirements are changing with the times.


a. If the company is not an SEC reporting company (i.e., its stock is quoted via alternative reporting and not registered under Section 12):

Pre-March 2026: Historically, issuers that are not SEC reporting companies are not subject to Section 16(a) and therefore officers and directors did not need to file Forms 3/4/5 with the SEC solely because the company's shares trade on the OTC markets. The alternative reporting standard does not create Section 16 obligations.
Assurance Dimensions

There may still be a requirement to file Form 144 when an affiliate (officer/ director/10% holder) proposes to sell restricted or control stock, even for issuers that are not SEC reporting companies. Form 144 is separate from Section 16 and is tied to intended resale of restricted/control stock under Rule 144.

b. If the company is an SEC reporting company (i.e., it is registered under Section 12 or otherwise reports to the SEC):

Directors and officers are subject to Section 16(a) and must file Forms 3 (initial), 4 (changes), and 5 (annual).
SEC

This has historically applied regardless of whether the issuer is listed on a national exchange or quoted on OTC markets.

c. New law for Foreign Private Issuers (FPI)

Effective March 18, 2026, under the Holding Foreign Insiders Accountable Act, the Section 16 (a) insider reporting regime (Forms 3, 4, 5) will apply to directors and officers of many FPIs with equity securities registered under Section 12 of the Exchange Act for the first time.

This means if an OTCID issuer is also a foreign private issuer with registered securities under Section 12, its insiders will need to file Forms 3/4/5 just like a domestic reporting company.
Harvard Law Forum on Governance

4. Summary: When Form 4 is required
Situation
Form 4 required?
OTCID only, not SEC reporting (alternative reporting only)
No (from OTC status alone)
OTCID and SEC reporting (registered under Sect.
12)
Yes
OTCID as Foreign Private
Issuer with Section 12 registration (post-March
18, 2026)

Bottom Line

Alternative Reporting on OTCID alone does not trigger a legal requirement to file SEC Form 4 for insiders.
The Alternative Reporting Standard governs public disclosure but does not substitute for or create Section 16(a) obligations.


Form 4 is required when the issuer is an
SEC reporting company (registration under Section 12) or, under the recent 2026 law, if the issuer is a foreign private issuer with Section 12 equity registrations and the insider is a director or officer.

Even without Section 16 obligations, affiliates planning to sell restricted shares may still need to file Form 144.

If you have a specific OTCID issuer in mind (e.g., whether it has Section 12 registration or is an FPI), I can help determine the exact reporting requirements.