UPDATE:  On March 5, the SEC issued an Exemptive Order  (Release No. 34-104931) providing significant relief for FPIs in "qualifying jurisdictions," including Canada . Because the SEC now recognizes Canada’s reporting standards as "substantially similar," most Canadian directors and officers are exempt  from the Section 16(a) filings described below. However, this relief depends on the jurisdiction of incorporation; FPIs incorporated in "offshore" jurisdictions (e.g., Cayman