SEC Requests Extension on Rule 147 Residency Written Representations
Published Date: 4/27/2026
Notice
Summary
The SEC is asking for more time to keep collecting written proof from buyers showing they live in the same state as the securities offering, which helps keep these deals local and legal. About 700 companies spend time and money gathering this info each year, and the SEC wants your thoughts on how to make this process better and easier. No big changes or new costs are planned—just an extension to keep things running smoothly.
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Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Extension of Rule 147 Residency Collection
If you run a company that sells securities only inside one state under Rule 147, the SEC plans to keep requiring a written statement from each buyer about their residence. The agency estimates about 700 respondents provide this information each year at 2.75 hours and $150 per response (total 1,925 hours and $105,000 annually). The SEC is seeking comments by June 26, 2026, and says this action is an extension of the existing collection with no new costs planned.
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