SEC Extends Residency Proof Rule for Local Stock Sales
Published Date: 4/27/2026
Notice
Summary
The SEC is asking for comments on keeping a rule that requires companies to get a written note from buyers proving they live in the same state for certain local stock sales. About 700 companies spend time and money collecting this info each year, and the SEC wants to make sure this process stays useful and clear. If you have thoughts, you can share them by June 26, 2026.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Written proof of purchaser residency
If you are an issuer relying on Rule 147A for an intrastate securities offering, you must obtain a written representation from each purchaser as to their residence under Rule 147A(f)(1)(iii). The SEC estimates about 700 respondents do this each year at 2.75 hours and $150 per response, for a total annual burden of 1,925 hours and $105,000.
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Key Dates
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The SEC is asking for more time to keep collecting written proof from buyers about where they live, which helps make sure certain local stock sales follow the rules. About 700 companies spend time and money gathering this info each year, and the SEC wants your thoughts on how to keep this process smooth and useful. No big changes or costs are planned, just an extension to keep things running.