SEC Desperately Seeks Comments on Foreign Company Paperwork
Published Date: 12/15/2025
Notice
Summary
The SEC is asking for feedback on extending the use of Form F-3, which foreign companies file to register their securities in the U.S. This form helps keep investors informed and takes about 153 hours to complete each year, costing companies over $16 million in professional fees. If you’re a foreign issuer or work with one, now’s the time to share your thoughts before the extension is approved!
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Foreign issuers keep annual F-3 filing
Foreign companies that register securities in the U.S. will continue to file Form F-3 once per year. The SEC estimates each Form F-3 response takes about 153.42 hours and is filed by approximately 236 issuers, and the information collected is mandatory and made public on EDGAR.
Large outside-professional fees for F-3 work
The SEC estimates 75% of the 153.42 hours per Form F-3 response is done by outside professionals at an estimated rate of $600 per hour, producing a total annual external cost burden of $16,293,204. The notice also estimates the internal portion (25%) totals 9,052 hours across issuers.
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