SEC Wants to Keep Tracking Unregistered Foreign Stock Sales
Published Date: 2/17/2026
Notice
Summary
The SEC is asking to keep collecting info from companies selling securities outside the U.S. without registering, under Regulation S. About 1,100 foreign companies spend around 5 hours each year on this, costing roughly $827,000 in outside fees. They want your feedback on how to make this process clearer and less time-consuming before extending the rules.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Annual External Professional Fees
The SEC estimates that 25% of the 5 hours per response is done by outside professionals at $600 per hour, producing an annual external cost of $827,250 across the approximately 1,103 respondents. That equals about $750 in outside-professional fees per issuer per year (1.25 hours × $600).
Annual Internal Compliance Time Burden
About 1,103 foreign private issuers rely on Regulation S once per year and spend about 5 hours each to comply. The SEC estimates 75% of that time is done internally, totaling 4,136 internal hours across all issuers (about 3.75 hours per issuer per year).
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