Foreign Companies Shell Out $16M Yearly for SEC Forms
Published Date: 3/4/2026
Notice
Summary
The SEC is asking to keep using Form F-3, which helps foreign companies register their securities and share important info with investors. About 236 companies file this form yearly, spending lots of time and money—over $16 million—mostly on outside experts. You can comment on this plan until April 6, 2026, so don’t miss your chance to speak up!
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Ongoing Filing Burden for Foreign Issuers
Foreign companies must keep using Form F-3 to register securities under the Securities Act of 1933. About 236 issuers file it once a year, each response takes about 153.42 hours, with issuers carrying 25% of that time internally (a total of 9,052 internal hours) and paying outside professionals for the other 75% at an estimated $600 per hour for a total annual external cost of $16,293,204.
Public Availability of Investor Information
Form F-3 requires information that is mandatory and is made publicly available on the SEC’s EDGAR system to ensure investors have adequate information in connection with securities offerings. That means investors who follow filings can view these company disclosures on EDGAR.
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