# 2025-23899: Mergers' Pricey SEC Form Faces Renewal Scrutiny

2025-23899, Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Form S-4-Registration Statement, is a Federal Register notice from Securities and Exchange Commission published 2025-12-29, effective Written comments must be submitted by February 27, 2026; a second opportunity to comment will follow a 30-Day Submission Notice. (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-23899
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-23899
- Title: Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Form S-4-Registration Statement
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 60788
- Published: 2025-12-29
- Effective: Written comments must be submitted by February 27, 2026; a second opportunity to comment will follow a 30-Day Submission Notice.
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Mergers' Pricey SEC Form Faces Renewal Scrutiny

## Summary

The SEC is asking for comments on extending the use of Form S-4, which companies file when they combine businesses and offer new securities. About 228 companies file this form yearly, spending lots of time and money—over 217,000 hours and nearly $392 million in outside fees. The SEC wants to make sure this process stays useful and not too burdensome, so they’re inviting feedback before renewing the approval.

## Effects PRIA read

- Form S-4 Filing Burden Continues: cost, high. The SEC is seeking to extend approval for Form S-4, which about 228 issuers file each year when registering securities in business combinations. The agency estimates each response takes 3,816.24 hours, with about 25% (approximately 217,526 hours total annually) done internally and 75% done by outsi…

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## Sources
- [2025-23899 on federalregister.gov](https://www.federalregister.gov/documents/2025/12/29/2025-23899/agency-information-collection-activities-proposed-collection-comment-request-extension-form)
- [2025-23899 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-12-29/pdf/2025-23899.pdf)

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Source: PRIA, https://policyrisk.com/federal-register/2025-23899 (as of 2026-06-08).