US Eases Retirement Rules for Canadian Expats Living Stateside
Published Date: 5/28/2025
Notice
Summary
The SEC wants to keep a special rule that helps Canadians who move to the U.S. manage their Canadian retirement accounts without getting taxed right away or breaking U.S. rules. This rule lets them buy and sell investments in these accounts even though the funds aren’t registered in the U.S. The SEC is asking for comments before extending this rule, which keeps things smooth for these investors without extra costs or delays.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Manage Canadian retirement accounts
If you moved from Canada to the United States and still hold a Canadian tax‑deferred retirement account, Rule 7d-2 (17 CFR 270.7d-2) permits foreign (Canadian) funds to offer and sell securities to those Canadian retirement accounts without registering as U.S. investment companies. The rule, first issued in 2000, lets Canadian‑U.S. participants continue to buy, sell, or exchange investments in their Canadian retirement accounts instead of having to cash out and trigger immediate taxation in Canada.
Required non‑registration disclosure
If securities are offered or sold under Rule 7d-2, the written offering materials must prominently state that the securities and the issuing fund are not registered with the U.S. Securities and Exchange Commission and may not be offered or sold in the United States unless registered or exempt. The SEC staff estimates it takes about 10 minutes per offering document to add this one‑time disclosure.
Paperwork hours and legal cost for funds
The SEC staff estimates there are 3,887 publicly offered Canadian funds that could rely on Rule 7d-2 and that 194 additional Canadian funds would newly rely on the rule each year. Those 194 funds are estimated to add the disclosure to 582 offering documents (3 documents each), requiring about 97 total hours annually (582 documents × 10 minutes) and an estimated annual legal cost of $49,567 (97 hours × $511 per hour).
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-05635, Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets
Starting March 23, 2026, the SEC and CFTC are making it clear that some crypto assets and transactions must follow federal securities laws. This means crypto companies and investors need to play by new rules to keep things fair and safe. Expect more transparency and possible costs for compliance as the government steps up oversight in the crypto world.
Previous / Next Documents
Previous: 2025-09479, Recent Postings of Broadly Applicable Alternative Test Methods
The EPA just approved new, easier test methods for checking pollution from factories and other sources during 2024. These changes help businesses follow air quality rules more simply and could save time and money. If you run or regulate facilities that release emissions, these updates affect you starting this year.
Next: 2025-09481, Proposed Collection; Comment Request; Extension: Rule 17a-10
The SEC wants to keep Rule 17a-10, which lets certain fund advisers trade with related funds under special rules. This mainly affects subadvisers who manage parts of investment funds and need to follow contract limits to avoid conflicts. The SEC is asking for public comments before extending this rule, with no new costs or big changes planned.