Canadian Firms Keep Sharing Deal Details with U.S.
Published Date: 4/8/2025
Notice
Summary
The SEC wants to keep using Form F-80, which helps big Canadian companies share important info with U.S. investors during big business deals. It takes about 2 hours and costs around $600 per hour for outside experts to prepare, with about 4 companies filing it each year. The SEC is asking for comments on this process before extending the form’s approval, so everyone’s voice can be heard!
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Estimated $4,800 annual preparation cost
The SEC estimates Form F-80 takes about 2 hours to prepare and that outside professionals do 100% of that work at about $600 per hour. With roughly 4 responses a year, the SEC calculates a total annual cost burden of $4,800 for outside professionals preparing the form.
U.S. investors get material deal disclosures
Form F-80 (17 CFR 239.41) is used by certain large Canadian companies when they register securities in an exchange offer or a business combination that needs shareholder votes. The form is meant to give U.S. investors material information so they can make informed voting and investment decisions, and about 4 companies file it each year.
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