SEC Seeks Input on Extending Crowdfunding Financial Form 1-SA
Published Date: 6/27/2025
Notice
Summary
The SEC wants to keep using Form 1-SA, which Tier 2 companies file twice a year to share financial updates after raising up to $75 million. About 464 companies spend lots of time and money preparing these reports, with outside help costing over $7.8 million yearly. The SEC is asking for your thoughts on how to make this process better and less costly.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Who Must File Form 1‑SA
If your company is a Tier 2 issuer under Regulation A that conducted an offering of up to $75 million within a 12‑month period, you are required to file Form 1‑SA semiannually. Form 1‑SA provides interim financial statements and information about liquidity, capital resources, and operations after the issuer's second fiscal quarter. The SEC estimates about 464 issuers file Form 1‑SA each year.
Time Burden Per Filing and Annually
The SEC estimates preparing each Form 1‑SA takes about 188.04 hours. The agency estimates 85% of that time (159.834 hours per response) is done internally, for a total annual internal burden of 74,163 hours (159.834 hours × 464 responses).
Estimated Outside Professional Cost
The SEC estimates 15% of the 188.04 hours per Form 1‑SA (28.206 hours) is performed by outside professionals at an estimated $600 per hour. The SEC estimates a total annual outside professional cost of $7,852,550 (28.206 hours × $600/hour × 464 responses).
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