SEC Extends Rule 102 Paperwork Requirements Again
Published Date: 6/1/2026
Notice
Summary
The SEC is asking to keep collecting info under Rule 102, which stops certain folks from buying securities during specific times to keep things fair. About 1,200 people or companies follow this rule, spending roughly 2,100 hours and $343,000 yearly to comply. You’ve got until June 29, 2026, to share your thoughts on this extension—no surprises, just smooth sailing ahead!
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Rule 102 purchase restriction
Rule 102 of Regulation M stops distribution participants, issuers, and selling security holders from buying securities at specified times during a securities distribution. The rule also explicitly allows some exceptions, such as for actively traded reference securities and when firms maintain policies creating information barriers between affiliates.
Annual compliance time and cost
About 1,194 respondents comply with Rule 102 each year, spending an estimated total of 2,094 hours and an aggregate internal compliance cost of about $343,416 per year (about $287.62 per respondent). Each respondent makes about 1 annual response, taking on average 1.754 hours to complete.
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Key Dates
Department and Agencies
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