The Securities and Exchange Commission (SEC) has published a routine notice to extend its Form F-1 Registration Statement — a paperwork collection requirement for foreign companies registering securities in the United States. Important clarification for our readers: This Form F-1 has nothing to do with the F-1 student visa. It is a securities law filing, not an immigration document.
Key Points
- What: The SEC is renewing its approval of Form F-1, a registration statement used by foreign private issuers (foreign companies listing securities in the US) under the Securities Act of 1933.
- Who: Foreign private issuers registering securities with the SEC — roughly 270 companies per year.
- When: Public comments are due by March 16, 2026; a second comment period will follow.
- Impact: No change to existing requirements — this is a routine paperwork extension, not a new rule.
What Is Form F-1 (Securities Version)?
Under US securities law, foreign companies that want to offer shares to American investors must register those securities with the SEC. Form F-1 (17 CFR 239.31) is the form they use to do that — essentially a detailed disclosure document intended to protect investors.
This notice is not creating new rules. The SEC is simply asking the Office of Management and Budget (OMB) to renew its authorization to continue collecting this information, as required under the Paperwork Reduction Act of 1995.
By the Numbers
The SEC estimates the administrative burden of Form F-1 as follows:
- ~270 foreign companies file this form annually
- ~1,610 hours of work per filing
- 25% of that work is done internally by the company (~108,699 total internal hours per year)
- 75% is handled by outside professionals at $600/hour, totaling roughly $195.7 million in annual external costs
These are estimates for OMB review purposes — the SEC is inviting public feedback on whether these burden estimates are accurate.
What Comments Are Being Sought?
The SEC is specifically asking for input on:
- Whether the form is necessary and useful
- Whether the burden estimates are accurate
- Ways to improve the clarity or quality of collected information
- Ways to reduce the filing burden, including through technology
What You Should Do
For F-1 students and H-1B workers: No action needed. This notice does not affect your visa status, work authorization, or immigration process in any way.
For securities professionals or foreign companies preparing US listings: This is a routine renewal with no proposed changes. If you have feedback on the Form F-1 filing burden, submit written comments to the SEC via email to [email protected] by March 16, 2026. A second 30-day comment window will open after the SEC publishes a follow-up Federal Register notice.