SEC Seeks Comments on Extending Foreign Merger Form
Published Date: 1/13/2026
Notice
Summary
The SEC is asking for comments on extending Form F-4, which foreign companies use to register securities during big business moves like mergers. About 60 companies file this form yearly, spending lots of time and money—over 21,000 hours and nearly $39 million in professional fees. The SEC wants to make sure this process stays useful and not too burdensome, so they’re inviting feedback now.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Large time burden per F-4 filing
If you are a foreign issuer filing Form F-4, each filing takes about 1,435.79 hours. The SEC estimates 25% of that (358.95 hours) is carried internally per filing, and across roughly 60 filings per year this totals 21,537 hours annually.
High outside-professional fees for F-4 work
The SEC estimates 75% of the 1,435.79 hours per Form F-4 filing is performed by outside professionals at an estimated $600 per hour, producing a total annual external cost burden of $38,766,330 across about 60 filings.
Form F-4 required for certain foreign issuer deals
If you are a foreign issuer registering securities in business combinations, reorganizations, or exchange offers, you must use Form F-4 (17 CFR 239.34) to register those securities under the Securities Act of 1933.
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