Foreign Mergers' Paper Trail: SEC Extends Costly Form F-4
Published Date: 3/20/2026
Notice
Summary
The SEC is asking to keep using Form F-4, which foreign companies fill out when they want to register securities during big business deals like mergers. About 60 companies spend lots of time and money on this form—over 21,000 hours and nearly $39 million yearly. People can comment on this plan until April 20, 2026, so get your thoughts in before then!
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Form F-4 Remains Mandatory
Form F-4 is a required registration statement that foreign companies must use to register securities in business combinations under the Securities Act of 1933. The form is mandatory and publicly available on the SEC's EDGAR system.
Large Time Burden Per Filing
The SEC estimates each Form F-4 takes about 1,435.79 hours per response, with 25% (358.95 hours) carried internally by the registrant. The total annual internal reporting burden across about 60 responses is estimated at 21,537 hours.
High External Professional Fees
The SEC estimates 75% of the 1,435.79 hours per Form F-4 (external work) is provided by outside professionals at an estimated rate of $600 per hour, producing a total annual external cost burden of $38,766,330 across about 60 responses.
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