SEC Extends 700 Companies' Annual Residency Paperwork
Published Date: 7/2/2026
Notice
Summary
The SEC is extending the rule that requires companies to get a written note from buyers confirming they live in the same state where a stock offering happens. About 700 companies spend time and money collecting this info each year, helping keep these deals local and legal. You’ve got until August 3, 2026, to share your thoughts on this paperwork extension.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Companies Must Collect Buyer Residency Notes
Companies relying on Rule 147 must obtain a written statement from each buyer confirming the buyer lives in the same state as the offering. The SEC says about 700 respondents do this each year, at an estimated 2.75 hours and $150 per response, for a total annual burden of 1,925 hours and $105,000.
Buyers Must Sign Residency Statement
If you buy securities in an intrastate (Rule 147) offering, the issuer must get a written representation from you saying you reside in the same state as the offering. The written representation is mandatory and is not filed publicly with the SEC.
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Previous: 2026-13456 — Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Rule 147A(f)(1)(iii) Written Representation as to Purchaser Residency
The SEC is asking to keep collecting info from companies about where their buyers live to make sure certain local stock sales follow the rules. About 700 companies spend time and money gathering this info each year, with no big changes or new costs. You’ve got until August 3, 2026, to share your thoughts on this paperwork extension!
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