2026-00297Notice

SEC Extends Form for Canadian Buyouts: Investor Info Simplified

Published Date: 1/12/2026

Notice

Summary

The SEC is asking for comments to extend the use of Schedule 14D-1F, a form used by bidders making cash or exchange offers for Canadian companies with less than 40% U.S. ownership. This form helps investors get clear info to make smart choices. It takes about 3.5 hours to fill out, with no extra costs, and only about two bidders file it each year.

Analyzed Economic Effects

2 provisions identified: 1 benefits, 1 costs, 0 mixed.

Schedule 14D-1F Filing Burden

If you are a bidder making a cash or exchange tender offer for a Canadian issuer with less than 40% of the class held by U.S. holders, you may use Schedule 14D-1F to report the offer. The Commission estimates the form takes about 3.5 hours to prepare, is filed by about 2 bidders per year, results in a total annual reporting burden of 7 hours, is carried out 100% internally, and the SEC estimates no monetary cost burden.

Investor Information for Canadian Offers

Schedule 14D-1F requires bidders to provide material information about the bidder and the transaction so security holders can make informed investment decisions. The form is intended to facilitate cross-border transactions for Canadian issuers where less than 40% of the outstanding class is held by U.S. holders.

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Key Dates

Published Date
1/12/2026

Department and Agencies

Department
Independent Agency
Agency
Securities and Exchange Commission
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