3 Sep 2025
📄SEC Notice on Form 1-SA Compliance Requirements
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Form 1-SA
Summary
The SEC announces an information collection request for Form 1-SA, required for Tier 2 issuers under Regulation A. This form collects semiannual financial reports and operational data to enhance transparency for investors. It is linked to compliance with the Paperwork Reduction Act, with a significant estimated burden on issuers.
Agencies
- Securities and Exchange Commission
Business Impact
$$$ - High
The content outlines the requirement for Tier 2 issuers under Regulation A to file Form 1-SA, which entails providing financial statements and operational data. This impacts business owners by creating compliance obligations and potential costs of preparation, estimated at nearly $7.9 million annually, representing a significant regulatory burden for those impacted.