Thought Leadership

Section 16 Reporting and Liability


The text of Sections 16(a) and 16(b) of the Securities Exchange Act of 1934 are relatively short and appear straightforward, they contain many traps for the unwary that can result in substantial liability for directors, officers, and principal shareholders.

In the following presentation, Baker Botts partners Hillary Holmes and Tom O'Brien present an overview of Section 16 reporting and liability. The overview includes a discussion of Section 16(a) reporting requirements, liability under Section 16(b) for short-swing trading profits, traps the unwary, recent enforcement and litigation developments, and practical tips.


Baker Botts is an international law firm of approximately 725 lawyers practicing throughout a network of 13 offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy and technology sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit

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