SEC Proposes Extension for Rule 147A Purchaser Residency Documentation
Published Date: 4/27/2026
Notice
Summary
The SEC is asking for comments on keeping a rule that requires companies to get a written note from buyers confirming they live in the same state as the offering. This rule helps keep certain local stock sales simple and legal. About 700 companies spend time and money each year on this, and the SEC wants to make sure the process stays clear and fair.
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Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Buyers must sign residency statement
If you buy securities in an intrastate offering relying on Rule 147A, the issuer must obtain a written statement from you saying where you live under Rule 147A(f)(1)(iii). This written representation is required to show the sale is an intrastate offering.
Issuers face time and dollar burden
Companies relying on Rule 147A must collect written residency statements from purchasers. The SEC estimates about 700 responses per year at 2.75 hours and $150 per response, for a total annual burden of 1,925 hours and $105,000 in cost.
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