SEC Proposes Extension for Buyer Residency Documentation Rule
Published Date: 4/27/2026
Notice
Summary
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.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Rule 147 Residency Paperwork Continued
The SEC will continue requiring issuers relying on Rule 147 to obtain a written statement from each purchaser about their residence under Rule 147(f)(1)(iii). The agency estimates about 700 respondents provide this information each year at an average of 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
Department and Agencies
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Previous / Next Documents
Previous: 2026-08157 — Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rule 147A(f)(1)(iii) Written Representation as to Purchaser Residency
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.
Next: 2026-08159 — Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Regulation S-Rules Governing Offers and Sales Made Outside the United States Without Registration Under the Securities Act of 1933
The SEC is asking to keep collecting info from companies selling securities outside the U.S. without registering, under Regulation S. About 1,100 companies spend around 5 hours each year on this, costing roughly $827,000 in outside help. You’ve got until May 28, 2026, to share your thoughts on this paperwork extension!